Privacy and anonymity are some of the founding principles of the entire blockchain and cryptocurrency space. In recent times, however, the influence of these principles has taken a back seat.
Recently top cryptocurrency Litecoin (LTC) disclosed that it was set to launch its privacy protocol. The announcement, however, did not receive the desired welcome. An estimated five South Korean exchanges will delist Litecoin (LTC) following its privacy protocol announcement. These exchanges have referred to regulatory compliance issues resulting from Litecoin’s new privacy move as the reason for the delisting.
JUST IN: Five South Korean #crypto exchanges are reportedly set to delist $LTC following the coin's activation of its privacy protocol.
— Watcher.Guru (@WatcherGuru) June 8, 2022
Upbit and Four Other Exchanges Say Goodbye to LTC tokens
Upbit, Bithumb, Korbit, Gopax, and Coinone are the five exchanges set to delist Litecoin (LTC). The exchanges cite a breach of Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations as the reason behind the delisting. The press in general now refers to Litecoin (LTC) as a “dark coin.” Furthermore, “dark coin” is a term generally used to describe privacy cryptocurrencies like Monero and Zcoin.
This move, however, seems to be on the extreme end as Litecoin’s MimbleWimble upgrade offers optional privacy features. This means that crypto exchanges and wallet platforms can choose to either integrate the privacy features or not.
Litecoin’s MimbleWimble Feature
Privacy and anonymity are one of the core features of the blockchain and cryptocurrency space. It is, however, also one of the least favorite features of the blockchain space among regulatory bodies worldwide. So, it comes as little surprise that Litecoin’s (LTC) move meets with a lot of regulatory compliance issues and the subsequent delistings.
The recently introduced privacy protocol, also known as the MimbleWimble (MWEB) upgrade, was first designed in November 2019. The upgrade will provide complete anonymity between transacting parties on the Litecoin network. Also, the successful approval of the upgrade resulted in incorporating Litecoin’s MWEB at a block height of 2,257,920. Therefore, resulting in the introduction of privacy features in the Litecoin network.
In conclusion, Litecoin’s MimbleWimble upgrade will provide much more than privacy features to the cryptocurrency. The upgrade will also reduce transaction data with its cut-through feature. The feature breaks down long transactions into a single transaction and then records it as one transaction. That is, the record will only include a single input and output instead of multiple inputs and outputs.
At the time of writing, Litecoin (LTC) was trading at $57.21 with a market cap of $4,037,087,476 and a 24-hour trading volume of $555,044,311. The token price is also down by 4.6% in the last 24 hours.
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