Litecoin holders will be happy to see that the coin has pumped more than 20% within a single day. The reason – an announcement of a massive collaboration between the Litecoin Foundation and the team behind the Beam cryptocurrency.
After a successful rebrand, litecoin devs have been eagerly working towards removing the stigma of being a copy+paste coin, or a monetized bitcoin mainnet. Indeed, this collaboration is expected to result in a highly complex technical implementation, bringing MimbleWimble innovation to a mainstream coin, using extension blocks, without the need for a sidechain or a second layer.
The implementation is expected to take more than a year of work, as claimed by Guy Corem – a “Keyser Söze” at Beam and former Bitmain employee and early bitcoin adopter. In his own words:
It will take probably over a year to implement, and a lot of high-caliber open source devs will review it.
Litecoin founder Charlie Lee has also spoken highly of the collaboration and Beam’s technical prowess:
As expected, this was received with less enthusiasm by the Beam community, which has not only been overshadowed by Grin in terms of hype (due to Grin’s completely open-source, nature and detatchment from corporate funding and taxation of mining), but also worried that a mainstream MimbleWimble implementation would render MimbleWimble coins useless.
The team has responded to its community’s concerns by reminding that Beam is not a one-trick-pony cryptocurrency. using the spotlight to popularise their ambitious roadmap. With the inclusion of Lightning Network, opt-in compliance features, confidential assets, and many other exciting technical innovations, this point is hard to dispute.