Litecoin gets 10% pump after MimbleWimble partnership, hits 7-month high
The crypto currency and the digital assets token market is in the rise at one instance, while in the downtrend in the next. The market was painted red this week, with downtrends astonishing everyone. Only the world’s largest crypto currency exchange, Binance’s Binance Coin (BNB) was up in the past few days.
Now the market is getting back on the track. Furthermore, the Bitcoin ripoff crypto currency and digital asset token, Litecoin is standing out the most. Litecoin is getting pumped with about 10 percent pump, currently getting valued at $42.55. It has come after the revelation of its partnership with the blockchain protocol, MimbleWimble focusing on privacy.
Litecoin hitting the 7 month high
Litecoin is one of the most renowned and widely used blockchain based decentralized crypto currency digital asset token. Furthermore, it was one of the first altcoin in the crypto verse, an open source alternative spinoff to the most renowned crypto currency, Bitcoin.
Just this week, a press release post surfaced online regarding the partnership between Beam and the Litecoin Foundation. Beam implements the privacy and security focused MimbleWimble protocol.
MimbleWimble protocol focuses on privact mostly along with security and scalability. Its genius lies in its design which can verify both the sender and receiver. Furthermore, it can do so without utilizing extra information from the user, which can easily identify the original user.
They stated 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. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.
MimbleWimble is also good in implementing itself without utilizing much resources. Its size is 30% of that of the size of the Bitcoin blockchain. Furthermore, this made Litecoin end up at the 4th place in the market cap listing.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.