Litecoin (LTC) is one of those cryptocurrencies that you were beaten around the ears with a few years ago. The developers of litecoin have announced an update called MimbleWimble, which might change the fate of the token. But the token can do much more than play the underdog. That’s what the Litecoin Foundation is trying to highlight with MimbleWimble. Announced earlier this year, the update has a number of features that could bring litecoin back to the forefront.
Lower cost, more privacy and scalability
One of the most important aspects of MimbleWimble is the increase in efficiency. The blockchain becomes more compact as data is compressed. Nodes can then attach data more quickly, leading to lower operating costs. It also does a lot of good for scalability, miners can achieve more with the same resources.
Another important aspect of the update is privacy – after all, it is named after the spell from Harry Potter MimbleWimble, which silences you. What’s important about the update is that misinformation is hidden in the blockchain, which strengthens your privacy.