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Litecoin [LTC] returned to the field of view of investors with news about the upcoming implementation of the update MimbleWimble [MWEB]. This project plans to transform into a network focused on privacy. This news, as well as information about cooperation with Dogecoin [DOGE] contributed to the LTC getting on the front pages of cryptocurrency news agencies. Now that the network is approaching the launch of MimbleWimble, Charlie Lee, the creator of LTC, is more likely to give comments and interviews.
Litecoin activates the MimbleWimble update
MimbleWimble is a long-awaited update for scaling and privacy that will allow users to hide the wallet and the amount of the transfer. After this update, LTC will become private like XMR and ZEC.
The whole of April and the end of March were devoted to the fact that mining pools began to mine a valid MWEB block in the test network. Almost every miner tried to get a working block. The creator of Litecoin even warned miners that they would mine invalid blocks after the release of MWEB. Now that MimbleWimble is just two days away from launching, Lee has revealed that the update will be activated during the live stream.
It is expected that MWEB will be activated on May 20 at 06:30 GMT. We’re thinking of hosting a live stream to celebrate the activation. Stay tuned for more information soon.
In the meantime, help us reach out to pools and miners. There are still those that have not been updated! — WroteCharlie Lee tweeted (@SatoshiLite) on May 17, 2022.
This long-awaited update is ready to launch after almost two years of development. The first MWEB testnet was deployed back in October 2020. Two years, several ups and downs, and later a pandemic, and the protocol is ready to launch on the Litecoin network. The MimbleWimble extension block allows users to perform confidential transactions.
The government is not very open to confidential coins. Although they have only just begun to prepare for decentralized assets, the community has begun to fear the consequences of converting Litecoin into a privacy-focused asset.
Will MimbleWimble be able to raise Litecoin above $ 100
The emergence of new coins has pushed Litecoin to the background. The altcoin certainly had trouble maintaining relevance. However, the latest update can bring the network out of shadows. Recent Movements of Cryptocurrency Whales in the BSC network can serve as a confirmation of this.
According to WhaleStatsLitecoin entered the top ten most purchased assets of the 100 largest BSC whales.
$LTC @litecoin now in the top 10 purchased tokens among the 100 largest whales #BSC in the last 24 hours.
— this information was published on Twitter whaleStats (@WhaleStatsBSC) on May 17, 2022.
It looks like these whales were preparing in advance for the MWEB update.
Meanwhile, LTC continued to trade below $100 for $70.59 with nearly 6 percent growth over the past 24 hours. Earlier this week, the altcoin hit a low of $55. Many praised its recovery from this low level.
#Litecoin #launches #MimbleWimble