Implementation of privacy features on Litecoin while other privacy coins getting delisted have people bullish on LTC.
“The first implementation of non-interactive txs is finally ready for testing!” said David Burkett while sharing the update on implementing Mimblewimble to bring privacy to the network.
In the month of December, the first-ever implementation of one-sided txs on Mimblewimble is completed and ready for testing and review and MWEB components have also been added to the GUI.
Going forward, one more week would take to prep Grin++for the final planned hard fork of Grin. And once the new version is released, Burkett will get the new MWEB code ready and launch the new community-wide testnet. This will allow everyone, regardless of technical abilities, to test out the MWEB and provide feedback.
However, there is still no exact date ready for when the code will be finished, but Burkett did ensure that he is “getting very close” but with a lot of automated tests to backfill still, a few outstanding questions about max weight for the EBs & peg-in/peg-out maturity, and lots of small cleanup tasks remaining. He said,
“I’m still expecting to have the code finished sometime this quarter (Q1 2021) though, so it won’t be long.”
Making it a Reality
As per the original plan, the MWEB was to be completed in a year but the team is already two months behind. Burkett said,
“While we didn’t quite meet our original timeline, it wasn’t for a lack of trying. I’ve put in countless late-night hours working to make MWEB a reality.”
“But there’s simply too much at stake to release anything less than perfection. LTC deserves it, and we’re all doing everything we can to deliver on that.”
The delay has been because of completely rewriting the code from scratch, while initially it was thought that Grin++’s code would be reused but it didn’t mesh well with the LTC codebase.
Additionally, the original plan included only interactive transactions but that meant users had to be online to receive funds, which would’ve been a whole lot worse for usability, noted the developer who further shared that “at the time, non-interactive txs were not even considered possible in MW, but we figured out a way to do it.”
Enjoying the Greens
During the update, Burkett also urged the community to continue with more donations as he said, “despite huge LTC gains, only 0.25 LTC were donated this month.” Every donation would be matched to litoshi-for-litoshi by Bitcoin creator Charlie Lee.
The price of LTC has been enjoying a rally since 4Q20, moving in tandem with Bitcoin. While Bitcoin went crazy with its over 315% gains in 2020, Litecoin surged just over 220%.
The fourth-largest cryptocurrency with a market cap of $10.21 billion is currently trading above $153, up 190% since Oct.
Amidst the ongoing delisting of privacy featured coins, like Zcash (ZEC), Monero (XMR), and DASH from crypto exchanges, some speculate it could make LTC more valuable. Crypto analyst Alex Saunders said,
“More privacy coin delisting news today. My thesis & narrative around Litecoin’s 2nd coming strengthens. With XRP out of the picture & LTC’s regulatory certainty (age, distribution, decentralization, Grayscale Trust) it could regain #3 as it implements privacy features.