Litecoin Foundation Begins Fundraising For Implementation Of MimbleWimble
You may recall that not too long ago, Litecoin‘s creator Charlie Lee talked about privacy.
He made sure to address the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
After that, it’s been revealed that the Litecoin Foundation director Franklyn Richards says that the plans to add confidential transactions to LTC are more about fungibility and rather than privacy.
Users can become a part of the funding
The relationship between Litecoin and MimbleWimble is waxing strongly, and users have the ability to participate fully in the funding enterprise with Charlie Lee.
David Burkett, the lead developer of the Grin Blockchain and MimbleWimble protocol, revealed the status of MW’s execution into the LTC network.
After that, Ilir Gashi, the communicating Manager of the LTC foundation, declared a fundraising scheme to aid Burkett’s work.
Gashi commented on the fundraising scheme, and he said the following as cited by the online publication Smartereum:
“The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks.”
He continued and explained that “We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin.”
We recommend that head over to the original article written by Smartereum and check out more details on this exciting plan.
Litecoin in the crypto market
Regarding the pricing for the digital asset LTC, the crypto is trading in the green at the moment of writing this article. LTC is priced at $45.96.
The digital assets including LTC have been struggling to recover price-wive, following Bitcoin’s recent falls.
But, despite the massive volatility of the crypto market, there have been a lot of optimistic predictions regarding the price of BTC and the other cryptos.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.