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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Sees Gains As MimbleWimble Kicks In, What It Means For LTC’s Price

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Litecoin

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Ad discliamer

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Litecoin follows the general sentiment in the crypto market and trades in the green during today’s session. As of press time, LTC is exchanging hands at $110,21 with a 1.7% profit in 24-hours.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Five: Conflict Of Interest

Litecoin LTC LTCUSDT
LTC moving sideways in the 4-hour chart. Source: LTCUSDT Tradingview

The increase in the price of Litecoin has been driven by relief in larger cryptocurrencies, such as Bitcoin and Ethereum. The latter has been showing bullish momentum in lower timeframes and could see more profits in the coming weeks.

Selling pressure triggered by macro factors has been and will remain mitigated during February. As NewsBTC reported earlier, this month has been historically bullish for Litecoin and the crypto market.

No doubt, the recent announcement of LTC’s MimbleWimble upgrade as a Release Candidate or beta could have a long-term bullish impact on Litecoin. The upgrade has undergone a multi-year development and stands as one of the most hyped rollouts for this cryptocurrency amongst its community.

The Litecoin Foundation and MimbleWimble’s lead developer David Burkett made the announcement via social media platform Twitter. Burkett published the first LTC addresses using the MWEB extension, seen below.

ltcmweb1qq2aejfd7svtnqk0uq0cfkd9mr9sszypmx2phdu5qwfhlujazv2nxjqstgy3r5gkxesu5vv2v0tmlwdwhat3se36pwzwtlqm8ypxq3d2fggc8d7nq

— David Burkett Ⓜ️🕸 (@DavidBurkett38) January 30, 2022

The developer started working on this upgrade in 2019, and as the Foundation revealed, MimbleWimble will be part of this cryptocurrency’s Core 0.21.2 release candidate with an additional improvement to its privacy and security. The upgrade is expected to be activated on mainnet in the coming months.

As Guy Corem, co-founder at DAGLabs said, MimbleWimble will be approved by the Litecoin community if the upgrade sees 6,048 nodes signaling for its implementation starting at block heigh 2,217,600. The upgrade needs to be approved by 75% of the LTC nodes before this window closes.

The Foundation said the following on the upgrade as it revealed a report published by Quarkslab about its capabilities:

The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain, in addition to months of further review and testing by Litecoin developers.

LTC MWEB activation rules:
> Every 8064 block window starting at block height 2,217,600 it checks if at least 6048 signaled for bit 4. If yes, it activates in the next window. After 2,427,264, if it still hasn't met 75%, it activates anyway.

— Guy Corem (@vcorem) January 30, 2022

What Is Next For Litecoin (LTC)?

The Litecoin Foundation clarified that the community and miners can begin signaling for MimbleWimble right after receiving the upgrade’s code. Once the aforementioned threshold is reached, the activation date for the implementation of this proposal will be locked in.

The Foundation also revealed that the signaling process will be based on BIP8, a mechanism to introduced soft forks on the mainnet with a flag day activation that will be set after a determined period of time.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

Miners will be able to vote by using a field called “version” on each Litecoin block to be included in the blockchain. Burkett said the following on the upgrade:

MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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