If Bitcoin is the king of cryptocurrencies, then Litecoin is no less, as the latter has long been known to crypto enthusiasts as the digital silver to the legacy of Bitcoin. Ever since the implementation of MimbleWimble in September, Litecoin has been witnessing a steep inclination in its usage.
It was noted by the Director of Litecoin Foundation, David Schwartz, that the cryptocurrency, Litecoin, had more than 92,278 active wallets in the previous twenty-four hours, resulting in a miraculous jump way ahead of BSV and Bitcoin Cash, that had 90,446 active wallets yesterday.
The crypto market statistics indicate that there is an ongoing resurgence in the popularity of Litecoin in terms of transfers, transactions, and investments. One of the chief reasons behind the increasing popularity of Litecoin is the imminent launch of MimbleWimble. This technology will add a host of privacy and security features to the cryptocurrency, Litecoin. The team is looking forward to rolling out MimbleWimble by September, as confirmed by David Burkett, the lead developer of the MimbleWimble project.
MimbleWimble had first been proposed in 2016 to address the lapses in the privacy of the Bitcoin protocol. The Bitcoin protocol publishes excessive transaction information that is not secure for Bitcoin users. The founder of Litecoin, Charlie Lee, is focusing on making Litecoin more fungible by increasing the confidentiality of transactions. However, privacy is not the sole objective of MimbleWimble, as the technology is also for accelerating the speed of transactions on the network by the employment of the innovative Blockchain-driven block processing prototype.
The community of Litecoin is planning to enter into a partnership agreement with Cardano for the assessment of cross-chain communication between Cardano and Litecoin. As per the trading reports, Litecoin is at the forefront of all large-cap cryptos in the recent market rally. Charlie Lee, the Litecoin founder, took to Twitter once again to confirm the reputation of Litecoin. One of the prominent traders and on-chain analysts, Willy Woo, has also pointed out that Litceoin almost always jumps ahead of Bitcoin in terms of demand.