- Litecoin’s privacy testnet to launch end of summer
- The project is community funded
- The path to growth for LTC’s price is facing crucial hurdles
Litecoin news today – According to reports, LTC creator, Charlie Lee who is also the lead developer working on the Extended Block and MimbleWimble, has targeted the end of this summer’ to launch both the protocols. The cryptos lead team developer is driven towards to adding frangibility and privacy through a soft-fork. Here are more details about the projects.
Litecoin (LTC) Price Today – LTC / USD
David Burkett Has Been Hired to Work as the Leading Developer of the EB/MW
According to earlier reports, the Litecoin Foundation appointed David Burkett to work as the leading developer of the EB/MW protocol. Burkett created the Grin++ crypto and is now working on both projects, as both protocols have similar development roadmaps. According to the update Burkett released the Litecoin Improvement Protocol for February. The protocol is designed to handle one-sided transactions. This will allow MimbleWimble will work whenever senders are online and offer ‘on-chain payment proofs’.
Nevertheless, the date for the public roll-out of this protocol hasn’t been decided. Any ‘usable’ Litecoin with updated protocols (EB/MW) remains down the line. The project is reportedly community funded. It is very likely to meet a shortfall. Aside from the initial donations to this project, particularly in January, only 2.683887 LTC came through the fund. Nearly $37,500 have been donated in total with a payout of $18,000 for the first three months. The target is in range was $72000 for this year. The launch of the testnet will be in August, after which the projects team will push for the public launch by year-end.
Litecoin Bulls are Forcing an Intentional Push for Recovery.
With these two testnet launches planned for the year, the LTC network is heading a step closer to achieving its ambition to function as ‘traditional currency.’ However, even though the LTC team is hoping to comply with these features, volatility in the coin’s price remains a primary hurdle to adoption. This doesn’t come as a surprise as a look at the daily chart shows that the Litecoin bulls are intentionally looking to push for recovery. But, the pathway to attaining growth is facing several crucial hurdles, beginning with the 200-day Simple Moving Average at $58.95. Meanwhile, the 50% Fib retracement point at $87.70 to $35.98 at $60 might hinder any upward advancements. Any gains towards $70 will face resistance at the 61.8% Fib below the 50-day Simple Moving Average. Looking at the downside, there is support at the $55.00 and $50.00 levels.