The news about the partnership between Litecoin Foundation and Beam Partner was reported in a Beam Medium blog post on Febuary 7th. The Beam’s goal is to advance privacy in cryptocurrency space and promote Mimblewimble protocol.
The Litecoin Foundation has approached Beam about possible cooperation to implement Mimblewimble via 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.
MimbleWimble (MW) privacy and scalability solution has recently gained greater market interest and been pushed to the forefront with its first real world implementation in Beam and Grin.
Litecoin core developers further investigating MimbleWimble and Extension Blocks Technologies. According to their blog post, MW is partially a variant on Confidential Transactions where the value sent over the network is obfuscated yet verifiable as the inputs and outputs retain addition as a property.
LTC price soars over 40 USD
According to CoinMarketCap data Litecoin price has risen more than 30 percent. Litecoin became the 4th largest cryptocurrency, overtaking Ripple and EOS.
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