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Litecoin Foundation Funds are Drying Up Fast

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Litecoin Foundation Funds are Drying Up Fast
#CharlieLee, the creator of the digital currency, believes that there is no need to worry, as he believes the depleting reserves are still far from hitting a crisis point.

Litecoin Foundation Funds are Drying Up Fast

Is the #Litecoin Foundation undergoing a #financialcrisis? Well, that might very well be the case as the non-profit tasked with overseeing the fifth-largest #cryptocurrency in the world was reportedly left with only $96k in its reserves by the end of Q1 2019.

However, #CharlieLee, the creator of the digital currency, believes that there is no need to worry, as he believes the depleting reserves are still far from hitting a crisis point.

Charlie Lee Litecoin

Litecoin Funds Drying Up Across All Avenues

According to a new set of data, the Litecoin Foundation raised approximately $575K in donations since June 2017. Strikingly, a whopping 81% of that amount (~$868K) came from Lee alone. Roughly 8% came from mining companies.

The sales of merchandise only totaled $300 during the first quarter of 2019, which one could see as an ominous sign that the community is gradually losing interest in Litecoin. The data further showed that the average monthly donation during the first three months of 2019 was just $1,000.

With the inflow of funds drying up, the Litecoin Foundation has been by and large relying on its cryptocurrency reserves to sustain operational expenses. But, as it turns out, even the reserves are depleting fast, with only $96,400 reported to be left by the end of the quarter ending March 31, 2019.

Charlie Lee, however, remains convinced that the Litecoin Foundation is “doing fine” despite all financial setbacks. He took to Twitter earlier on Saturday to respond to ongoing speculations that the Foundation was left with the proverbial peanut to sustain itself.

Saying that the project is lean enough to manage on a tight budget, Lee also promised worried stakeholders that they were “starting to make money” once again.

Time to Shake Things Up for Litecoin’s Sake

Once widely acclaimed as ‘the Silver to Bitcoin’s Gold,’ Litecoin currently appears to be facing a range of issues not just financially, but in terms of core development.

In fact, there was (kind of) a panic-like situation late last week after reports emerged that the Litecoin Foundation is struggling to rope-in competent developers to take charge of protocol development.

Apparently, Lee himself acknowledged that “no one is interested in working on Litecoin protocol development work” during a private conversation with other Foundation members. The conversation took place over at the Telegram channel “LTChasnodev” and was later leaked online.

Lee eventually had to defuse the situation by assuring the community that work was in progress behind the scenes and he would “get the ball rolling” soon.

No doubt, Litecoin is still up there among the top-5 cryptocurrencies by market cap, but there is a growing sense among many stakeholders that the Litecoin Foundation should be more proactive in its efforts to resolve the issues hindering the ecosystem’s growth.

Do you agree that the time is ripe for a shakeup in the Litecoin Foundation? Perhaps you would prefer faster development and more transparency in the way things are being handled at the top? Let us know your thoughts in the comments below.

Bitcoin News

Litecoin’s hashrate, difficulty close to early-2018 lows

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Litecoin’s hashrate, difficulty close to early-2018 lows

CoinMetrics recently released the 25th issue of its weekly State of the Network series, a report that analyzes network data to produce insights into the cryptocurrency space. The report stated that while XRP’s daily average transaction value surged past ETH last week, XRP and BCH’s transfer values dropped significantly this time around.

The report also observed that Litecoin‘s adjusted transfer value had shot up by over 89%. However, its low transfers and transaction count signified that a relatively small number of addresses had been moving large amounts of Litecoin.

BTC daily fees were reported to have increased by 10% for the second week in a row, as Bitcoin continued to climb ahead of ETH in that regard, with BTC averaging $346,900 compared to ETH’s $91,800. Additionally, XRP fees were reported to have grown by over 100% over the last week.

The report further found that both the Litecoin hash rate and difficulty have been in free-fall since July, and are now on the verge of reaching lows not seen since early-2018. Bitcoin’s difficulty was also reported to have been adjusted downward on 7 November, since the reported drop in hash rate last week.

Among large-capitalization assets, Stellar was reported to have recorded the largest gains over the past week, gaining 19% after the Stellar Development Foundation effectively burned 55 million tokens by sending them to an account that cannot sign transactions. Among smaller capitalization assets, Cosmos showed a 24% increase without the appearance of any specific catalyst, while Tezos gained by 41% after Coinbase announced that it would be offering staking rewards on the platform.

CoinMetrics also reported that short-term measures of correlation earlier this year between Bitcoin and gold returns had reached one of the highest levels in history.

Additionally, CoinMetrics claimed that gold’s recent large sell-off and negative 30-day correlation with Bitcoin suggests that the digital asset’s reaction function to macroeconomic and geopolitical developments is complex and inconsistent.

The CM Bletchley Mid-Cap and Small-Cap indices were also reported to have outperformed the larger cap indices, largely due to the performance of Tezos, which made up 10% of the index. Also, since Bitcoin is a major component of both the Bletchley 10 and Bletchley Total indices, their performance relies heavily on returns of Bitcoin over the period, which was reported to be one of the weaker performing large-cap assets of the week.

At the time of writing, Bitcoin was trading at $8,822 on the cryptocurrency charts, having recorded an insignificant growth of 0.34% over the past 24 hours.

Source: Coinstats

 

 

 

 

 

 

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Litecoin News

Litecoin Foundation Working On Improvements To The Platform

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Litecoin Foundation Working On Improvements To The Platform
Litecoin Foundation Working On Improvements To The Platform

The Litecoin Foundation has published two new draft Litecoin Improvement Proposals that work toward establishing privacy features for the network. On Oct. 22, the Foundation shared links to details of the draft proposals on GitHub: LIP-0002 EB and LIP-0003 MW.

As the Foundation outlines, both proposals are targeted at mitigating the privacy risks associated with a transparent ledger, where transaction history can be publicly traced. The proposal’s authors — Andrew Yang, David Burkett and Charlie Lee — argue that this transparency hinders Litecoin’s “functional fungibility in a government-regulated merchant world,” observing that:

“Personal identifiable information collected from IP address, exchanges, or merchants can be leaked then tied to your addresses. Also services, such as chain analysis, provide risk-scores based on whether or not any addresses that they have blacklisted appear in its transactional history. This results in some businesses treating these coins as ‘tainted’ and then sending them back to the owner, or worse yet, shutting down their account.”

To solve this, the Foundation is working on the integration of the scalability– and privacy-focused Mimblewimble protocol — named after a fictional tongue-tying curse from the popular Harry Potter novels. Mimblewimble is in part a variant of the cryptographic protocol known as Confidential Transactions, which allows for transactions to be obfuscated yet verifiable so as to achieve both heightened privacy and the prevention of double-spending.

For these specific proposals, the authors envision implementing MimbleWimble as an opt-in new transaction format through “extension blocks” (EBs). These EBs run alongside main chain canonical blocks, at the same interval of 2.5 minutes on average. The documents outline the functioning of this opt-in integration and the effects it has for transaction privacy, and exactly how the proposals tackle the interaction between coins in the EBs and the canonical blockchain. As previously reported, the privacy-centric cryptocurrency Grin (GRIN) underwent its first network hard-fork this summer to introduce tweaks to its consensus algorithm in order to achieve greater resistance to ASIC miners.

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Litecoin News

Litecoin Celebrates Eighth Birthday With Total Transactions Reaching $500 Billion Mark

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litecoins birthday

According to a post from the Litecoin Foundation, it was in October 2011 when the first block was mined on the Litecoin network with the message:

“@NY Times 05/Oct/2011 Steve Jobs, Apple’s Visionary, Dies at 56”

Subsequently, another couple of blocks were mined for genesis block validation and ensuring the proper functioning of the network. After the confirmation, Charlie Lee, the creator of Litecoin, asked users through the Bitcointalk forum as to when it should be launched for ensuring input from the community.

The time decided was at 03:00 GMT on Thursday, October 13th. Even though there wasn’t much interest from users initially, with time more and more people went on to adopt the cryptocurrency and it saw growth alongside Bitcoin itself making headlines – partly due to the use of the coin in the darknet markets such as Silk Road.

According to CryptoCompare data, Litecoin now maintains a $3.59 billion market cap and has become a top traded cryptocurrency in terms of the trading volume. According to Charlie Lee, $500 billion worth of transactions has been made using the Litecoin network until now.

But Litecoin is not without its detractors. Those who consider it a Bitcoin copy have heavily criticized it citing that it would only distract users from Bitcoin.

There are others who consider Litecoin a testnet for BTC. It acted in that capacity during the implementation of Segregated Witness, as it was adopted by the Litecoin network before Bitcoin, and it still has higher usage on the network. As per the figures from last month, the use of SegWit on LTC has grown over 75%. The ATH for SegWit usage on the BTC network has just reached close to 60%.

Litecoin has seen some of the wildest price fluctuations in the past as well. During the last few years, there have been severe fluctuations with LTC hitting a new ATH of almost $400 in December 2017. It started at only $4 that year.

After that, in December the following year, the price crashed to $22, and it has seen recovery ever since. At the moment, the Litecoin trading price is $57.

According to recent reports, the Litecoin Foundation is currently facing depleted reserves, but Lee has said himself that there’s enough to last for a couple of years.

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