Mommin' It Monday Episode 15 Crypto News

We are total goofballs! On this episode Lisa and I talked a good half an hour before realizing we were not live and not recording. Yep, we both have a case of Mondays, or better, a case of Mommin' It Monday. We apologize to everyone who was waiting for us and we are so glad we caught YOU half way there. We still managed to talk about few interesting topics that discussed by major crypto news publications. Below are some of the headlines we busted thru in an half an hour.1. US Lawmakers Set to Vote on Two Blockchain and Cryptocurrency Proposals by Dailyhold2. Coinbase CEO renews critique of Apple, says tech giant preventing its app from enabling DeFi access by theBlockCrypto
3. Apple forces Coinbase to change its crypto products, says CEO by Cointelegraph
4. The IRS offers a $625,000 bounty to anyone who can break Monero and Lightning by Cointelegraph
And more! It is a packed 30 minutes.
Hope you get a chance to watch and catch up with some of the latest crypto news topics. I feel like…

Is the Litecoin Mining Community ready to fund Litecoin Further development?

    
 This morning of January 25th 2020, Charlie Lee creator of Litecoin raised a very interesting proposition on Twitter. One that evolves around funding. Talking about money is often a polemic topic and as expected he immediately received a lot of feedback from the community. And that's probably what he was hoping for. 

  On the Tweet he opens up a topic that focuses on Litecoin further development, but most importantly how to acquire the funds that will guarantee sustainability of Litecoin Foundation and its project creators. Projects and proposals that are aimed to enhance and create new  protocols, side chains and solutions that are often fit for Litecoin and Bitcoin. In addition, similar to other cryptocurrency projects Litecoin needs to enhance its marketing strategies in a competitive fashion to boost the mass adoption movement around the world. In order to that the Foundation needs funding, money that will be used as Charlie suggested, for public good. 

  Let's take a peak in detail at Charlie's most recent tweets and some of the responses he has been getting from the Litecoin Community

   On a series of 3 tweets Charlie explains his funding idea which suggests that LTC mining pools voluntarily donate a portion (fraction of 1%) of their block reward to the Litecoin Foundation. This amount of 0.125 LTC per block reward would translate into $1.5 million dollars per year that could be used to enhance Litecoin further development.




    On his third tweet he also suggests that miners pick the organization that they will donate towards. This will enable miners to use their donations to fund projects and proposal that they see more fit and more relevant for the growth of Litecoin and its community. 


  Charlie's Proposal raised a lot of comments on Twitter. Some members of the community think this a great idea that focuses on the longevity of the project. Others raise concern about transparency, and decentralization in general.

   In my opinion, the topic raises awareness to a problem that needs a solution. There are a lot of great solutions being developed by the Litecoin team, such MibleWimble, Lightning Network as well as great marketing strategies ready to be organized and implemented by a range of personal ready to get it done. But in order to make these amazing things happen for Litecoin, the Foundation needs funding and the funding needs to be sustainable in order to keep the ball rolling. After all developers have families and they do pay rent too. Volunteers are great but in order to keep them in and involved there must be compensation in the long run, simply because of commitment, and talent loss. So much is learned and so much knowledge is developed by great talent but so much is lost as volunteers proceed towards independent careers that often involve more centralized crypto projects. 

   I think the community can change that. There is a misconception about funding and decentralization as if money compromises transparency and I think it was a great time for Charlie to raise this topic in a public manner. Let it out so we as a community can come up with a great solution to this problem, which in my opinion involves governance and trust.   

   The biggest concern from community as I understood from the tweet responses is profitability of miners as well as transparency of the Litecoin Foundation. In response @loshan1212, a Litecoin Foundation member and volunteers tweeted: "As the Litecoin Foundation is a non-profit, it's part of our mission to be extremely transparent about donated funds. All funds and payments will be public." All details regarding Litecoin foundation budget, funding and salaries are made available in this link: Litecoin Foundation Finance 

      In conclusion, I am curious to know how miners will respond to this tweet and the long term repercussions of this great discussion. No matter which way we as a community decide to go the most important thing is that we all are here, contributing and making this amazing decision together. That's the power of decentralization.


By: Michelle Mafra
Mamãecrypto
www.mammycrypto.com
mamaecrypto.blogspot.com
Youtube: @Mamaecrypto
Twitter: @Miximports
Facebook: @Mamaecrypto
Medium: @Mamaecrypto
Steemit: @Mamaecrypto
Creary: @Mix
Publish: @mamaecrypto
SoMee.social: @mamaecrypto

Comments

BACK TO HOMEPAGE

Popular Posts

Atari Token Competition $5000 in Prizes Airdrop

What is Cooking with Litecoin?

How to enable LBRY content creator rewards

Brave Rewards not working? Download the latest version and problem solved.

Disclaimer

My opinions are simply my opinions and not investment advice. I strongly recommend everyone in the crypto realm to do their own research and get very educated about risks and security before acquiring, earning or investing. The content in this blog/ website is not investment advice. Please note that this web site also features sponsored content.

www.mammycrypto.com