Litecoin News Today – Litecoin LTC Community Raises $12k for the MimbleWimble Launch 

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  • Charlie Lee will double all donations for the scheme.
  • Developer David Burkett is going to work 30 hours per week on the protocol.

Litecoin news today – the Litecoin network has made progress in its plans to implement the MimbleWimble launch. The plan to implement this initiative for the LTC network has been on since 2019. Now reports indicate that the Litecoin community managed to gather the sum of $12,000. The funds that were donated were given to fund the MimbleWimble Implementation initiative. This means the MimbleWimble obfuscation solution is in full swing. The implementation of this protocol to the Litecoin network is easily one of the most promising developments for Litecoin in 2019. The question is, will it continue to hold this relevance in 2020?

Crowdfunding Raised $12,000 for MimbleWimble Implementation

Litecoin latest update – today’s Litecoin news indicates that the Litecoin Foundation gave an update on its crowdfunding plan for the implementation of the MimbleWimble obfuscation protocol into the Blockchain Silver main net. According to the Litecoin Foundation, the community has reportedly donated $12,000. Via its Twitter handle, the crowdfunding posed that about 138 LTC and more than 0.03 BTC were donated to support the initiative. These donations were reportedly made in the first month (January) of 2020. As of when this report was published, the sum contributed to the scheme has exceeded $12,000.

Litecoin Founder Has Promised to double all Donations

However, as we previously reported on the scheme, the founder of the Litecoin Foundation, Charlie Lee revealed at the time that he will double whatever sum of money was donated towards the MimbleWimble implementation. Hence, if Lee fulfills his promise, the total amount of money that will be raised for the endeavor will be about $24,000.

Litecoin news – additionally, according to the previous statements made by Lee, LTC developer David Burkett will be putting in 30 work hours every week towards facilitating the protocol. The 30 hours will reportedly be split in two. 15 hours will be dedicated towards the Grin++ project and another 15 hours will go for the MimbleWimble protocol implementation via Extension Blocks. Lee also added that Burkett will be compensated for the sum of $6000 monthly for his efforts. When you combine the current sum with the money that was previously raised for the endeavor, the community has managed to pay up for the first five months of Burkett’s progress.

Meanwhile, the price of Litecoin began the day trading in the green. The Litecoin price is up by 9.43% at press time and trading at $66.97.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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