The price of Litecoin (LTC) rallied around 30% in early morning trading on Friday after news circulated Thursday that the altcoin is "cooperating" with Beam (BEAM) to explore the implementation of Mimblewimble.
Litecoin Foundation and Beam Cooperation Announcement https://t.co/H6SwsiruwV #SovereigntyByDesign #Mimblewimble #Litecoin @SatoshiLite pic.twitter.com/oMfYeOl6TY
— @Beamprivacy () February 7, 2019
According to the announcement, the Litecoin Foundation approached Beam about implementing the privacy protocol using extension blocks on Litecoin, and Beam was happy to share their expertise.
"We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa," said the Beam team. "Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality."
This news comes just weeks after Litecoin founder Charlie Lee revealed the altcoin is now focused on adopting Confidential Transactions for enhanced fungibility, with plans to convert LTC into a privacy coin within the year. However, given the recent successes of the Mimblewimble coins, it seems that Lee is now exploring the technology as an alternative to CTs.
Litecoin is now trading for $42.73, bringing the now fourth-largest cryptocurrency to a $2.58 billion market cap.
More: Litecoin Foundation and Beam Cooperation Announcement
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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.