The Litecoin community has already started to implement a Jan 24 proposal by founder, Charlie Lee that could potentially sustain the continued growth and adoption of the cryptocurrency.
The Litecoin Pool, according to a more recent update by Charlie Lee, now provides an option for miners on their pool to decide whether or not they would like to donate 1% of what they receive in block rewards to the Litecoin Foundation.
At 1%, miners would have to donate 0.125 LTC or roughly $9.6 to the Litecoin Foundation, the independent non-profit organization dedicated to developing strategies and new protocols that would promote the mainstream adoption of the cryptocurrency.
Litecoin Pool now has a setting that lets miners voluntarily donate any percent to Litecoin Foundation. If you are mining at @ltcpool, consider donating 1% to @LTCFoundation.
Hope to see more pools giving miners this option! 👍 https://t.co/RROS0kcXXw pic.twitter.com/jm9v19ZaU1
— Charlie Lee [LTC⚡] (@SatoshiLite) February 9, 2020
As Charlie had calculated in his initial proposal, a 0.125 LTC or 1% donation would amount to approximately $1.5 million annually. It could go a long way to fund public good and the network from which these miners earn their rewards.
Notably, though, the proposal by Charlie Lee followed a more outrageous one by Bitcoin.com CEO Roger Ver and Bitmain CEO Jihan Wu for miners on the Bitcoin Cash (BCH) network to pay a compulsory 12.5% miner task that will be used to develop the project further.
However, while that move eventually failed to materialize, a more voluntary option that Charlie Lee hinted on with clue from the BCH party is already finding implementation. The Litecoin founder expressed optimism that down the line, more mining pools would give miners the option to choose whether or not to donate to the Litecoin Foundation.
He had even suggested that miners also be allowed to donate the 1% voluntary tax to other Litecoin focused organizations such as Litecoin.com, theLiteSchool, or any other project working towards Litecoin adoption.
At press time, Litecoin was trading at $77.15 per LTC with a market cap now close to $5 billion reflecting the bullish state of the crypto market on the day. Within the last 24 hours, Bitcoin had finally breached the $10,000 mark.