Bitcoin Forum

Litecoin Development Update Oct 22 2016
Submitted 1 day ago * by xinxi * Litecoin Developer

We are at a very important and exciting moment.

One big news about the Core development team: Pzjack has got a potential donation of 1 million CNY from a Chinese mining rig producer. This could fund three full-time Litecoin Core developers. And we've already got some good developers very excited about it.

To accept and properly manage donations and build a great Litecoin Core research and development team, we plan to register a nonprofit organization (a public company limited by guarantee in legal term) in either Hong Kong or Singapore, where people speak both English and Mandarin and thus are good for connecting the western and the eastern world. Also, both have very good legal environment, very low tax, and extremely low corruption. In order to ensure that every cent will be used at important places, we will make our financial information extremely transparent. Registration information, bylaws, and financial transparency policy will be released soon. The one million CNY donation should be the initial funding of the nonprofit.

We are also planning further funding sources. An extremely important one is miners. If successful, this would become the major stable funding source for the Litecoin Core team, and we believe this would become a game changer. Also operation of the nonprofit organization will be independent from the miners.

As promised, we started to move the updates from the repository https://github.com/wangxinxi/litecoin to the official branch https://github.com/litecoin-project/litecoin/commits/0.13-dev. We've already fixed 3/4 of the unit test cases in https://github.com/wangxinxi/litecoin/tree/0.13/src/test. The other half will be fixed within a few days. Code of the official branch is likely to be finished within one week. Then we will start to test it thoroughly.

Another developer Xinrong just finished his training and has committed real code to the repository https://github.com/wangxinxi/litecoin. Congratulations & Welcome!
Xinrong is a serial entrepreneur who has joined two startups and has rich experience in mobile development. He loves programming and enjoys the sheer joy of creating things with it. The technology behind Litecoin really makes him excited and he is looking forward to seeing how blockchain and cryptocurrency would change the world.

Source: https://www.reddit.com/r/litecoin/comments/58tyab/development_update_oct_22_2016/ (https://www.reddit.com/r/litecoin/comments/58tyab/development_update_oct_22_2016/)

Great update,Litecoin is one of the few crypto currency that is here to survive,while people are always looking for a new coin to adopt,they are missing that Litecoin has a lot to offer and investment is much more secured here than any new up and coming coins.

It is nice news for litecoin's price and will going up trend i think, unfortunately the old forum of litecointalk.org was gone and we can not make free discussion about litecoin it self, and in my opinion litecoin without comunity will died by the time. So developer of LTC must make forum for litecoin.

i am waiting for this good news and i hope i can see a good movement in the market. people are ready to celebrate of litecoin especially litecoin is the one of the oldest coins beside dogecoin.

Litecoin will be the first alt to update to 0.13 codebase or has another coin done this already?

real good for all litecoin owners ;)

Litecoin has needed something like this for a while to get out of the shadows that are hanging over it.

How long will the funds last to hire the developers? If my calculations are correct it is about 80,000 usd, which is probably a maximum of 1 year? Luckily a lot can be done and achieved in that time.

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That is right. But the news comes too late. If it happened in 2013 or 2014, then it will be the big boost.

Perhaps it wasn't wise to post this information until it was confirmed as 100% legit and in stone. Otherwise as I've highlighted you've only gotten people excited about something that MAY not even come to fruition based on your own wording of the supposed announcement.

Hype doesn't do anyone any good if the facts are not facts and still based on supposition/hope.

Thanks for these frequent updates! It is great to see what the LTC devs are doing and what the next steps are. I hope everything goes well with the donation.

Is this release going to be a soft/hard fork from the 0.10.x branch, a mandatory upgrade required?

I am very excited to hear this news, litecoin has been dying for this few months, and now within this news i hope that Litecoin can become one of the strongest crypto currency, hopefully this project really work, so we can start to enjoy litecoin power again

Litecoin and Gulden were first to update to 0.11 , not sure if 0.13 is part of Guldens 1.6.0 release but it does say codebase update on the roadmap.
Litecoin should stick to promotion in China where it's stronghold is and Gulden for Europe.

Donation of 1 million of CNY is nice but it won't solve all Litecoin's problems it is only roughly $147k.
Will it be enough for everything listed in the Op? Registering Non Profit Organisation, I assume keeping office there is needed.
The most important - you want to build good developing team so you need to pay them - will 1 million CNY be enough?

There are several areas for discussion of Litecoin including reddit, https://litecointalk.io/ plus a new official forum being developed.

Glad to see Litecoin developers waking up to their responsibilities, this update is long over due instead of rely on Bitcoin glory all these days

Litecoin will probably be the first to do so.

We will be tagging 0.13.1 which includes SegWit activation code (probably via soft fork).
This will be mandatory because after 95% of miners upgrade to this version, you will be making transactions on another fork of Litecoin, which is probably something you don't want to do.

Thank you.

It is good for litecoin to test the Segwit.