Despite Q1 Voluntary Pay Cuts, Litecoin Foundation Remains Optimistic - CoinDesk
The Litecoin Foundation says its employees took voluntary pay cuts to help weather lower donations to the foundation.
Speaking with Chinese media XCong.com, Litecoin Foundation board director Xinxi Wang said donations dropped in Q1 because of overall market trends and had nothing to do with Litecoin itself. After Q2 audits are complete, Wang expects donation numbers to rise.
“I don’t think there is a correlation between donations and enthusiasm,” Wang told XCong. “First, we did not actively solicit donations from the community in Q1. Second, the price of Litecoin was low, so the same amount of Litecoin donations were worth less than before. In Q2, we received hundreds of thousands of dollars worth of donations.”
Funds are still coming in from the foundation’s business work and creator Charlie Lee remains involved, Wang added
XCong also questioned the lower number of GitHub commits in over the past year. Wang said Litecoin 0.18.1 is on its way and undergoing testing now and that lower commits didn’t mean development had stymied.
On August 5, litecoin underwent a block reward halving. Block rewards dropped from 25 LTC to 12.5 LTC.
Pointing out a 40 percent drop in the hashing rate since the halving, XCong asked Wang about the Foundation’s concerns for the project’s security. Wang said litecoin remains secure.
“The price drop also contributed to the hashrate drop. Miners using old rigs could be losing money and thus stopped mining. However, Litecoin is still very secure,” said Wang.
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