Litecoin Foundation Launches Dedicated Fund for Confidential Transactions
Yesterday, the Litecoin Foundation, a Singapore-based non-profit led by project founder Charlie Lee, announced the launch of a dedicated fund to fund the development of confidential transactions on the Litecoin network.
A post submitted to the LitecoinTalk forum (also run by the foundation) states that donations raised from the community for this fund will be used to support David Burkett to implement changes to Litecoin. Burkett is the lead developer of the Litecoin Extension block MimbleWimble (EB MW) proposal and the developer of Grin++, a C++ implementation of the MW protocol.
“David plans to work only 30 hours a week. This is divided into 15 hours for Grin++ and 15 hours for MimbleWimble via expansion blocks. Since the Grin++ code will eventually be forked into Litecoin’s Extension Block, we believe this will be a mutually beneficial arrangement. Therefore, any developments in Grin++ will immediately benefit Litecoin.”
It is also explained that there remains an area of concern in maintaining consistency with the Bitcoin Core codebase upstream from which Litecoin Core gets most of its code. So the post explains how additional resources are needed to ensure that these merges occur smoothly and that the two merges are not too far apart.
The organization has raised just over $5,000 in Bitcoin and Litecoin in the first few days at the time of writing, from 21 donors, with four donating more than £100, or about 90% of the total value. , one person donated £52. Litecoin developer Loshan also publicly He said in his tweet that he had donated to the fund. As well as encouraging others.
“The goal of this proposal is to raise $6,000 per month for 12 months for a total of $72,000 for David Burkett. Funds will be held in an escrow account held by the Litecoin Foundation and released equally each month after David Burkett releases progress updates and code repositories. If the total target is not met within the first month, the BTC/LTC amount required to fund the remaining USD balance will be updated based on the Bitcoin and Litecoin asset prices at that time.”
It’s unclear what will happen if the goal is not met in full, but Charlie Lee has generously stepped up to match the amount raised each month to provide additional support. Write a post on Twitter.
“I plan to match donations for this fundraiser. We will match the same amount for every LTC/BTC donated at the end of each month.”
