Litecoin founder Charlie Lee has proposed a new method for funding the LTC Foundation, which would involve mining pools voluntarily donating one percent of their block reward.
In a series of tweets published Jan. 24, Lee argued that a better method for funding Litecoin’s development and the LTC Foundation involved direct donations from mining pools. Lee proposed that mining pools should donate one percent of their block rewards to support the Foundation, which would amount to ~$1.5 million per year.
1/ 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 @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!
— Charlie Lee [LTC⚡] (@SatoshiLite) January 24, 2020
In a subsequent tweet, Lee pointed out that LTC mining pools are already making 105% percent as a result of the merger of Dogecoin and other Scrypt coin mining with litecoin, making a one percent donation more reasonable.
2/ Currently with merged mining of Dogecoin and other Scrypt coins, miners make 105%+ of block rewards. So 1% is a reasonably small amount to give back towards funding a public good.
— Charlie Lee [LTC⚡] (@SatoshiLite) January 24, 2020
Lee also floated the option for miners to decide where to allocate their donation in support of LTC’s development, which includes organizations besides the Litecoin Foundation.
3/ Better yet, pools can let miners decide what organizations to send their 1% to. It can be Litecoin Foundation, @LitecoinDotCom, @theliteschool, or any other Litecoin project.
What do you guys think?
— Charlie Lee [LTC⚡] (@SatoshiLite) January 24, 2020
Featured Image Credit: Photo via Pixabay.com
