Two reasons why ignoring LTC and BCH is wrong

For Bitcoin, the days after Christmas 2020 are extraordinary. As of December 26, Bitcoin is up 40.74% on the price chart. It can be argued that the fact that the cryptocurrency surpassed the psychological resistance levels of $ 25k, $ 30k and climbed as high as $ 34.8K is testament to the strength in Bitcoin’s bull run.

BTC / USD 4 hours (as of 13:53 today, Vietnam time) | Source: Trading View

However, along with Bitcoin, major altcoins like ETH, LTC, and BCH are also taking advantage of the market’s first rally.

ETH, LTC and BCH are thriving

ETH, LTC and altcoin market surged since Bitcoin hit all-time high of $ 34,800 | Source: Twitter

According to Santiment, after Bitcoin hit $ 34.8k on the price chart, its rally started to reverse. In contrast, ETH spiked to $ 1169, before correcting. Here, it’s important to note that while other assets like LTC and BCH are also correcting, the correlation with BTC’s rally may also need to be considered.

LTC thrives, BCH rises: What’s going on?
Although ETH may be added to the list of majorly correlated altcoins, ETH has held its own position in the market for some time now. Besides, LTC and BCH have been technically quiet for much of 2020, except for some updates only on MimbleWimble.

However, given the significant rise of other assets like LINK, DOT and YFI, it’s surprising to see them still slow compared to LTC and BCH, especially as older cryptocurrencies have been scrapped. past before.

Here, it can be argued that the above assumption gives BCH and LTC an unexpected advantage.

Historically, LTC and BCH have been part of the 2017 rally, a time when both assets hit all-time highs. However, at the time of writing, they weren’t even close to that range, making it the ideal alternative to investing in a bull market.

PayPal brings new spot traders

With so much attention now being placed on cryptocurrencies, it is also leading to prompting for spot investors to join the ecosystem. PayPal introduced the functionality to buy crypto assets on its platform and includes BTC, ETH, LTC, and BCH.

PayPal may be one of the most convenient and easiest ways to access digital assets at the moment but as we can see, the list is limited. However, new traders sometimes don’t understand the difference and they are more likely to put money in the types available on the platform.

Despite the technical shortcomings, the sense of identity is pretty clear for LTC and BCH. Hence, profits are flowing back to the traders and holders of them.

Litecoin developers are rushing to tackle key issues as it gets closer to the MimbleWimble testnet

The Mempool logic for implementing MimbleWimble on Litecoin created a slightly more complex area than previously predicted, causing basic code modifications to this aspect.

The MimbleWimble-focused testnet will launch in September 2020 and is one of the most anticipated features for the broader Litecoin ecosystem.

Test more before launch

In the June update to the MimbleWimble deployment announced over the weekend, project lead and developer Grin David Burkett released details on the protocol’s progress since last month, issues. that the developers face and some important mitigation.

“A very minimal implementation that supports MW transactions has just been compiled,” said Burkett, but the code to support mining the expansion blocks where MimbleWimble transactions are stored has been made.

More testing is needed before implementation. Burkett noted that “there are some tough edges,” while writing about concerns about storing Mimblewimble block data in a separate database.

Having two separate databases can lead to a host of problems in the future, which causes an inability to generate atomic updates, which in turn causes databases to fail. synchronization, Burkett explained.

“This can lead to a host of problems, possibly even ones that could be exploited by remote attackers.”

Due to these concerns, Burkett decided to spend some time modifying the code to serialize and re-serialize MW blocks and transactions to disk.

Route

Burkett revealed that the team has built part of their work using a platform for segwit enhancement to support additional data without a major change to the existing block storage format.

This means that the upgraded nodes have saved important expansion block data to disk in the same place where the blocks are stored, without having to introduce additional databases.

Burkett noted:

“Adding support for the sharing of simple transactions over the p2p network is relatively easy, which is the first step towards the target of MW data processing in July as part of the initial block download ( Initial Block Download) ”.

The post confirmed the MimbleWimble implementation was still on the right track, with July seeing the initial block download, August scheduled for the reorder logic, and September with the Activation logic and the testnet launch.

MimbleWimble was first proposed in 2016 to fill the security gaps in the Bitcoin protocol.

Litecoin founder Charlie Lee tweeted last year, the protocol will be adopted to bring confidential transactions to Litecoin:

“Flexibility is the only characteristic of stablecoins that Bitcoin & Litecoin are lacking. Now that the extensive debate is over, the next battlefield will be about fungibility and privacy.

Now I am focusing on making Litecoin even easier to replace by adding Secret Transactions. ”