After years of implementation, the MimbleWimble (MW) feature of Litecoin (LTC) could be rolled out this month.
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Last week, Robbie Coleman, Creative Director at the Litecoin Foundation, said that MW is “currently in the process of final code review”. Similarly, in December 2021, David Burkett, the lead developer also forecasted the project implementation timeline in January 2022.
At this time last year, Litecoin was ranked 5th with a market cap of $11.3 billion. One year later, it is now ranked 24th with a market capitalization of $9 billion, proving that LTC has been unpopular with investors.
The reasons are many, however, supporters hope that MW will act as a catalyst for Litecoin to regain its former glory.
What is MimbleWimble?
MW is a facility that organizes and stores transactions on the blockchain in a way that allows for better network scalability and an element of security.
It achieves this through a more compact method of recording transactions. Instead, the blockchain data is smaller, making it faster to download, sync, and verify.
Blocks are verified and confirmed in the usual way. But each block consisting of multiple transactions does not disclose the details of each transaction it generates. In short, there is no deterministic way to associate the inputs with their respective outputs.
Through this scrambling process, users have a high level of security. Add to that the interchangeability this offers, where Litecoin is indistinguishable from the next Litecoin and LTC will have the properties of “Sound money” when MW is released.
Could this pull Litecoin out of the bearish quagmire?
Litecoin has been active on MW since before September 2019. While initial interest was strong, it has changed dramatically, such as the popularity of DeFi, which started appearing around the summer of 2020. .
The first MW testnet was carried out more than 16 months ago, in September 2020. But the constant delays affected the project.
However, with MW just around the corner, Litecoin supporters are excited about what could happen. On that, TheFalconTrades has post an LTC/BTC chart showing a descending triangle, accompanied by confident words about retirement as “LTC pump in 2022”.
“It would probably be quite fun to say ‘I’ll retire when LTC pumps in 2022’ – everyone looking for a magic meme coin, I’m seeing the most bullish chart of all time.
LTC/BTC price chart | Source: Twitter
However, because the descending triangle shows a lower high, which means that the bears are dominating the market, the descending triangle usually breaks the support line and continues to decline.
In response, TheFalconTrades told times this model had the opposite effect, making him more money.
“I still want to bet, it was this model that made me more money than any other model. I’m only interested in two or three models and this is one of them.”
Based on what’s in the top 10 right now, it can be easily argued that investors prefer returns over privacy. With that, time will tell whether Litecoin can make a comeback.
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