• Litecoin rose from $34 and touched a high of $48.8 dollars momentarily, the price still holds above $44.
• Litecoin’s sudden rise can be attributed to Litecoin’s Foundation’s partnership with Beam to establish a new protocol called “MimbleWimble” to incorporate fungibility and privacy.
• The Market Capitalization of cryptocurrency increased 9% over the weekend with Bitcoin, Ethereum, EOS and Litecoin leading the rise.
• The dominance of Bitcoin decreased by 0. 5%, could be alt season of 2016-17 back in action?
The second weekend of February 2019 witnessed the first cryptocurrency price rise of the year. After sailing on the rough seas of 2018, the beginning of 2019 also started on a low. However, with improved scalability the issue to of fungibility and tether to the real world becomes the next road-block for adoption of blockchain-based transparent unified ledger like Bitcoin and Litecoin.
The Litecoin Foundation has already started early steps towards fungibility and usability as ‘money.’ Charlie Lee’s announcement on 28th January that Litecoin will be looking to implement privacy and fungibility was welcomed as a positive news for many cryptocurrency enthusiasts. The Litecoin Foundation has asserted Lee’s claims by entering to a partnership with Beam to work on ‘MimbleWimble’.
Litecoin’s price rose about 40% over the weekend gaining more than 30% on Friday itself. Bitcoin, Ethereum, EOS and numerous cryptocurrency prices registered close to double digit price growth by per cent. The Bullish Momemtum of Litecoin can continued Monday as Bitcoin flatlines to and continues to hold above the 3570 support.
Adrian Gallagher, lead Developer at the Litecoin Foundation is reportedly in talks with the head at Beam to successfully integrate ‘MimbleWimble’ (MW) and Extension Blocks.
The MW update would enable encapsulation of a transaction data that would hide the transaction amount from the public ledger, however, the validity and authenticity of the transaction can be successfully verified.
MW also makes use of a proposal like Monero’s ring structured transactions, it is called CoinJoin. According to the proposal, multiple wallets combine their coins into one single transaction, hence the specifications of each transaction cannot be known accurately.
The proposal is still in the testing phase and real-world use cases of MimbleWimble and CoinJoin are considerably less to implement it in a haste. The timeline for implementation and launch are tentative and hasn’t been announced yet, Bitcoin like lightning and SegWit can be expected to follow Litecoin’s footsteps.