July 22, 2024

Charlie Lee invited miners to donate 1% of the extracted lightcoins to the development of the project

Charlie Lee invited miners to donate 1% of the extracted lightcoins to the development of the project

Due to the depletion of financial reserves of the Litecoin Foundation, the creator of the cryptocurrency, Charlie Lee, invited miners to voluntarily donate 1% of the reward for closing blocks to the development of the project.

According to him, if everyone does thisminer/pool, then the organization will be able to receive about $1.5 million in a year, which is seven times the amount of its current annual expenses. Therefore, even if a small part of the community is generous enough, the fund will be able to continue to effectively direct funds to the development of blockchain protocols and the LiteWallet crypto wallet.holding summits and commercial promotion of lightcoin.

Charlie Lee noted that donations should beonly on a voluntary basis, otherwise it will not be right. Adding that the joint mining of lightcoins with dogcoin and other Scrypt coins allows miners to receive more than 105% of the reward for each block, so 1% is a relatively small amount to finance the project.

The cryptocurrency founder is also consideringvarious options in which miners can independently choose which project they donate funds to, and asked the community to express what they think about this idea as a whole.

In addition to the depletion of the development fund’s reserves, the situation is also aggravated by the ongoing decline in the Litecoin exchange rate, which even last year’s halving could not prevent.

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