Litecoin Trending in the Post-Crash Consolidation Price Ranges and Burkett gets attention in Litecoin Community

By dan saada December 4, 2019 0
litecoin news

Litecoin has allocated a dedicated fund to carry on confidential transactions.  The donations raised from the community will be used to sponsor David Burkett to implement the changes into Litecoin.

For those who are unaware of David Burkett, he is the lead developer in the Litecoin Extension block MimbleWimble (EB MW). He is also the developer of Grin++ and C++ implementation of MW protocol.

David Burkett recently released the New Litecoin MimbleWimble Development Update. He stated that a lot of solitary work had been done before he got involved with Litecoin in August-early this year.  He said how he and his team have been working in the past few months to design an MW extension block (EB) to facilitate “confidential transactions and more fungible money” for their users.

When talking about Litecoin was ready to fund him, he stated, “The first big announcement is that the LTC Foundation has graciously decided to fund my efforts to implement the MW extension block, and to continue working on Grin++! More details about that will be announced shortly, but I want to thank you all for the opportunity.”

Burkett will be providing monthly updates about the progress of the work to keep everyone updated about the kind of progress.

The current funding goal is to raise $6,000 every month for 12 months, which will be $72,000 for Burkett.  The funds will be held in an Escrow account by the Litecoin Foundation. As and when Burkett releases his updates about the progress, the funds will be released.  If the amount required is not raised in a month, then the BTC/LTC needed to fund the deficit USD will be published.

Charlie Lee has been generous enough to match the amount raised each month to provide for additional support.  Lee stated, “I am going to do a donation match towards this donation drive. At the end of every month, for every LTC/BTC donated, I will match the same amount.”

When compared to the top coins, LTC has to progress yet while the top coins are picking up on a better price than their post-crash ranges.  There are no signs of bullish movement for the token.  There is nothing to state as a positive technical change.  LTC has its price in the post-crash consolidation range, and it exhibits weakness when compared to other tokens.  Support at $44 and $38 and resistance at $51, $56, and $64.