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Litecoin Foundation Creates A Dedicated Trust Fund To Address Fungibility Issues

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The Litecoin Foundation is moving forward in order to grow the whole Litecoin (LTC) ecosystem. The Foundation decided to set up a dedicated development fund that will be used to sponsor David Burkett, a developer for Grin++. 

The main goal is to work on the development of Extension Block and MimbleWimble code for Litecoin. The information was released by the Litecoin Foundation a few hours ago. 

Litecoin Foundation Creates A New Trust Fund

Litecoin is one of the most popular cryptocurrencies in the market after Bitcoin (BTC), Ethereum (ETH) and XRP. Despite being a leader in the space, it has some issues that Litecoin developers want to address. One of these issues is related to fungibility. 

The Litecoin Foundation is now trying to gather $6,000 per month or $72,000 this year to fund the development and implementation and development of MImbleWimble via Extension Blocks. 

The plan is for Mr. Burkett to work 15 hours for Grin++ and 15 hours for MimbleWimble and Extension Blocks. According to the press release, this agreement is going to be mutually beneficial because Grin++ code will eventually be forked onto Litecoin’s Extension Block and Grin++ development will be immediately beneficial to Litecoin. 

At the same time, considering that the Litecoin code is very similar to Bitcoin’s code, Burkett will have a large task ahead. 

Moreover, Liteocin Core regularly merges code upgrades from Bitcoin Core, this is why it is important for it to continue. 

On the matter, the Litecoin Foundation wrote:

“David will need further resources to make the necessary infrastructure changes so once MimbleWimble code is released on Litecoin, the Litecoin Core developers will still be able to merge changes from future Bitcoin core releases.”

At the moment 111.28357198 LTC and 0.00284137 BTC have been donated for a value of $5,083.4. 

Charlie Lee, the Founder of Litecoin informed that he will be matching every single donation users do every single month. In this way, it will be easier and faster to reach the goal of $72,000 by the end of the year. 

https://twitter.com/SatoshiLite/status/1201711001336303617

Litecoin has been expanding as one of the most popular cryptocurrencies in the space due to the speed, reliability and liquidity that it provides to both traders and individuals that want to make transactions. 

With the new MimbleWimble implementation, the goal is to make Litecoin fungible and increase users’ privacy while making transactions on the Litecoin network. 

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