Litecoin (LTC) has a broad base of committed users and fans. You can see that in the coin’s Reddit discussion group (https://www.reddit.com/r/litecoin/) which is quite active and has 200k subscribers.
One of those users, known as “sittinginacafe,” posted a message just a few hours ago. He expressed his own strong preference and loyalty to the project, but he also acknowledged that there are things to improve in LTC, and he gave his point of view on that. This user believes that Litecoin needs more research and development and, for that, the Litecoin Foundation needs to raise more money? How should it do that? By following Monero’s (XMR) example.
A word about research and development. It takes money, for sure. Blockchain technology is state-of-the-art technology. It’s been around for about a decade only so it’s not made it yet to the university classroom. That means that finding code writers who are conversant with distributed ledgers is not as easy as finding javascript developers, for instance.
Also, being more highly qualified than the industry’s average, these guys expect to be compensated accordingly, as they should. So improving a blockchain’s technology takes a bit of knowledge and skill, and you have to pay for them.
Is Litecoin really lagging behind the cryptosphere in terms of keeping up to date? Some would think so. On the other hand, LTC resembles BTC very closely under the hood, so it can adopt Bitcoin’s new developments if it needs or wants to. That being said, keeping your research and development department up to scratch is always a good idea, and it will indeed take some money.
That brings us to the next thing, which is that the Litecoin Foundation isn’t as rich as some other organizations behind a blockchain project. LTC had no pre-mining stage, so it had no chance to accumulate some tokens to finance the project’s future. While we don’t know what’s the foundation’s financial status, it’s also true that raising funds for more research and development can’t possibly hurt it.
In sittinginacafe’s opinion, Monero had the same problem and solved it successfully by adopting a few concrete strategies, and the Litecoin Foundation should try them out. Here’s what he suggests:
- A Forum Funding system could work for Lite Coin as it did for Monero. The latter cryptocurrency has such a policy in its forum. In there, each research and developing goal is assigned a number (in money) needed to fund it adequately. That way it’s the community which finances the project’s progress, thus making it more compact and committed to the project. Taking into account the 200k subscribers there are in Reddit alone plus the 800k people following Charlie Lee (LTC’s founder and leader) in Twitter, the pool of possible donators is vast, and this idea could work out fine.
- Hiring great developers. Monero hired Howard Chu who was formerly at NASA. The idea is to get people with some deep academic and industrial credibility that will bring to the project their reputations and ability.
- Put the bank to work. The Litecoin Foundation owns a percentage of a German bank, and it should use some of the bank’s fees to finance itself.
- Wallet options. Let LTC wallets have the option to make donations. Also, let the wallets do swaps and have some of the fees go to LTC’s R&D.
Do you agree with those ideas? Do you think that they could really make a difference in Litecoin’s progress? They could. In the end, it’s Charlie Lee and the Litecoin Foundation who can listen to all those ideas and decide to implement them (or not).
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