Litecoin News Today – Top Headline for Litecoin LTC December 5th, 2019

  • Litecoin Foundation begin fundraising for implementation of MimbleWimble
  • Charlie Lee endorses the MimbleWimble fundraising scheme

The relationship between Litecoin and MimbleWimble seems to be waxing strongly as users can now participate fully in the funding enterprise with Charlee Lee. Briefly, after David Burkett, the lead developer of the Grin Blockchain and MimbleWimble (MW) protocol revealed the status of MW’s execution into the Litecoin (LTC) network, Ilir Gashi, the communicating Manager of the LTC foundation declared a fundraising scheme to aid Mr. Burkett’s work.

Commenting on the Progress of WM, Mr. Burkett stated that they are facing some funding challenges. He declares that he is extremely thrilled by the fact that LTC foundation had “graciously decided” to fund his efforts at executing the MW extension block, and also progressing on the work on Grin++.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$46.48

Following the developmental update, the Litecoin Foundation officially declared the launch of the Litecoin Confidential Transactions, a dedication fund. The company stated that all funds received within the framework will be spent towards sponsoring David Burkett and his execution of the Extension Block. Also, the MimbleWimble code of Litecoin will not be left out.

Commenting on the fundraising scheme, Ilir Gashi stated that, “The plan is for David to work 30 hours a week. This will be split into 15 hours for Grin++ and 15 hours for MimbleWimble via Extension Blocks. We believe that this will be a mutually beneficial arrangement because Grin++ code will eventually be forked onto Litecoin’s Extension Block. Therefore any development in Grin++ will be immediately beneficial to Litecoin.”

For the fundraising, everyone can participate by donating his/her BTC and LTC for private development on the Litecoin network. This proposal aims to raise $6,000 monthly for a year or a total of $72,000.

Charlie Lee Endorses the WM Fundraising Scheme

At the kick start of the fundraising campaign, several members of the LTC community made their donations. Currently, over $5,800 has been raised, so Mr. Burkett does not need to worry about the benefit for the first 29 days of his work.

The Managing Director of Litecoin Foundation, Charlie Lee stated that he approves of this scheme. Mr. Lee also declared that he will multiply every donation made. He went thus:

“111.07 LTC and 0.00284 BTC have already been donated! (~$5133) We are almost 1/10 of the way to the goal. I am 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.”

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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