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article imageLitecoin takes huge jump in price over 27 percent

By Ken Hanly     Feb 8, 2019 in Technology
Litecoin(LTC) is in talks with the privacy-focused developer Beam to offer extension blocks on Litecoin. Beam uses Mimblewimble technology that will significantly raise the level of privacy of Litecoin users.
Mimblewimble
The Mimblewimble technology is described as: "Mimblewimble is a protocol that was put forward by an anonymous user in a Bitcoin developers chatroom by the name of Tom Elvis Jedusor (the French name of fictional Harry Potter character, Voldemort). Mimblewimble itself is the name of a spell used to tongue-tie victims in Harry Potter. Jedusor left a link to a whitepaper in which he outlines that by using the Mimblewimble protocol, the scalability, as well as the privacy of the Bitcoin network, could significantly be enhanced." The link describes the technology in some detail.
The Mimblewimble technology used by Beam builds on the confidential transactions concept of Blockstream CEO Adam Back.
In a blog post Beam said: “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.” Transactions using the Mimblewimble LTC will be completely confidential.
Future development will be undertaken using an open source licence the company said so that the community will be able to benefit from new discoveries.
News sends Litecoin much higher
An article posted some hours ago notes that Litecoin (LTC) had risen by almost 11 percent in 24 hours following the news of the new privacy protections. Data from Coinmarketcap confirmed the bullish effect which at press time was around $37. This is its best price since back on January 10.
Present situation
24 hours ago Litecoin opened at $32.82. The low is just a few cents off the open at $32.48. However, there has been a huge rise according to Coindesk data with a high so far of $47.11. At 14:45 Central Standard Time the price was still at $41.85 a rise of more than 27 percent even though it has fallen back considerably. Yet, LTC is still just a fraction of what it was back in January of 2018. However it is positive news in what has been a long bear market for cryptocoins. This rise may make investors a bit more confident in the crypto market.
Charles Lee
Charlie Lee is the founder of Litecoin. He had been criticized by some earlier for having a large stock of his own litecoin claiming this was a conflict of interest. Lee responded by selling off all his holdings. He was then criticized by some for selling them off near a high for the coin and showing he was not committed to the coin. Lee has decided to stick to his decision not to buy any coins even though he could have bought cheaply at recent prices.
More about litecoin, Beam, Mimblewimble
 
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