Litecoin Users Can Choose to Use the Privacy Tech or Not After Mimblewimble Integration

  • Charlie Lee speaks on LTC’s Mimblewimble integration.
  • The hidden inflation on privacy chains.

In a recent interview, Charlie Lee, the Founder of Litecoin (LTC), talked about the current plans to integrate the Mimblewimble privacy mechanism on the blockchain. Lee answered several questions from LTC users including the several developmental concerns that may arise on the blockchain once implementation is complete.

Furthermore, Lee explained the concept of ‘hidden inflation’ that is common on privacy-based blockchain stating users wanting privacy will not care much about it.

Charlie Lee Speaks on LTC’s Mimblewimble Integration

Some of the questions focused on the future of LTC transactions and how to integrate the privacy features of Mimblewimble on the blockchain.

Users were curious about whether the normal blockchain will take precedence or the Mimblewimble-enabled chain. According to the planned privacy enhancements, users will be able to select on exchanges whether to carry out a privacy enhanced transaction or a public one.

Responding to the confusion building up, Lee said he has talked to several exchanges on the regulatory issues that surround the privacy enhanced transactions with most agreeing to go along with it. He further said,

“Initially the use of Litecoin post-MimbleWimble implementation will be difficult; it’s going to be a learning curve. Not all wallets will support it from the start[…] Since it is a soft fork, the whole ecosystem won’t need to care about it until they want to.”

Lee, however, believes the current upgrades will benefit Litecoin’s privacy as a coin stating the privacy features may draw more users to LTC.

The Hidden Inflation on Privacy Chains

In what has become a raging topic across the privacy coins communities, Charlie said “hidden inflation” on privacy coins may not affect users willing to own privacy enhanced crypto.

In March, crypto analyst and developer, Tim Ruffing, exposed that there may be a bug on all privacy blockchains cryptography that makes “inflation undetectable” on the blockchain.

While this makes the blockchain more susceptible to attacks from hackers who may inflate the cash in the system, Lee believes this is a risk privacy-focused users are willing to take. On how Litecoin aims to prevent such an attack Lee said:

“The good thing about our ecosystem is the extension block for Litecoin; it would be kind of isolated by itself. So even if something happens to that, it won’t infiltrate the main chain because one won’t be able to withdraw more coins.”

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Author: Lujan Odera

Litecoin (LTC) Poised to Break it’s Six Month Long Bear Channel

  • Litecoin faces the “largest miner capitulation” ever
  • Litecoin’s fundraising for Mimblewimble & Extension Block “going strong”

“I wouldn’t be surprised if LTC to leads a bullish breakout of BTC,” said on-chain analyst Willy Woo. And by the looks of it, we might be coming to that point.

While Chainlink (LINK) with over 11% and Tezos (XTZ) with 9% gains in the past 24 hours have been leading the market, Litecoin has been up 6%, close behind Bitcoin (up 6.94%), to lead the top 10 cryptocurrencies.

In the past 7 days, LTC has risen 12.20% to $48. This has been because as Woo explained Litecoin Difficulty ribbon is in recovery which should set up a “bullish breakout of the bearish channel.”

The hash rate of the Litecoin network has been falling ever since hitting an all-time high at 523.8 Th/s in July 2019. In mid-Dec, the hash rate seems to have bottomed at 130 Th/s as it starts climbing back up, currently at 162 Th/s.

This could also mean Litecoin leading a bullish breakout of BTC, he said, which wouldn’t be the first time.

Meanwhile, “1 day RSI breakout will very likely lead the LTCUSD price chart breaking its 6-month long bear channel,” said the analyst.

Largest Miner Capitulation Ever

Woo noted that this was also the “largest miner capitulation LTC has ever faced.”

Miner capitulation is basically when smaller mining operations gets forced into a difficult situation because of the fall in the prices of a crypto asset while their mining machines become technologically obsolete.

This forces these miners to sell their digital assets to keep their operations running and upgrade their systems.

When the profitability is limited, miners selling their crypto assets can turn into a vicious cycle. As Cole Garner, a popular cryptocurrency analyst explained,

“Undercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade — then more miners lose their lunch.”

Fundraising for Mimblewimble & Extension Block Going Strong

On the development front, the fundraising for the Confidential Transaction Fund is “going strong” and the team is already one-fourth of the way there, as per the December update.

The Litecoin Foundation is also setting up a dedicated development fund that will go towards sponsoring David Burkett, a developer for Grin++ who will work on implementing Extension Block and MimbleWimble code for Litecoin to address the issue of fungibility.

Out of the $72,000 goal, a total of $23,768 has been raised, 0.04486046 in BTC ($376) and 497.72304626 in LTC ($23,392).

The lead developer of the Litecoin MimbleWimble proposal, Burkett is planning to split half of his 30 hours a week for Mimblewimble and the other half on Grin++. Burkett said in his November report,

“After months of planning, development of the mimblewimble extension block has officially started! My efforts this month focused mostly around restructuring the core logic (…) that involves all of the logging, serialization, crypto, error handling, and common data structures (headers/blocks/txs).”

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Author: AnTy