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Litecoin [LTC]’s Charlie Lee confirms talks with privacy coin Beam to implement MimbleWimble

Jibin M George

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Litecoin [LTC]: Charlie Lee confirms talks with privacy coin Beam to implement MimbleWimble
Source: Pixabay

Litecoin [LTC]’s pursuit of privacy and confidential transactions is surging ahead after Charlie Lee confirmed being in talks with Beam for the implementation of MimbleWimble. This marks a significant development in what could possibly be a game-changer for the coin.

Lee, the creator of Litecoin, a silver coin to Bitcoin’s gold has been assertively moving ahead to provide the coin with fungibility and privacy solutions. Charlie Lee’s announcement of putting scalability behind to pursue privacy and the implementation of Confidential Transactions in Litecoin was met with a lot of fanfare. He later announced that the LTC development team was exploring options such as bulletproof MimbleWimble, which was equally well received.

Source: Twitter

Beam is the first cryptocurrency project to be built on the MimbleWimble protocol and offers a range of privacy solutions that are alien to other coins in the market. It also claims to be more private than other privacy coins such as Monero and Zcash while offering to be the best ‘storage of value’ option in the cryptocurrency market. The CEO of Beam had, in fact, on its launch on the 10th anniversary of Bitcoin, highlighted the principle that drove the development of Beam.



“Sovereignty over one’s own information is a basic human right, and applies to all aspects of life, and especially to financial transactions.”

The MimbleWimble protocol allows the user to encrypt all data with respect to a transaction made on the cryptocurrency network. This is done by the use of blinding factors, that allow an extra layer of security to all transactions. Additionally, MimbleWimble also uses CoinJoin, a mechanism that combines multiple payment info to form a single chain of the transaction, thus hiding any individual transaction info in a cryptographic haze.

Confirmation of talks with Beam suggests that Lee and Litecoin have not ruled out a similar implementation of the protocol as the privacy coin. LTC is still exploring options such as implementing the Switch or ElGamal commitments fundamental to Beam to LTC and Lee has been appreciative of Beam’s efforts. Switch Commitments with ElGamal are a safeguard against the risk quantum computing poses to the soundness of Confidential Transactions, he has said.





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Altcoins

Tron [TRX] DApps surpass Ethereum, EOS in terms of weekly active and new users

Namrata Shukla

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Tron [TRX] DApps surpass Ethereum and EOS in terms of Weekly active and new users
Source: Pixabay

Tron [TRX], the eleventh largest coin on CoinMarketCap, has been crossing new milestones recently, with its block height and partnerships. Despite the coin performing rather poorly in a relatively bullish market, its adoption and the popularity of its DApps have made Tron lead the DApps market.

Tron’s popular proponent, Misha Lederman, shared with the community Tron’s recent achievement. Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.

Lederman in his tweet commented,

“#TRON growing fastest in terms of new users among Top 3 platforms:
New Users:
TRON 60K; #ETH 25K; #EOS 9K
Active Users:
TRON 172K; EOS 170K; ETH 54K”

Source: Twitter

Source: Twitter

He added that BitTorrent Speed’s launch in Q2 would provide Tron and BitTorrent users with BTT as an incentive for seeding, which might lead to a growth in the user base of TRX and BTT.



Source: Twitter

Source: Twitter

According to Tron foundation and BitTorrent CEO Justin Sun, TRX will make its way into the top 10 by the end of June, whereas BTT will be a part of top 30 by Q2. However, Tron’s current market cap is $1.87 billion, whereas Cardano [ADA] on the tenth position reported a market cap of $2.12 billion.

At press time, Tron was valued at $0.0279, with a market cap of $1.87 billion. The 24-hour trading volume of the coin was noted to be $664 million, as it fell by 2.80% in a day. TRX managed to register 12.60% growth over the past seven days. However, it fell by 0.53% in an hour.





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