Litecoin Is Working On Privacy Improvements and Average User on Does Not Know How To Set Up TrackingNovember 29, 2019
Litecoin has been trading around $47 after a 10% decline in its price over a week. Regardless of the overall downtrend, Litecoin gained nearly 5% in the past 24 hours. LTC dropped from $60, and whether the token will push back to $50 is a matter of concern. The major support and resistance levels are yet to be tested.
The 20-day EMA is on the downtrend. The 50-day EMA has crossed the 200-day EMA. These trends are indicative of the token’s weakness. LTC is now continuing to trade below the key support level. The volume will have to pump to the upside than now. The volume is now somewhere close to $3 million.
Litecoin is also working on privacy improvements. The Litecoin development team is working in collaboration with the MimbleWimble Protocol, probably to add the privacy protocol as an extension block.
Charles Lee, when talking about how the whole thing will work, stated, “All the miners are mining both the extension block and the main chain at the same time, after the soft-fork that is. So the MimbleWimble chain would go alongside the main chain, and then you would have peg-in, peg-out so that you could move Litecoin into the other chain and back.”
Thus the end goal is to provide Litecoin users with improved privacy features on their transactions. MW is offering pseudo privacy. The value that is sent over this network is hidden; however, it is verifiable. Therefore, other people on the network will not be able to learn how much of Litecoin one owns. The scalability factor comes from the nature of the protocol. When paired with the extension blocks, there will be a block size increase for the Litecoin without having to go through a need for the hard fork.
An average user on the Litecoin system despite being able to track down the interactions of network participants, does not know how to set up a tracking system for this purpose. However, there is greater privacy in the transaction systems as the value is transferred by adding one time outputs, and there is privacy because it is impossible to reuse the address per the protocol.
Some call Litecoin as “Silver to Bitcoin’s Gold,” yet others call it as “Dark Horse of 2018.” One of the users by screen name squadus stated, “Whatever name cryptocurrency investors give Litecoin, one thing is certain – Litecoin is going to be a beast!” Litecoin has a lot of projects lined up for implementation.
The Lightning Network, along with LitePay combined, is making Litecoin accessible for all investors. Several investors opine that those who have not invested in the Litecoin are late to the party.