Litecoin’s developers are confirming progress on privacy features for the LTC blockchain. David Burkett, developer of Grin++, a wallet for the privacy-oriented cryptocurrency, says work with Litecoin founder Charlie Lee is paying off.
Burkett reveals that he’s published two new Litecoin improvement proposals and that the LTC Foundation will fund his efforts to create privacy solutions for the world’s sixth-largest cryptocurrency by using the Mimblewimble protocol.
Lee says he’ll match all donations for the development of the crypto’s privacy features.
“Great progress has been made. On the Grin++ side, I’ve implemented payments via TOR (a privacy-focused web browser).
Mimblewimble requires interacting with the receiver to build a transaction collaboratively, so by using TOR for that interaction, we’re able to use familiar-looking addresses, a simpler set-up, and much better privacy.”
Explaining how he began working on the project, Burkett says,
“I started by familiarizing myself with the existing code by completing the LTC Dev Training Session.
This meant starting with the latest bitcoin source, and making all modifications necessary to get it to sync. After that, I got to work re-designing the Grin++ codebase in a way that will allow LTC to reuse Grin++ with minimal modifications.”
Crypto innovators are pushing for privacy features as a means of preserving individual rights and as a tool to combat oppressive regimes, by enabling private transactions that allow people to express support for causes and organizations without fear of reprisal.
Litecoin technical analysis: LTC/USD bearish flag structure spells potential trouble for the price
- Litecoin price is trading in the red in the session by some -0.35%.
- LTC/USD is moving within the narrowest conditions seen since late October.
- The price is running at its fourth consecutive week in the red.
LTC/USD daily chart
Price action remains stuck consolidating within a bearish flag structure via the daily.
LTC/USD 60-minute chart
Near-term price action has smashed out from an ascending channel formation via the 60-minute.
Spot rate: 45.51
Relative change: -0.35%
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Litecoin (Ltc) Addresses The Falling Hashrate
Litecoin was recently in the spotlight when Litecoin‘s creator Charlie Lee talked about privacy.
He made sure to address the reasons for which the platform has decided to use MimbleWimble to power confidential transactions.
After that, it’s been revealed that the Litecoin Foundation director Franklyn Richards says that the plans to add confidential transactions to LTC are more about fungibility and rather than privacy.
Litecoin Foundation analyzes LTC’s falling hashrate
Now the Litecoin Foundation ponders LTC’s falling hashrate.
In a blog post, Litecoin Foundation Franklyn Richards said that the hashrate, which is basically the raw computing power on the network and how mining rigs are up and mining might have reached a bottom.
“According to data from BitInfoCharts, Litecoin’s hashrate is currently exactly where it was in December of last year at what many believe was the ultimate bottom of this market cycle,” according to the notes.
More than that, it’s been revealed in the blog post that “Back then the market price was half what it is now but with the mining reward having just been halved it makes perfect sense why hashrate is where it currently is. The question now is, will it make a lower low, or has it formed a double bottom and due to a strong rebound?”
It’s also important to note that Litecoin’s hashrate fell 69.9% from the yearly high, which has been set on July 14.
This was right before the halving kicked in and cut in half the reward miners earn for powering the network.
As you know, BTC will also be going through the same process in May 2020.
In terms of pricing, Litecoin is trading in the red at the moment of writing this article and LTC is priced at $45.65.
Other than this, the crypto market is struggling to recover following the BTC recent falls.
Litecoin could profit from descending channel pattern breakout
Litecoin has been trading close to its support point and despite minor surges, the silver crypto failed to post impressive rallies after August this year.
Litecoin has been trading at $46.09 after posting 0.21% gains over the last 24-hours. At press time, the coin recorded a market cap of $2.94 billion and 24-hour trading volume of $2.29 billion.
Litecoin 1-Day Chart:
Source: LTC/USD on TradingView
Litecoin’s price was oscillating between two downward sloping parallel lines. From mid-June 2019, LTC’s price entered a descending channel pattern. This was indicative of a bullish breakout in the near-term.
The moving averages sustained a bearish crossover on 10th August, right after the silver crypto’s block reward halving. Since then the moving averages mimicked the declining price of the coin. The moving averages appeared to be converging but 50 daily moving average was still hovering below 100 daily moving average. Further, the moving averages were above the price candles. This indicated a strong bearishness in the LTC market.
If a breakout to the positive side materializes, LTC bulls could climb to $55, a level unseen since 20th November. A stronger pull could drive the coin to touch its resistance point at $78. The coin’s price was supported at points $40.73 and $32.96.
Source: LTC/USD on TradingView
The MACD indicator exhibited a bullish price momentum in the near-term after a long bearish dominance. Though in the oversold zone, the RSI indicator hinted at a spike upward near the 50 median.
The long-term price prediction for Litecoin exhibited bullish projection for the coin as the price bounced between the descending channel. A bullish breakout would possibly lead the way for the LTC bulls to breach significant levels at $55.25 and $78.2