Litecoin Foundation is a community-run organisation that supports the adoption and development of Litecoin. In partnership with AntPool, the platform for digital currency mining, LTC Labs will be formed.
The new research laboratory will focus on developing anonym transactions, decentralized apps, Litecoin wallets and other projects in the Litecoin ecosystem.
AntPool also promised to donate half its Litecoin mining earnings each monthly to the partnership and to fund LTC labs.
LTC Labs forms a DAO with 10 Founding Members
Charlie Lee, creator of Litecoin greeted the partnership warmly, tweeting:
1/ We are very excited to announce our partnership with @AntPoolofficial
AntPool was our first contact last month to discuss MWEB signaling. They were enthusiastic about supporting Litecoin. They were also the first to signal for MWEB and upgrade their pool.
April 5, 2022 — Charlie Lee (@SatoshiLite).
According to Litecoin Foundation’s release, the new project is currently working towards a DAO. Ten founding members are involved in the project, six from AntPool, and four from Litecoin Foundation. AntPool will therefore have a controlling stake in the board.
Lee revealed that Labs will use Snapshot and Gnosis to vote on how the fund should be used. A minimum of five people must vote “Yes” to pass a proposal.
Once confirmed, Labs will use the “reality.eth crowd-sourced smart controller oracle” in order to ensure that funds are correctly delivered to projects.
Upgrade to Litecoin MWEB
The Mimblewimble extension blocks (MWEB), which is considered to be the most significant upgrade to the Litecoin Network ever, promised to give fungibility to all while also improving LTC’s scalability. AntPool activated the update on February 26, this year. It includes significant security and privacy enhancements.
Although the initial code was completed on March 15, 2021 the first LTC release containing MWEB codes went live on January 31, 2022.
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