Thursday, May 6, 2021

Raise $1.5M to Fund Litecoin Foundation –Charlie Lee Charges Mining Pools

In a mission to find a solution to the financial issues that have been ranging since 2019 within the Litecoin ecosystem, the creator of the digital currency, Charlie Lee has made a significant suggestion for the way out in a series of tweets shared a few hours ago.

In the first tweet, Lee moved to proffer permanent solution to the financial challenge by suggesting a bailout fundraising. He said the donation should come voluntarily from a portion of the block reward of the mining pools.

He then later suggested a 1% (0.125 LTC) of block rewards donation from Litecoin pools, which will be equal to $1.5 million donations per year for the funding of the Foundation.

He said, “I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the Litecoin Foundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!”

In the second tweet, Lee furthered that the miners started making over 105% of block rewards as soon as the mining of Dogecoin and other Scrypt coins were merged.

He then said the donation of 1% out of the reward is a reasonably small amount to support the sustainability of the Litecoin Foundation.

He said, “Currently with merged mining of Dogecoin and other Scrypt coins, miners make 105%+ of block rewards. So 1% is a reasonably small amount to give back towards funding a public good.”

Conclusively, Lee implored the miners concerned to send their donations to any of the three organizations belonging to Litecoin, such as Litecoin Foundation, Litecoin.com, and The Lite School.

He added that the donation can also be sent to any other Litecoin project. Basically, the suggested donation is meant for the growth, development, and continuity of the Litecoin ecosystem.

“Better yet, pools can let miners decide what organizations to send their 1% to. It can be the Litecoin Foundation, Litecoin.com, The Lite School, or any other Litecoin project. What do you guys think?” Charlie Lee concluded.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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