Can the upcoming MimbleWimble upgrade revive Litecoin (LTC)?

After years of implementation, the MimbleWimble (MW) feature of Litecoin (LTC) could be rolled out this month.

Last week, Robbie Coleman, creative director at the Litecoin Foundation, said MW is “currently in the process of final code review”. Similarly, in December 2021, David Burkett, the lead developer, predicted the project implementation timeline in January 2022.

At that time last year, Litecoin was number 5 with a market cap of $ 11.3 billion. A year later, it now ranks 24th with a market cap of $ 9 billion, proving that LTC was unpopular with investors.

The reasons are varied, but backers hope 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.

This is achieved through a more compact method of recording transactions. Instead, the blockchain data is smaller so it can be downloaded, synced and verified faster.

Blockings are verified and confirmed as usual. However, each block made up of multiple transactions does not reveal the details of each transaction it generates. In short, there is no deterministic way of mapping the inputs to their respective outputs.

This scrambling process gives users a high level of security. Added to this is the interchangeability offered by this, in which Litecoin cannot be distinguished 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 swamp?

Litecoin has been active on MW since September 2019. While initial interest was strong, it has changed dramatically, such as DeFi’s popularity that emerged around the summer of 2020. .

The first MW test network was carried out over 16 months ago, in September 2020. But constant delays affected the project.

However, with MW just around the corner, Litecoin supporters are excited to see what could happen. TheFalconTrades post an LTC / BTC chart showing a descending triangle accompanied by confident words about retiring as an “LTC pump in 2022”.

“It would probably be pretty funny to say, ‘I’ll retire when LTC pumps in 2022’ – anyone looking for a magical coin meme will see the most bullish chart ever.”

LTC / BTC price chart | Source: Twitter

However, since the descending triangle is showing a lower high, meaning that the bears are dominating the market, the descending triangle usually breaks the support line and continues to fall.

In response to that, TheFalconTrades told Sometimes this model had the opposite effect and made him more money.

“I still want to bet that 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 the current top 10, it’s easy to argue that investors prefer returns over privacy. With that, time will tell whether Litecoin can make a comeback.

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