Dear Litecoin Crypto Fans, Mark Your Calendars for May 19
- Litecoin (LTC-USD) is gearing up for its new update on Thursday, May 19
- MimbleWimble (MWEB) upgrade will turn Litecoin crypto into a more fungible private currency
- Privacy parts like Monero (XMR-USD) and Zcash (ZEC-USD) have been hot investments in recent weeks
The Litecoin crypto is ready for one of its biggest updates yet. After much delay and much hype, the developers say they are ready to unveil the Upgrade from MimbleWimble. This news sees Litecoin entering a crypto sub-industry that has performed well recently. As a result, investors may soon witness an LTC boom.
After a rough few weeks, it looks like investors are finally turning their attention to network growth. Projects are starting to get back on track with their upgrades – and Litecoin is no exception. In fact, investors have been following its new upgrade in particular for quite some time.
The rollout of MWEB will see Litecoin transform more into a privacy coin. Essentially, MimbleWimble uses a number of different cryptographic protocols intended to hide the sender and receiver of a given transaction. Essentially, this turns the LTC coin into a fungible currency.
Think of non-fungible cryptos like snowflakes; each has a unique pattern, which means two snowflakes can be easily distinguished from each other. Fungible tokens do not have distinct characteristics to differentiate one coin from another. This makes it nearly impossible to track the movement of specific funds, allowing for greater privacy for the end user.
This privacy factor is perhaps the most exciting part of the MimbleWimble upgrade. However, there is another important element in the upgrade: on-chain security. The MimbleWimble protocol uses discrete logarithms, which are very difficult to solve. This will help make the Litecoin chain more secure.
Litecoin Crypto Becomes Fungible and Joins Privacy Coins
With a estimated release May 19, investors are on the verge of the biggest crypto catalyst Litecoin of the year so far. MimbleWimble has been in development for over two years now, making it one of the biggest projects for LTC developers.
By adding the privacy factor to LTC, the coin will join a booming privacy coin market. Indeed, coins like Monero and Zcash – both of which prioritize untraceable transactions – are trading at exceptionally high volumes. Until last week, these two coins have seen some of the strongest gains in the market this year.
There is, however, a problem with the MWEB upgrade, which may divide investors. Litecoin Founder Charlie Lee Says MWEB Upgrade Will Be optional for platforms. “Exchanges, for example, wouldn’t have to work with the MWEB side of things, they can just work with the transparent Litecoin blockchain itself,” says Lee.
Some users like this news because it means criminals will have a harder time moving assets through the LTC chain than other privacy chains. However, privacy die-hards might have reservations about using a string that isn’t entirely opaque.
As investors wait for the MWEB upgrade to take shape, the Litecoin crypto continues to recover from the recent market decline. Prices are down 4% for 24 hours.
As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.