2 major news caused a massive spike in LTC price.
- LTC partner with Beam for privacy Mimblewimble implementation
- CoinGate open LTC Lightning Network
Some other news stating: “Lightning Network is “Days Faster” Than Apple Pay When it Comes to Merchant Onboarding” and “Payment using the Lightning Network is only a few seconds slower the Apple Pay” , which is not necessarily a Litecoin implementation but could further support the LTC hype.
Today I choose longer timeframe than 24h, since there was some delay of the price action.
Title: Litecoin [LTC] Takes a Step Forward in Mimblewimble Implementation, Collaborates with Beam
Recently, we reported that Litecoin creator Charlie Lee and the team are exploring Mimblewimble implementation after announcing the plans of fungibility and confidential transactions on Litecoin. “One of Beam’s goals is to advance privacy in cryptocurrency space and promote Mimblewimble protocol, and we are glad to provide Litecoin Foundation with our help and expertise.” Last month, Lee had shared the “next battleground” that he has planned for Litecoin in terms of privacy and fungibility. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.” On the price front, the sixth largest cryptocurrency by market cap of $2 billion is currently trading at $33.55 with 24-hours gains of 2.62 percent according to the data provided by Coinmarketcap.
1 - CryptoPotato
Title: Litecoin Collaborates With Beam Privacy For Mimblewimble Implementation
The team behind Beam Privacy has recently announced on an interesting implementation of Mimblewimble as Extensions Blocks into Litecoin. The outcome may also improve the Mimblewimble implementation in Beam assuming consistent improvements will be found during the collaboration. Improving the fungibility and privacy in crypto in general, not limited to Beam, are aligned with the team’s goal: “We believe that Beam’s implementation of Mimblewimble and Litecoin, in general, will be better due to the collaboration and peer review process.”, as reported by Beam’s Keyser Söze Guy Corem , “It will take probably over a year to implement, and a lot of high-caliber open source devs will review it.” If Mimblewimble is available on Litecoin, won’t it make Beam unneeded and redundant? We are planning to upgrade layer1, implement LN, Confidential Assets, and Compliance and make Beam one of the most used crypto for real-world applications and use cases.” Charlie Lee, the creator of Litecoin, had recently tweeted: Team has been chatting with the @vcorem and @beamprivacy team about MimbleWimble on Litecoin with Extension Blks. Beam Privacy is a new cryptocurrency built on the Mimblewimble protocol .
2 - Today’s Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
Title: Post MimbleWimble Announcement: Litecoin (LTC) Spikes By Over 13%. Beginning of A Revolution?
A day after Litecoin (LTC) 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. 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. The decision to integrated MimbleWimble (MW) came almost a week after the Litecoin Core developers showed interest in implementing Confidential Transactions. Read: No More Scams: Facebook Has Finally Verified Tron (TRX)’s Account 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”.
Title: Mimblewimble Catches the Attention of Litecoin Core Developers
Last week, they announced they would be implementing confidential transactions on their network, and now they are showing interest in MimbleWimble (MW) as reported by Litcoin.com . MimbleWimble, the privacy and scalability solution has been gaining popularity recently after being implemented in Grin and Beam. — Charlie Lee [LTC ] (@SatoshiLite) February 6, 2019 He also hoped that if it proved to be a valuable addition to the network that the Litecoin community would adopt it. The first two coins on MW have already been released, Grin and Beam, which Litecoin say provide a working version “in the wild” to help assess the usefulness of the technology. The Litecoin core team led by Adrian Gallagher has already started talks with Beam’s Guy Corem about the MW proposal, extension blocks and their possible integration with LTC. The team wrote: “We 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.” The team will publish the work done on MW under an open source license.
Title: $1.5 Billion in 24Hrs as CoinGate Opens Litecoin Lightning Network to 4,500 Merchants
With crypto lovers looking down on Litecoin in the past, different analysis and theories are now being developed on the digital currency. The digital asset now seats at the 4th position looking nourished and poised to creating a wide margin between it and EOS. As we write now, Litecoin (LTC) is trading at $43.12 and has a market cap of $2,603,675,526 , and $1,521,374,810 market volume in the last 24 hours, opposing a report we filed in the morning where we stated that Litecoin was trading at $38. One among the many is the development announced by CoinGate, where it was stated that the crypto gateway firm has enabled Litecoin Lightning Network payments to all its over 4,500 merchants. The news makes it clear that shops can now receive payment with Lightning Network. With Litecoin championing privacy for digital currency, there is no gainsaying that many a number of crypto lovers will dump other digital assets for Litecoin.