Litecoin (LTC), has provided a most welcome boost the to the crypto markets, breaking a very painful downward trend. Litecoin (LTC) rallied 30% following news that Beam, had been approached by the Litecoin Foundation, to implement a privacy protocol. The protocol called Mimblewimble would add extension blocks to Litcoin (LTC) that would lead to improvements of privacy and scalability.
Also reported by Bloomberg, the Mimblewimble protocol was named in a whitepaper published in 2016. It was published under Tom Elvis Jedusor, which is the French version of the original name of the antagonist Voldemort in the Harry Potter novels.
Litecoin (LTC) has moved up to 4th place on Coinmarketcap, following the series of announcements, as founder Charlie Lee boasts via twitter:
The trading range of Litecoin (LTC) had been limited to $29 – 34 over the past months with the breakout indicated by the widening of the Bollinger Bands.
With the successful implementation of the new protocol, Litecoin (LTC) will still have much competition. Other crypto currencies that exhibit the same privacy feature include Zcash (ZEC), Monero (XMR) and Dash (DASH). The Mimblewimble protocol release, if successful, will be launched sometime in 2019.