Litecoin Working on a Solid Plan, Will be Introducing New LTC Improvement Proposal (LIP)
Since late January, this year, Litecoin team has been working on adding additional features in the form of fungibility and confidential transactions on Litecoin Network as announced by the Litecoin creator Charlie Lee.
Lee again took to Twitter to share the latest developments in this area while explaining about the Mimblewimble implementation.
The extension blocks concept is similar to sidechains. Think of this as a MimbleWimble sidechain that is attached to the main chain using consensus via a softfork upgrade. You can opt-in by sending coins into the MW extension blocks and also send coins out back to the main chain.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 10, 2019
The team is actually working on a “solid plan” and would further bring forward Litecoin Improvement proposals (LIP) for the community to discuss and critique.
We still have a lot of work ahead of us. Need to make sure the tech is solid and come up with a plan to test everything and safely upgrade the Litecoin network. When we have a solid plan, we will write up a Litecoin Improvement Proposal (LIP) for the community to critique.
Lee further clarified why they aren’t just making the block bigger as questioned by one Litecoin enthusiast,
“Bigger blocks doesn't solve fungibility.”
Litecoin Price Enjoying The Hype
Recently, Litecoin collaborated with the software development firm Beam to explore the implementation of new protocol Mimblewimble to improve the privacy and scalability of Litecoin.
This tongue-tied curse from the popular Harry Potter series is a part of the confidential transactions that allow the translations to be obfuscated but still verifiable. All the work on this new protocol that will be used along with “Extension Blocks” will be published under an open source license.
Following to the confidential transactions being in the works along with this collaboration, Litecoin jumped more than 30 percent. At the time of writing, Litecoin has been trading at $44.80 with 24-hours gains of 3.24 percent. In the BTC market, it is in green by 3 percent. With a market cap of $2.7 billion, Litecoin has become the 4th largest cryptocurrency, according to the Coinmarketcap data.
Litecoin 7-days price chart, Source: Coinmarketcap
There has been a dramatic increase in the price and volume of the Litecoin that spurred the price rise in the broad cryptocurrency market.
There has been much hype around Litecoin halving as well that is just 177 days away. Typically, Bitcoin halving garners all the attention, rightfully so, as experts have predicted that the next major bull run will be triggered by the 2020 halving. Akin to that, Litecoin price is expected to reach new highs as well, as it’s halving event comes closer.