Crypto News
Litecoin foundation’s Board Director addresses GitHub issue and decline in LTC hashrate
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In an official statement from, Xinxi Wang, a board director at the Litecoin Foundation addressed the Github issue, and said “Github was updated frequently but not in the main repo”.
In a recent interview published on XCong.com, Wang revealed Adrian Gallagher, the Litecoin core developer, was testing the latest 0.18.1 version. He further said that once the code is reliable, it will be merged to the main repo.
Litecoin creator, Charlie Lee has been vocal about the whole developer scandal. And when asked about Lee’s contribution to the foundation which accounted for over 80% of the total amount of the foundation’s donation since 2017, Wang said,
“Charlie has been a huge supporter of Litecoin and the Litecoin Foundation. This should be seen as a tremendous indicator of Charlie’s belief in LTC and commitment to the project. The community has also helped greatly and we have plans to keep fundraising from the community in ways that resonate with them.”
Commenting on the latest hash rate decline, to the current 318.9 TH/s, Wang stated price drop to be one of the contributing factors. While acknowledging that Litecoin was still very secure, he added that following the decline in its valuation, miners using old rigs “could be losing money and thus stopped mining” leading to a drop in the hash rate.
While the interview highlighted monetary aspect of the foundation and allocation of funds and recent drop in funds due to market stagnation, which led to many employees voluntarily reducing their salaries, the director was, however, hopeful about the second quarter.
Litecoin foundation is still in its nascent stage and while the business income was lower in the first quarter, changes like revamping the official site and the launch of new products and marketing campaigns have greatly impacted the second quarter, he added. Moving forward, the foundation was considering to launch a “crowdfunding system” where anyone can propose projects and get incentivized for the same by the community directly.
“This will make the dev and fund management process even more open and transparent.”
