- The Litecoin Foundation points out how the network has succeeded in facilitating low-cost large-scale transactions without facing severe downtimes over the last decade.
- It also explains the important change coming to the Litecoin blockchain with the upcoming Mimblewimble upgrade.
Litecoin is celebrating a decade of resilience in the market. Currently, the native cryptocurrency Litecoin (LTC) is the fifteenth-largest cryptocurrency with a market cap of $12 billion.
As the blockchain celebrates ten years since its launch, On Tuesday, October 12, the Litecoin Foundation shared a post of how the network has been making the progress. The official announcement reads:
Since the beginning of this year alone, the Litecoin network has already processed over 100 billion dollars worth of transactions, with recent daily amounts ranging between 150 million to over 1 billion dollars per day.
Officially turning a decade old today, Litecoin has entrenched itself as a heavyweight in the world of cryptocurrency transactions, a feat that was accomplished by a combination of unique factors and notably, a multi-year process of building trust.
The Litecoin Foundation goes down the memory lane of how things started a decade back and how the network has continued to make progress. It notes that Litecoin (LTC) has emerged as a “digital silver” over the last few years.
It also notes that the Litecoin blockchain has continued to trade at lower fees while other networks were suffering from issues of high congestion and address activity. The Litecoin foundation notes that it has successfully managed to fill the void. Also, in its 10 years of existence, the Litecoin blockchain has seen 100 percent network uptime, it states.
Litecoin’s MimbleWimble upgrade and upcoming plans
The Litecoin Foundation is planning for the biggest network update with the Mimblewimble Extension Blocks (MWEB). This upgrade will bring some of the key features missing from the Bitcoin blockchain like transaction data privacy and fungibility.
Furthermore, the Litecoin Foundation is planning to incorporate transaction privacy into the network. After the MWEB upgrade, users transacting on the Litecoin blockchain won’t have to publicly disclose the money they’re sending to 3rd parties.
The MWEB upgrade will also increase Litecoin’s transaction throughput while improving scalability. The Litecoin foundation noted that the MWEB code has been completed. It is currently undergoing an auditing process and multi-month review by security solution provider Quarkslab.
On-chain Data Metrics for LTC
On-chain for Litecoin shows a rising strength for the cryptocurrency. As per data provider Santiment, Litecoin has recently flipped the world’s second-largest blockchain Ethereum in terms of address activity. The report notes:
Litecoin has just flipped #Ethereum in terms of address activity for just the third time this year. We’ve also discovered that #Litecoin‘s payment count, which quantifies the number of addresses receiving $LTC, has hit an #ATH.
However, the LTC price hasn’t been much reflecting this fundamental development. The LTC price has been consolidating for a while at $170 levels. While most of the altcoins have been giving a three-digit-percentage return in 2021, LTC’s year-to-date gains stand at 33 percent.