Litecoin Foundation Partners With Software Development Firm Beam, LTC Rises By 30%

The Litecoin Foundation has officially partnered with the software development company Beam in order to work together for the implementation of the new protocol that would improve scalability and privacy, according to the crypto news reports coming from Beam’s Medium blog post.

The new protocol named ‘’Mimblewimble’’ which is inspired from the popular Harry Potter novels and is basically a made-up curse word is being tested for the scalability solutions. The blog post states:

 “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. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.”

The Litecoin Foundation also posted on their blog post where it says that ‘’Mimblewimble’’ is a part of the ‘’Confidential Transactions’’ that will allow transactions to be verifiable but also ‘’obfuscated’’ in order to achieve enhanced privacy and to prevent double spending.

The news about the partnership had affected the price of Litecoin which made it increase up to 30 percent, overtaking EOS and Bitcoin Cash. If we take a look at the performance these past days, the altcoin traded somewhere around $30 and $34 for the bigger part of January.

Charlie Lee, the creator of Litecoin, tweeted that the ‘’fungibility’’ is the only property missing from Bitcoin and Litecoin so that will be the new battleground for the altcoin. He revealed that the foundation will be focused on implementing Confidential Transactions.

Altcoins were designed so they can provide privacy and will always focus on maximizing it. One of the most privacy-oriented coins out there is Monero, Dash and Zcash.