Where Will the MimbleWimble Upgrade Take Litecoin?
Since January 31st, when the Litecoin Core 0.21.2 MimbleWimble upgrade was announced, everyone in the crypto community seems to be asking the same question - What will this bring? Will it revive the whales’ interest in the project? How will Litecoin grow after the upgrade? The truth is that Litecoin has suffered a major fall during the last 12 months, going from 5th to 21st since January 2021. The general hope surrounding the upgrade is that it will blow some fresh air rekindling the romance with fallen investors. This article will attempt to explain the advantages and future of Litecoin after the upgrade and whether or not it will leave its mark on the market cap rankings.
What is MimbleWimble?
The privacy-oriented protocol named MimbleWimble is making headlines in crypto circles. Introduced by an anonymous user named Tom Elvis Jedusor (the French nickname of Harry Potter’s nemesis, Voldemort) on a cryptography mailing list in July 2016, MimbleWimble is an approach to privacy and scaling based on a cryptographic application called Confidential Transactions. Transactions are prevented from being traced unless you explicitly want them to be known.
How Can the Upgrade Reignite Litecoin
The improvements that Mimblewimble Extension Block (MWEB) could bring to Litecoin generated optimism since the news of the incorporation first came to light. Especially if we consider that LTC’s last update was Segregated Witness's activation quite a few years ago. Integrating this protocol into Litecoin's network is supposed to shield the identities of the participants of every transaction, conceal the amounts transferred and improve the network’s processing capabilities by reducing the blocks’ size. With the launch of this promising upgrade, Litecoin’s price is expected to rise and fuel the interest of big investors.
Future Opportunities for Litecoin
MWEB promises to deliver fungibility to the point of making Litecoin one of the top options for digital payment in the market. Clear evidence of the faith invested in the upgrade is the fact that Coin Price Forecast predicts that Litecoin will rise 35% by the end of 2022. For now, what is certain is that LTC’s social engagement increased 93%, and it was exceptionally high during the upgrade announcement.
