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Litecoin founder Charlie Lee involves miners donate 1% to Litecoin Foundation

27 January 2020 16:44, UTC
Litecoin founder Charlie Lee involves miners donate 1% to Litecoin Foundation

Litecoin founder Charlie LEE has proposed a new financing method for the LTC Foundation. He invited Litecoin miners to donate 1% of each block mined. Donations can be sent to some internal projects.

Compared to the recent Bitcoin Cash initiative, according to which miners will be obliged to transfer 12.5% ​​of the rewards for mining blocks for the development of the project, Charlie Lee's proposal sounds very democratic — only 1% and on a voluntary basis.

In a series of tweets published on January 24, Lee said:
“I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the LTC Foundation? If every miner/pool does this, it amounts to about $1.5MM donation per year! So 1% is a reasonably small amount to give back towards funding a public good. ”
In addition, the creator of Litecoin explained that due to the merge of Dogecoin and other coin mining with Litecoin, miners collect more than 105% of the block rewards. Miners also have a choice in which infrastructure project to send a donation.

Image courtesy of: ELEVENEWS

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