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Cryptocurrency

Litecoin price up over 12% after core devs announce possible MimbleWimble implementation

February 8, 2019, 10:05AM EDT

Within the past 24 hours, the price of litecoin has increased by more than 12%. Litecoin is now the fourth-largest cryptocurrency by market cap on CoinMarketCap, passing EOS. This price increase comes after a blog post revealed that the Litecoin Foundation and Litecoin core developers have approached BEAM, a company implementing the MimbleWimble privacy protocol, about "possible cooperation to implement MimbleWimble via Extension Blocks on Litecoin."

MimbleWimble is a privacy protocol that obfuscates transactions sent on a blockchain. Extension Blocks aim to enable a network to optionally support different kinds of blocks on a blockchain. With Extension Blocks implemented on Litecoin, users can theoretically convert their standard litecoin to MimbleWimble variants of litecoin, leveraging the privacy features provided by MimbleWimble.