Litecoin has jumped in price by almost 11 percent in 24 hours following an announcement the altcoin could soon offer increased privacy.
Mimblewimble Coming To Litecoin
Data from Coinmarketcap confirms the apparent highly bullish effect of the news on LTC 00, which at press time was circling $37, its best performance since January 10.
A blog post February 7 revealed the nonprofit Litecoin Foundation was in talks with privacy-focused developer Beam to offer extension blocks on Litecoin.
Beam, which uses its own privacy coin, leverages Mimblewimble technology – a protocol proposed by an anonymous Bitcoin user which builds on the confidential transactions concept by Blockstream CEO Adam Back.
Through extension blocks, Litecoin users will have the option of significantly enhancing their privacy.
“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,” Beam confirmed in a blog post.
Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.
A Long-Term Turnaround?
Future development will be done under an open source license, the company added, in order to allow the community to benefit from new discoveries.