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Litecoin Set MimbleWimble in a Mid-September Testnet Launch

Recently, the senior MimbleWimble developer of Litecoin (LTC), David Burkett, gave an update on the development of the protocol for June 2020. He revealed that the stage is ready for a mid-September testnet launch of MimbleWimble.

Burkett tweeted, “Minimal implementation of the mempool coded. Mining logic has been written for including extension blocks. MimbleWimble transactions can now be broadcast to peers.”

He also guaranteed that everything is on track for the mid-September testnet.

Moreover, Burkett provided some breakdown of the tasks ahead for the third quarter of 2020. And this would clear the way for a mid-September testnet launch, saying that the high-level plan for the summer will stay the same.

  • June – Initial Block Download
  • August- Chain Reorg Logic
  • September – Activation Logic and Testnet Launch

Game Changer

Last January 2019, Charlie Lee, the founder of Litecoin, reported that the project’s focus is on making LTC more fungible by adding Confidential transactions. The latter transactions obfuscate the amounts transacted over the network but not where they send the coins.

Even if it is not 100 percent private, confidential transactions might lure new Litecoin users. And these are the ones who prefer to keep the value of their transactions away from prying eyes. With that, it will most likely increase the demand and use of LTC to the point where it emits a positive effect on Litecoin in the crypto markets.

 

The Market’s Reaction

As the recent progress hints a possible testnet launch of MimbleWimble by mid-September, keen Litecoin traders and investors may plan to capitalize on the hype surrounding the testnet by accumulating ahead of the event.

Furthermore, a successful testnet would give a clear path for a mainnet launch, further boosting the appeal of LTC in the crypto markets.

Recently, Litecoin has been facing extreme sideways movement around the $39 support zone and under the $50 resistance zone. The uneventful price movement might suggest that investors accumulate LTC as postulated via a significant increment of non-zero accounts.

Then, the recent release of Litecoin Core Version 0.18.1 is proof that development on the LTC project is still in process. With that, the MimblweWimble progress update quells any worry or uncertainty that Litecoin could be dead.

 

Public Mint Launches

Elsewhere, on July 1, Public Mint launched its fiat-native public blockchain after two years of development. The platform consists of a blockchain for tokenized fiat currencies held in the accounts of insured and regulated fiat custodians. And this mainly comprises a stablecoin backed by a network of banks.

In addition to that, Public Mint claims to have partnered with a network of over 200 banks to hold the funds backing its fiat token network. The site does not give more details about banking partners. But Hyperledger and IBM Digital Asset Labs are in the announcement as supporters.

Firms using Public Mint can accept payment via ACH payment, credit card, and wire transfer. As the network only supports U.S. dollars at launch, the platform aims to introduce other fiat currencies soon.



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