Even though cryptocurrency is more and more becoming a globally recognized concept, it should be noted that it is still an internet community at its core. At its inception, cryptocurrency was comprised of the individuals over the internet space who believed in its cause and as this has continued to grow around the world, there is still a certain community feel to certain cryptocurrencies and this includes the endless Internet forums, discussions and the community that supports them. Even as the expansion of cryptocurrency continues, the community efforts have been consistent.
Now, Charlie Lee, the founder of Litecoin, has called on miners within the ecosystem to voluntarily donate a portion of their block rewards towards the development of the cryptocurrency.
This suggestion was made by Lee via Twitter and according to him, a donation of 1 percent by the miners in the Litecoin ecosystem could help serve as a means of permanent funding for the cryptocurrency.
“I think a better way to fund development is mining pools voluntarily donate a portion of the block reward,” Lee said, “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!”
Lee was also quick to emphasize that the donations in question would be voluntary as he feels it would not be ethical if miners we required to give up a portion of their proceeds.
“At current LTC price, 1% of block rewards is about 7x Litecoin Foundation’s yearly expenses. Even if a small percent of miners are generous enough to donate, the foundation would be able to put it to good use by funding developers to work on Litecoin Core, Mimble Wimble, LiteWallet, LN wallet, hosting the yearly Litecoin Summit, and pushing for adoption of Litecoin by merchants and users.”
This suggestion comes a few months after Lee was forced to refute rumors that the Litecoin Foundation was on the brink of bankruptcy. According to him, they have enough funding for at least two years even though the running of a cryptocurrency can be an expensive affair.