Litecoin (LTC), one of the veterans in the cryptocurrency market, will have a major update in the coming months and could replace coins like Monero and Zcash.
Cryptocurrency silver breaks record
Usually compared to silver, while bitcoin would be the gold of cryptocurrencies, Litecoin seems to behave like silver ore as well.
According to data from CoinGoLive.com, Litecoin is the eighth largest cryptocurrency in market value, it has grown strongly in the last 30 days with an increase of 52.51%; outperforming bitcoin in the same period (+ 32.51%).
Along with the price spike, LTC recorded the highest number of confirmed transactions on the blockchain since February 2018, according to data from Glassnode.
Reason for enthusiasm?
And the enthusiasm is justified. It happens due to an update that has been in development for almost 1 year.
The update will link the cryptocurrency to another blockchain powered by MimbleWimble (MW), allowing private transactions with digital silver. With this, LTC will have a great advantage over its competitors who fight for the same market for private transactions.
Currently, LTC is on pretty much every exchange, while truly private currencies like Monero and Zcash have not been as successful.
High liquidity, low rates, and new technology can make Litecoin a right choice for those who need a certain degree of privacy.
"Buy the rumor, sell the news"
We are following the development of this new protocol and we believe that it will be ready between December and January. However, some enthusiasts believe that we will have the launch in September.
According to David Burkett, Litecoin's top MW developer, the “trigger logic in the test chain” will be done in September. That is, we will have 1 month of tests and we believe that another 2 months for code correction and other security tests.
Being pessimistic, maybe the novelty will be released in January 2021. So stay tuned for the Crypto report updates on Telegram.