A blog post revealed the nonprofit Litecoin Foundation (LTC) was in talks with privacy-focused developer Beam to offer extension blocks on Litecoin.
“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.”
Beam, which uses its own privacy coin, leverages Mimblewimble technology – a protocol proposed by an anonymous Bitcoin user which builds on the confidential transactions concept by Blockstream CEO Adam Back.
MimbleWimble allows the user to encrypt all data with respect to a transaction made on the cryptocurrency network and if litecoin did adopt it, it would require a so-called hard fork of the cryptocurrency a new version of litecoin to reflect the update.
“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,” Beam wrote in a Medium post. “Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”
The litecoin price rose to $37 after falling under the $30 price last month. The coin fell to lows of around $22 late last year as the so-called crypto winter took its toll, down some 93% from its all-time high.
Find out when LTC reaches critical levels. Sign up for push notifications to hear about every new article on economicgazette.com.
If readers are not familiar, LTC is a рееr-tо-рееr сrурtосurrеnсу аnd open ѕоurсе software project released under MIT/X11 lісеnѕеѕ. Crеаtіоn аnd transfer оf соіnѕ іѕ bаѕеd on an ореn source сrурtоgrарhіс рrоtосоl and іѕ nоt mаnаgеd bу аnу сеntrаl authority.
Whіlе inspired bу, and in mоѕt regards technically almost іdеntісаl tо Bіtсоіn (BTC), Litecoin іѕ far quісkеr аnd cheaper.