The non-profit Litecoin Foundation has announced a cooperation with Antpool, one of the world’s biggest digital currency mining platforms
Litecoin Labs
The non-profit Litecoin Foundation has announced a cooperation with Antpool, one of the world’s biggest digital currency mining platforms. The goal is to establish LTC Labs, a digital currency research laboratory, and the Litecoin team is now working on developing a DAO to manage these activities.
Litecoin laboratories will primarily focus on “research and information about anonymous transactions, DeFi apps, the growth of digital currency, wallets, and other initiatives focused on strengthening the Litecoin ecosystem.” Antpool will give half of its earnings from LTC pool mining every month to assist support the project and development projects. The Litecoin team is developing a decentralized autonomous organization (DAO) to aid in the administration of this initiative.
The DAO will make use of the Gnosis and Snapshot DeFi money systems to govern the allocation of monies to the proper jobs. Furthermore, for the independent funding of work, any participant can create and vote on a suggestion. To pass a proposition, a minimum of 5 ballots will almost probably be necessary. Furthermore, the DAO group intends to exploit reality. The crowd-sourced control oracle ensures that monies are sent to the correct job.
Supporters of Litecoin have long said that the cryptocurrency is undervalued owing to its use case as a payment method. This position is supported by several indications, such as increasing transaction volume. Surprisingly, the network had the biggest number of LTC whale transactions ever in 2022, with over $100,000. (3,458 transactions). According to crypto analytics firm Santiment, this might be a hint of a mid-term price direction shift.
Quotes
Charlie Lee, the creator of Litecoin, introduces in a tweet about approaching Antpool to discuss Litecoin’s Mimblewimble Extension Block (MWEB) upgrade signaling. Tweet says: “We’re really thrilled to reveal this collaboration with @AntPool authorities. We initially came close to AntPool last month to discuss MWEB signaling. They were really passionate concerning sustaining Litecoin. And as you understand, they were the very first swimming pool to update as well as indicate for MWEB.”
Charlie Lee commented on the transparency of the fundraising method, saying: “I like that this is totally clear. I believe it will certainly be a substantial worth include for the Litecoin ecological community. Looking ahead to financing LTC growth as well as future jobs with this.”
