LTC Active Wallets See Rise In Activity Ahead Of MimbleWimble Launch

LTC active wallets are seeing some increase in activity right before the mimblewimble launch in September this year as we are reading more in the upcoming Litecoin news today.

Yesterday, the Litecoin foundation director David Schwartz, noted that the LTC active wallets number reached 92,278 in the past day, surpassing both Bitcoin Cash and Bitcoin Satoshi Vision which both had 90,446 in total. This metric shows that Litecoin is seeing some resurgence in terms of investments, transfers, and transactions. It comes as the broader crypto market saw the public sentiment rising and the positive fundamentals as well.

#Litecoin had 92,278 active wallets the past 24 hrs. More than #BCH and #BSV combined (90,446).

— David Schwartz (aka – Dasch) (@DaddyCool1991) August 6, 2020

Another important reason could be the launch of the MimbleWimble protocol which will bring privacy features to Litecoin. The implementation is on track for September rollout as the lead developer David Burkett confirmed back in July. MimbleWimble, with the Harry Potter reference, was first proposed in 2016 to fill the privacy lapses in the BTC protocol. The latter gives away transactional information which allows companies such as Chainalysis to tie transactions to one person. Founder Charlie Lee said that confidential transactions are soon coming to LTC.

Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.

I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀

— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019

Privacy is not the only benefit of MimleWimble. Burkett explained that the new syncing process brings faster transactions on the LTC network thanks to the new innovative block processing model. The LTC community could see a partnership with Cardano. Lee also said someone from the foundation will “get in touch with Hoskinson” about a collaboration. Speaking about the trading, Litecoin leads in gains among all larger-cap altcoins in the recent rally. Lee even remarked that the digital currency was leading alongside Bitcoin cementing the strong demand and use even as new tokens are emerging on the market.

Charles Hoskinson stated that he loves the idea of cross-chain communication between Cardano and Litecoin as he said that there are a lot of ideas to be discussed and his message was approved by Lee. It remains to be seen If there will be an agreement and if the development of a cross-chain communication between both cryptocurrencies will happen soon.

@SatoshiLite it would be great to do something together. I love the idea of testing cross chain communication between Litecoin and Cardano. We got a lot of ideas and I'm sure you guys do too

— Charles Hoskinson (@IOHK_Charles) July 7, 2020

Willy Woo, the popular trader, and analyst pointed out that LTC has “a habit of leading BTC.” In the meantime, the charts show a tight for LTC as it is now hovering between $56 and $60 after a run-up from the sub -$40 range. Above the 34-exponential moving average on the four-hour charts which means that the bullish trend remained in place.