Litecoin has been slow to develop, but this does not seem to be due to a lack of ideas. Although the asset community may come up with many ideas, the ecosystem lacks the resources to explore and implement such recommendations. Now, the creator of Litecoin, Charlie Lee, has proposed a donation from a mining machine to solve the problem. According to the proposal, miners should donate one percent of the block reward to fund the development of the network.
Miners donate to further develop Litecoin
Litecoin miners have also received block rewards from other Scrypt-based algorithms (such as Dogecoin), and naturally they can afford to share 1% of their block rewards.
According to the creator of Litecoin, Charlie Lee, if each mining pool donates one percent of its block reward, the amount will be close to “$ 1.5 million per year”. In addition, users can choose between three organizations to donate funds. The three organizations are naturally the Litecoin Fund, Litecoin.com, and The Lite School.
The Litecoin Foundation (Litecoin Fund), despite being one of the most active development teams, has suffered from a lack of funding and is looking for other ways to survive in a bear market.
The proposal received divergent opinions from investors, as some people believe that these funds may not be used for Litecoin development, but for personal gain. At the same time, others believe that miners should not be restricted. However, many people are satisfied with this suggestion.
If it weren’t for the mining machine tax on Bitcoin Cash, the proposal would get more negative views. When talking about Litecoin donations, one would think of the scheduled miner tax set by Bitcoin Cash. Litecoin’s advice is easier to accept. You can read about miner tax on Bitcoin Cash here.
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Information source: Compiled from CRYPTOPOLITAN by 0x information. The copyright belongs to the author Ahmad Asghar, and may not be reproduced without permission
0X Simplified Chinese Version: Charlie Lee Suggests Mining Machine Donations to Fund Litecoin Development