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Litecoin foundation’s Board Director addresses GitHub issue and decline in LTC hashrate 

Mark Prestwood

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Litecoin foundation's BD gives insight about the GitHub fiasco and the decline in LTC hashrate 
Source: Pixabay


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.”

Mark is a full-time member of the Editorial team of AMBCrypto. With his five-year experience as a business editor for one of the largest dailies in the US, Mark brings sanity and order to our editorial team. Mark is a business major and loves building automotive parts when he's not working. Email him at [email protected] or [email protected]

2 Comments

2 Comments

  1. Avatar

    Mike

    August 22, 2019 at 9:21 pm

    Mining LTC right now is a joke. Unless your getting electricity for $0.04 or less your losing money. It’s cheaper to just buy the coin than it is to mine them.

    • Avatar

      Allan

      August 22, 2019 at 9:51 pm

      So if you buy the coin and they are more scarce because no one is mining them the price of the coin should go up correct? And then as the price of the coin goes up then people may start mining more correct? The problem I have is the value of a coin in general. Is it even worth investing in?

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