Litecoins new Mimblewimble upgrade that gives the users the option to make the transactions confidential was voted in by the community. But it appears that it brought on some unforeseen features as well.

The new upgrade

This new Mimblewimble upgrade was voted on and passed last month by the Litecoin community. It not only allow the user to choose whether to make the transaction confidential or not. It also has some other changes with it. One of them is that they also have removed unnecessary transaction data from the blocks in the Blockchain. This is done with compression.

With this update also comes a change to the block size. It is getting decreased. This will in turn allow for better scalability and an improved speed of the transactions. 

South Koreas respons

The five CEXes in South Korea did not wait long to give their response to this new update for Litecoin. And their response was that they now will stop all trade and delist the coin on June 20th. Up till that day, trade and transactions will be allowed to continue as normal they have said.

This joint statement is the result of two things. The first is the law in SouthKorea. It does not allow for any type of privacy regarding transactions. So This means Litecoin now will join the list of other privacy coins like Monero and Zcash which already have been delisted. 

The second part is that all five South Korean CeXes got heavily critiqued for not coordinating with regard to them delisting LUNC after the event of the crash. This has led to them forming a listing/delisting council. To better coordinate these things. And Litecoin looks to be their first target.

Will this affect Litecoin?

This is hard to tell. So far the price of Litecoin has not reacted to badly to the news of the de-listing. But it is unclear if the effect will be noticed after the 20th or not. This is because according to CoinGecko Upbit, one of the five South Korean CEXes alone makes up 11% of the total trade of Litecoin. So it is very possible that the effects will first be noticed leading up to the 20th and after when all transactions will be halted. 

What do you think of the new update to Litecoin, is it a good thing or a bad thing? Is the coin getting delisted worth it in the long run? Please share your thoughts in the comment section down below.

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