Home Cryptocurrency Can the upcoming MimbleWimble upgrade revive Litecoin’s fortunes?

Can the upcoming MimbleWimble upgrade revive Litecoin’s fortunes?

by Gordon James

After a recent upgrade, Litecoin is poised to be one of the major players in cryptocurrency for many years. New features like faster transactions and increased privacy will allow Litecoin to regain market share from Bitcoin.

MimbleWimble is a new protocol that was created by Tom Elvis Jedusor. The upgrade will allow Litecoin to move away from the blockchain and onto a new system, which could revive its fortunes.

The MimbleWimble (MW) feature of Litecoin might be released this month, after years of development.

The Litecoin Foundation’s Creative Director, Robbie Coleman, revealed last week that MW is “currently in the final code review.” Similarly, David Burkett, the project’s Lead Developer, forecasted a January 2022 launch in December 2021.

Litecoin was rated 5th with a market worth of $11.3 billion this time last year. It is currently placed 24th with a market capitalization of $9 billion, indicating that it has lost popularity with investors.

There are several reasons behind this, and the amount of time it has taken MW to get this position hasn’t helped matters.

Regardless, fans believe that MW will serve as a spark for the team to reclaim its previous glory.

What is MimbleWimble all about?

MW is a feature on a blockchain that arranges and saves transactions in a manner that improves network scalability and adds a layer of anonymity.

It does this by using a more concise manner of transaction recording. As a result, blockchain data is smaller, allowing it to be downloaded, synchronized, and verified more quickly.

In the normal fashion, the block is validated and confirmed. However, each block is made up of several transactions that do not expose the contents of each one. In other words, there is no clear path connecting individual inputs to their associated outputs.

Users benefit from a high level of privacy as a result of the obfuscation process. Once MW is launched, $LTC will have the attributes of sound money because to the fungibility it provides, where one Litecoin is indistinguishable from the next.

Could this help Litecoin get out of its funk?

Since at least September 2019, Litecoin has been working on MW. While early enthusiasm was high, the game has evolved greatly since then, as seen by the rise in popularity of DeFi, which started in the summer of 2020.

In September 2020, the first MW testnet was launched after a 16-month wait. However, the project has been hampered by repeated delays.

Litecoin enthusiasts, on the other hand, are enthusiastic about what may happen now that MW is near to launching. @TheFalconTrades responded by posting an LTCBTC chart with a falling triangle and confident statements of retiring on the “$LTC pump of 2022.”

@TheFalconTrades on Twitter.com is the source of this information.

“I withdrew from the $LTC pump of 2022′ will be fairly humorous – everyone hunting for a magic meme currency, I’m staring at the most bullish chart of all time.”

Despite this, falling triangles often break support and continue to decline since they show steady lower highs, indicating that bears are continually prevailing.

In response, @TheFalconTrades remembers anecdotal instances of this setup breaking to the upside, resulting in him earning more money than other bets.

I’d still accept the bet since this configuration has brought in more money than any other. This is one of the two or three patterns with size that I play. For better or worse, conviction.

January 10, 2022 — Falcon (@TheFalconTrades)

It’s easy to claim that investors choose return above privacy based on what’s now in the top ten. With that, only time will tell whether Litecoin can recover.

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Litecoin has been on a downward spiral since the beginning of 2018. The upcoming MimbleWimble upgrade is expected to revive Litecoin’s fortunes. Reference: litecoin update today.

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