The project director at Litecoin Foundation, David Schwartz, has proclaimed that within the span of 24 hours, Litecoin network saw an addition of over 41,000 new wallet addresses with more than 0 LTC in their accounts.
Schwartz made the announcement at a time the entire Litecoin community awaits the MimbleWimble upgrade flaunted to be capable of enhancing the privacy and scalability of Litecoin Network. He furthered that not less than 87,000 addresses were also added within the past 48 hours.
David Schwart who is also the CEO and founder of Cornerstone Global Management, LLC, a crypto-based company that focuses on employee pay, influencer management & crypto education, joined Litecoin Foundation as the project manager since September 2019.
Earlier in 2019, Cornerstone Global Management partnered with Litecoin Foundation to deploy the Loafwallet and the Litecoin wallet as the most favored LTC wallet for its employee pay program among other activities of the company.
After MimbleWimble, Litecoin will Scale Better than Other Privacy Coins Like Monero or Z-Cash
Litecoin creator Charlie Lee has said the upcoming MimbleWimble upgrade will make Litecoin network offer better scalability when compared to other privacy-oriented cryptocurrencies like Monero and Z-Cash.
Lee made the declaration in a video interview on YouTube while discussing the benefit of the MimbleWimble upgrade. He revealed that it will not only upgrade its scalability but also the privacy of the network.
The Chinese descent highlighted the threat of “hidden inflation,” widely known for battering privacy coins as it let hackers forge an unlimited number of tokens. However, he said the team behind Litecoin will manage the risk successfully.
He elucidated that the privacy feature will only be deployed on the MimbleWimble extension block, thus causing no effect on the Litecoin’s layer.
Charlie Lee claimed that over the last 9 years since the Litecoin was created, the cryptocurrency has been flawless. He also extolled the cryptocurrency for its speed.
Compared to Bitcoin, upgrades can be done on Litecoin very fast and easily, Lee said, revealing that it takes almost forever to implement upgrades on the Bitcoin network due to the low speed of Bitcoin’s consensus.
