Litecoin Foundation, a community-run organization, committed to the development and adoption of Litecoin, announced a partnership with the digital currency mining platform AntPool to form LTC Labs.
The newly established research laboratory will be dedicated to developing anonymous transactions, decentralized applications, Litecoin-based wallets, and other projects within the Litecoin ecosystem.
Also, AntPool promised to donate half of its Litecoin mining earnings each month to support the partnership and fund LTC labs.
LTC Labs Forms a DAO With 10 Founding Members
Charlie Lee, the creator of Litecoin, greeted the partnership with open arms, tweeting:
1/ We’re very excited to announce this partnership with @AntPoolofficial.
We first approached AntPool last month to talk about MWEB signaling. They were very enthusiastic about supporting Litecoin. And as you know, they were the first pool to upgrade and signal for MWEB. 🎉 https://t.co/uWNp5ovDLA
— Charlie Lee (@SatoshiLite) April 5, 2022
According to the release issued by Litecoin Foundation, the new project is currently working on a DAO with ten founding members, six of which come from AntPool and four from the Litecoin Foundation. Therefore, AntPool will have a controlling share on the board.
Lee also revealed that the Labs will use Gnosis and Snapshot to vote on how to use the fund, and a minimum of five people voting “Yes” is required to pass a proposal.
Once it’s confirmed, the Labs will use “the reality.eth crowd-sourced smart control oracle” to make sure that the funds are delivered correctly to the projects that are being funded.
Litecoin MWEB Upgrade
Mimblewimble extension block (MWEB), considered the largest upgrade to the Litecoin network ever, promised to provide fungibility for all while improving LTC’s scalability at the same time. The update, which includes major enhancements to privacy and security, was first activated by AntPool on February 26 this year.
The initial code was officially completed on March 15, 2021, but the first LTC release containing the MWEB code has only gone live on January 31, 2022.