Litecoin Pool now provides an option for miners to donate 1% rewards to Litecoin Foundation
According to the share of Litecoin founder Charlie Lee, the LTC community began implementing the January 24 proposal, sustaining the growth and continued use of cryptocurrencies. The Litecoin Pool currently offers the option to miners on their team to decide if they want to donate 1% of the amount they receive in the block reward to the Litecoin Foundation.
Charlie Lee proposed 1% miner reward sharing with Litecoin Foundation
At 1%, miners will have to donate 0.125 LTC or about $ 9.6 to the Litecoin Foundation – an independent non-profit organization specializing in developing strategies and new protocols that would promote the mainstream adoption of the cryptocurrency.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 9, 2020
As Charlie calculated in his original proposal, a 0.125 LTC or 1% contribution would amount to about $ 1.5 million annually. It can go a long way to funding the public interests and networks where these miners earn their rewards.
Notably, however, Charlie Lee’s proposal followed a more quirky offer by Bitcoin.com CEO Roger Ver and Bitmain CEO Jihan Wu for mining companies on the Bitcoin Cash network ( BCH) to pay a mandatory 12.5% mining mission that will be used to develop the project further.
However, while that move did not eventually materialize, a more voluntary option Charlie Lee suggested with a hint from the BCH found the implementation. The founder of Litecoin is optimistic that, down the line, many mining groups will give miners the option to choose whether or not to donate to the Litecoin Foundation.
He even suggested that miners are allowed to donate a 1% voluntary tax to other Litecoin centralized organizations such as Litecoin.com, theLiteSchool, or any other project that works towards the application of Litecoin.
At press time, the Litecoin price is trading at $ 74.84, with a current market capitalization of nearly $ 5 billion. This number reflects the bull market of the day. Within the past 24 hours, the Bitcoin price has finally reached $ 10,000. At press time, however, Bitcoin has dropped to $ 9,961, down slightly by 2% in the past 24 hours.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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