May 28, 2023

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 the Litecoin Foundation’s financial reserves, the creator of the cryptocurrency Charlie Lee suggested that the miners voluntarily donate 1% of the reward for closing the blocks on the development of the project.

According to him, if everyone will do itminer / pool, then for the year the organization will be able to receive about $ 1.5 million, which is seven times the amount of its current annual expenses. That’s why, even if a small part of the community is generous enough, the fund will be able to continue to effectively allocate funds to develop the LiteWallet blockchain and crypto wallet protocols, 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 reserves of the development fund, the situation is also aggravated by the continued decline in the rate of lightcoin, which even last year’s halving could not prevent.