The Litecoin foundation has made a helpful decision to the growth of the digital currency by introducing a crowdfunding system, purposely to serve as means of raising funds for projects capable of promoting the Litecoin community and towards the realisation of LTC adoption, a recent update infers.
Since inception, Litecoin (LTC), the fifth largest digital currency by market capitalisation, has been challenging perfectly well to the realisation of its global adoption. The Litecoin foundation has actually been the brain behind some notable projects meant to move the community forward.
Litecoin Foundation Introduces Crowdfunding System for Strategic Expansion
In the quest to make Litecoin development more transparent, effective, efficient and user-active, the Foundation that serves the interest of promoting the decentralisation of LTC is moving to launch a project-driven community crowdfunding system, that is comparable to the one initiated by Monero Team.
According to the update about the newly introduced system, the community will propose project ideas. Then, debating on the proposed project will be allowed, so as to choose the supposed best project ideas.
After the proper ideas selection, project leaders will then call for donations from the community members. There will be waiting period meant for the project’s escrow account owned by the Foundation to be satisfactorily funded, which will precede the commencement of the chosen project.
The reports of the projects’ progress will be related to the community at each milestone, as the Litecoin Foundation makes the contributed funds available as arranged.
The project will be termed concluded as soon as all milestones are achieved and funds released. According to the update, in order to cut cost, Monero’s code, design and some other modifications will be adopted.
Past Moves of Litecoin Foundation and Litecoin Core Team in Moving the Community Forward
Both the Litecoin foundation and the Core Team have so far performed excellently well in terms of promoting the community. SegWit was activated in 2017 aside the consistent info about Litecoin Core repository.
Followed by that, the Team began to collaborate with notable tech startups such as LND, for the efficient performance of lightning network on Litecoin. Update has it that discussion is ongoing with the community about safe & confidential transactions in terms of technology and regulation. There is also active discussion about MimbleWimble.
Furthermore, the emergence of Litecoin Foundation and its activities have been a contributing factor to achieving the aim of pushing for adoption of Litecoin (LTC) and to prove that its use cases make it a decentralised currency.
The Foundation has been able to effect a number of resourceful and working decisions, fundraising and management. However, the tremendous support from Charlie Lee, the founder and CEO at Litecoin and others, in term of financial backup cannot be thrown under foot – the report noted.
In order to enhance the popularity and global adoption of Litecoin (LTC), the Foundation reported that it is planning fresh Litecoin summit in 2019, scheduled to hold in Las Vegas, United States.
Litecoin (LTC) Situation in the Market
Litecoin (LTC) has started regaining its price deficit after a huge loss it experienced 24 hours ago. At the time of filing this report, LTC is trading at $67.57, with about 3% price upsurge on 24 hours basis.