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- The Litecoin community has accepted a proposal put forward by the founder, Charlie Lee.
- Litecoin provides an option to the miners, which lets them decide if they want to donate the 1% or not.
- Charlie has mentioned, the 1% donation from the current number of miners would bring in $1.5 million per year.
The Litecoin community has accepted a proposal put forward by the founder, Charlie Lee. On January 24th he proposed the miners an offer where they donate 1% of their rewards to the foundation. This donation was to be used to sustain the continued growth and adoption of the cryptocurrency.
Now, after the offer has been accepted, Litecoin provides an option to the miners, which lets them decide if they want to donate the 1% or not. At the current rate, 1% translates to 0.125 LTC or around $10.
Litecoin foundation is a not-for-profit organization that aims at coming up with new plans and protocols that would make it possible for the LTC to be accepted on a larger scale.
In a tweet made by Charlie Lee, he talked about the implementation of the option, which lets miners donate 1% of their earing to the foundation if they want to. The original tweet reads
Litecoin Pool now has a setting that lets miners voluntarily donate any percent to Litecoin Foundation. If you are mining at @ltcpool, consider donating 1% to @LTCFoundation.
Hope to see more pools giving miners this option! 👍 https://t.co/RROS0kcXXw pic.twitter.com/jm9v19ZaU1
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) February 9, 2020
As Charlie has mentioned, the 1% donation from the current number of miners would bring in $1.5 million per year. This amount would be used to enhance the network that the miners are using to earn their rewards, making them more efficient.
After the proposal by Charlie Lee, Bitcoin.com CEO Roger Ver came up with a similar but outrageous proposal for Bitcoin cash miners. These miners would need to pay 12.5% of their rewards to help with further growth of the project.
However, Bitcoin.com isn’t giving the miners a choice and made this donation compulsory. As expected, this proposal from Bitcoin.com did not succeed. Charlie Lee has shown an optimistic approach to the future.
He also mentioned that the users would also get an option to choose where this 1% donation will be used. The Litecoin based organizations such as Litecoin.com, the LiteSchool, and other similar projects would be available to choose from.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
