By
Steve Muchoki
April 19th, 2024
CEO of Galaxy Investment Partners Mike Novogratz questions the technological framework of Litecoin, prefers LUNA and Solana.
Mike Novogratz spoke ill of digital currency Litecoin (LTC) in a recent media session, saying it is “not a technology”. The ex-hedge fund manager also said that LTC lacked proper community engagement and had poor technological innovation. Speaking with CNBC’s Joe Kernen, Novogratz said:
“It’s strange to me that Litecoin shows up on anyone’s, you know… it’s not something that people are engaged in, it’s not a technology…”
Novogratz further suggested that Solana (SOL) or Terra (LUNA) should replace LTC on the CNBC crypto ticker board. The billionaire investor’s reason for stating this is that the former two have strong community interest. In addition, both also have several innovative projects in the pipeline. As he put it:
“Solana, Terra Luna, those are the cryptos that are getting the interest from the community that’s building. And what we look at is, who’s building on things, where’s the innovation, where’s the development? And so I’d have Solana and Luna up there.”
However, supporters of the “Digital Silver” defended LTC, saying that it has some amazing qualities. Some of these include its reliability, security and smart contracts functionality, as well as its incoming optional privacy and smart contracts.
Novogratz also touched on the current crypto adoption cycle in the same conversation, referring to it as amazing. In addition, the billionaire founder of Galaxy Digital, also stated that he expects the current crypto price form to continue. This is chiefly due to the massive influx of venture funds – about $30 billion.
Despite Novogratz Litecoin Criticism, Some Indicators Point to Bright Future for The Crypto
US crypto platform Kraken recently released a report suggesting that Litecoin still has a bright future in 2022. According to researchers, the coin’s on-chain activity is beginning to gain traction and could lead to a surge in growth.
Additionally, researchers also reveal a steady increase in the number of unique active addresses. On October 10th, it attained a record high of 606,703. The last time a similar setup occurred, LTC went into pricing mode.
Throughout much of 2021, discussions centered around the ‘MimbleWimble’ privacy integration of LTC took the foreground. In addition, despite the narrative suggesting an imminent rollout, the integration is not ready for release. According to a December 3rd update from developer David Burkett, the MimbleWimble update is still in its bug-fixing stage.
MimbleWimble
The term ‘MimbleWimble’ is from the Harry Potter books series’ well-known tongue-tying spell that prevents the victim from divulging specific information. In this case, it refers to a privacy-oriented decentralized network that deploys unique ways of structuring and storing blockchain transactions. Designed and introduced in 2016 by a developer using the pseudonym Tom Elvis Jedusor, MimbleWimble transactions’ anonymity feature stands out. This is in direct contrast to that of Bitcoin (BTC) and other digital currencies, where there is usually the disclosure of three secrets. These include are the sender’s address, the amount of crypto sent, and the receiver’s address.