- Litecoin foundation seeks funding for its community crowdfunding system.
- Litecoin’s co-founder Xinxi Wang says they raised more money than they expected for the project.
Litecoin News Today – Recently, the co-founder of Litecoin, Xinxi Wang said that the Litecoin Foundation was making plans to develop a project-based community crowdfunding system. He noted that the system will be similar to Monero’s privacy-focused system. To complete the project, the foundation needed 45 Litecoin tokens to complete the second milestone for the development and maintenance of the system for at least two years. Litecoin holders who wanted to participate were provided the wallet address of the official Litecoin wallets.
Litecoin Foundation Receives More Litecoins Than Expected For Community-based Project
This morning, Wang updated the Litecoin community about the donations according to the Litecoin news. He said that even if they only needed 45 Litecoins, they got 48 Litecoins. The donations were made within 24 hours. According to him, users continued to make donations even after they reached the required milestone. Wang’s post was as follows;
“People are still donating although I announced it’s finished. We’ve got 48 LTC. Thanks! https://twitter.com/therealxinxi/status/1170376913530974208”
After posting that the milestone has been reached, the Litecoin Foundation gave more details about how the crowdfunding program would work. People who need funds to complete their projects will peach their ideas to the community. The community will decide if the project is worth funding and proceed accordingly. If the project is worth funding, members of the community will contribute Litecoin LTC to the developer.
Litecoin (LTC) Price Today – LTC / USD
In some cases, the Litecoin Foundation will directly fund projects by developers or assist the community in funding the project. The goal is to help boost the Litecoin ecosystem. With more people using the Litecoin LTC tokens, the community will keep expanding and the token will get more adoption. While the move will help aid the adoption of the Litecoin LTC ecosystem, there is no guarantee that it will have any influence on the price of the token.
The price of Litecoin reached a crypto winter low of about $23 last year. Analysts suggested that the LTC token has bottomed out. This was easy to believe when the price of Litecoin increased by more than 400% within a few months. At the time, everyone suggested that the surge in the price of the token was as a direct result of the Litecoin halving event. Unfortunately, as the Litecoin halving event grew nearer, the price of Litecoin started to fall until it fell back to the two figure level.
At the time of writing, the price of Litecoin LTC was $71.03. It is up by 1.09% against the USD and up by 1.39% against the price of BTC. The trading volume over a 24 hour period is $2,884,643,239 and the market capitalization is $4,490,995,154.