Monday, April 12, 2021

64 Millionth Litecoin Mined, LTC Confidential Transaction Fundraising Going Strong

According to the recent update in the Litecoin ecosystem, the 64 millionth Litecoin (LTC) has been mined, which the community members behind the cryptographic project have seen as another great achievement on the network.

The update of the milestone was published on the official website of the cryptographic project Litecoin (LTC) on 30th December 2019. According to the report, Block 1,760,000 mined the 64 millionth Litecoin on 26th December 2019 at 12:50 UTC.

The report furthered that the Litecoin left to be mined are less than 20 million. Half of these leftovers are to be mined in the next 4 years. Due to the deflationary nature of the network, the last Litecoin is estimated to be minted in relatively 120 years’ time.

The data from blockchair revealed that the block was mined by, with 12 transactions that comprised 16 inputs and 53 outputs moving Ł135.23934883 ($5815.29) over the network.

“The current network inflation rate according to is 4.19% which equates to ~7,200 new Litecoin mined each day,” the report stated.

Litecoin Confidential Transaction Fundraising Going Strong

As hinted on Twitter by the creator of Litecoin (LTC), Charlie Lee, the fundraising for the Litecoin Confidential Transaction Fund is going strong with definite progress. According to Lee, the assignment is ¼ accomplished, soliciting for further help from the community members in the process.

Going by the detailed update regarding the confidentiality of Litecoin (LTC) transactions, it’s at the moment absolutely public, which is one of the major issues that presently need necessary attention.

This indicates that external bodies can easily deduct needed information about the transaction from Litecoin ledger to track the person’s wealth and purchases. The success in solving this issue is expected to enhance the mainstream adoption of Litecoin (LTC).

This brought about the idea of raising funds within the Litecoin ecosystem to achieve this aim as soon as possible. The sum of funds preplanned for the project is $72,000. According to the report, the total amount already donated is approximately $18,482.95.

December update on MimbleWimble on Litecoin

As published by the developer behind the ongoing fundraising, the development of the MimbleMimble extension has officially commenced after months of brainwork in respect to its success.

In the month of December 2019, the restructuring of the core logic has been the major focus. And this will be shared between Grin++ and LTC. According to the report, these comprise serialization, logging, crypto, error handling, and common data structures.

Litecoin (LTC) in the Market

The majority of the top cryptocurrencies have not really experienced notable price upsurge in the last 24 hours, except Stellar Lumen (XLM), Bitcoin SV (BSV), and Binance Coin (BNB). At the same time, there has been no notable downtrend among the top 10 digital tokens over the same period mentioned above.

Litecoin (LTC) performance so far falls within the aforementioned market price conditions. At the time of filing this report, LTC is trading at $43.06, with a 0.25% price downtrend on the basis of 24 hours estimation.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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