A day after Litecoin Foundation announced it’s interested in the privacy and scalability solution MimbleWimble (MW), the price of the digital currency has spiked by over 13% in the market.
As at the time of writing, the digital asset is changing hands at $38.00 USD after gaining 13.44% price spike in the last 24hrs.
In the same vein, Litecoin has over $945 million market volume in the last 24hrs, making different observers to say the digital currency would possibly see revolution due to the core team’s developers’ decision to make LTC privacy-focused.
Why MimbeWimble (MW)?
The decision to integrated MimbleWimble (MW) came almost a week after the Litecoin Core developers showed interest in implementing Confidential Transactions.
MW, which has been gaining admiration for some time now has been implemented by in Beam and Grin. The name MimbleWimble is carved from the Harry Potter universe.
Litecoin Creator Charlie Lee had on many conversations on privacy mentioned his interest about MW, thinking that the community would accept and implement the idea any time soon.
Now that first MW coins, Grin and Beam, have been released, there is no fear for the founder.
The Litecoin core team are now conversing with the Beam team and the initiator of the technology on Extension blocks and MW, and the possibility of adding tech to Litecoin network.
Yesterday, Beam announced that they have “started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa”.
What Is MimbleWimble (MW)?
Many would have been thinking what MimbleWimble is. It is regarded as partially a variant on Confidential Transactions where the value sent over the network is obfuscated yet verifiable as the inputs and outputs retain addition as a property.
How MimbeWimble (MW) Will Take Litecoin To The Next Level
Different crypto holders are of the opinion that the main reason people go into digital currency world is privacy. With the introduction of KYC and some other privacy intruding technology, the hope of crypto enthusiasts are dashed.
Above and some other things are forcing crypto developers (including Litecoin core developers) to introduce privacy technology that will hide the identity and transaction details of crypto holders.