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- The Litecoin Foundation and Antpool have jointly formed ‘LTC Labs’ for research and information on matters of crypto and blockchain.
- Antpool will direct half of its LTC mining proceeds to the organization while the Foundation seeks a DAO to manage it.
The Litecoin (LTC) Foundation is now presenting ‘LTC Labs,’ a digital research laboratory formed by collaborative efforts between it and Antpool. Founded in 2014, Antpool is a Chinese-based multi-cryptocurrency mining pool operated by the world’s largest crypto mining hardware provider, Bitmain Technologies. As of Jan. 1, 2022, Antpool led in global Bitcoin hashrate after Foundry USA (19 percent) with 16.91 percent of the total.
According to the announcement made by the Litecoin Foundation, LTC Labs;
will focus on the research and information of anonymous transactions, decentralized applications, the evolution of digital currency, wallets, and other projects focused on growing the Litecoin ecosystem.
Even more, LTC Labs will look into other blockchain-related technologies that benefit the Litecoin community ecosystem. These efforts will also be geared towards supporting the development of Litecoin Mainnet, among other projects, and developing “a prosperous community ecosystem.”
Litecoin Foundation and Antpool jointly establish LTC Labs
As part of the agreement, Antpool will donate half of the proceeds from its Litecoin mining pool to the organization monthly. The funds will be used to provide financial support for development programs powered by LTC Labs.
Meanwhile, the Singapore-based non-profit organization is working on developing a decentralized autonomous organization (DAO) to manage the initiatives of LTC Labs.
Recently, DAOs have become increasingly popular due to the magnitude of the projects they are undertaking. For instance, DAODAO is now the first of its kind to allow investment in DAOs with Dogecoin (DOGE), among other cryptocurrencies. The organization is also attempting a Twitter takeover which will likely lead to decentralization of the social site. Other prominent DAOs have been ConsitutionDAO which attempted to purchase a rare copy of the US constitution and Krause House DAO which pursued an NBA team.
Away from that, other than running research and development for Litecoin, LTC Labs says it will monitor community development and support it. The organization will also update the community on matters regarding itself and the cryptocurrency LTC. The Litecoin community is welcome to participate in the development scheme through Litecoin’s governance process.
LTC developments
The Litecoin network is relatively quiet compared to counterparts such as Ethereum, Cardano, and Solana. LTC Labs is the latest development by Litecoin since the Mimblewible upgrade launched in February. The upgrade focused on obscuring transaction information through an optional confidentiality feature. It also brought scalability and fungibility to the network, in addition to enhancing the utility of other blockchains’ cryptocurrencies.
Read More: Litecoin launch the Mimblewimble upgrade sending LTC up by 5.5%
Other than that, the network partnered with VISA to launch off-ramp payments in November last year.
At reporting time, LTC, ranked 23rd by crypto market cap, was trading at $120.44, down 4.4 percent in the past day following wider market momentum.
