The Litecoin Foundation has launched a crowdfunding program to raise $72K for the implementation of financial privacy, aimed at boosting the adoption of Litecoin among businesses and users across the globe.
Yesterday, the founder of the Singapore-based non-charity organization, Charlie Lee, made the disclosure, stating that the fund is for the progress of the Litecoin Network confidential transaction.
The Litecoin Foundation believes the network needs financial privacy to be adopted by mainstream users and businesses, a post shared on Litecoin Talk Forum by the not-for-profit foundation has indicated.
The dedicated development fund comes immediately after the Litecoin Community Crowdfunding System 10. The latest crowdfunding is to sponsor David Burkett, a Grin++ developer who will be working on the implementation of MimbleWimble code and Extension Blocks for Litecoin, to completely address the fungibility issue.
The fund will make David work for 30 hours a week, splitting 15 hours for Grin++ and another 15 hours for MimbleWimble through Extension Blocks.
The designed work time harbingers mutual benefits since Grin++ code will be finally forked into Litecoin’s Extension Block, meaning that development on Grin++ will result in a tangible benefit for Litecoin.
Litecoin Foundation says David has a large work ahead considering that Litecoin code is very similar to Bitcoin’s
David requires resources to achieve necessary infrastructural changes when MimbleWimble is implemented because Litecoin Core merges code upgrades from Bitcoin Core all the time, and this will need to be continued after every Bitcoin upgrade.
Now, Litecoin Foundation will be raising $6,000 monthly for 12 months, totaling $72,000 for David to achieve the said task. At the moment, the foundation says it has raised $5450.01
Meanwhile, Charlie Lee has said in a tweet that he’s “going to do a donation match towards this donation drive”.
“At the end of every month, for every LTC/BTC donated, I will match the same amount,” he said.