January 6th marked the launch of a new digital currency called litecred. According to the currency’s site, litecred incorporates self-funded development through the use of a 10% block subsidy for each minted block, which founders believe will ensure consistent, reliable participation from developers.
In an email to CoinReport, the litecred team explained in more detail the cryptocurrency and how it differs from litecoin:
“Bitcoin and Litecoin are both projects where designers not actually be paid by the project itself. As a result, it is difficult to keep good and active designers in the team. A crypto currency requires ongoing maintenance and updates.”
Moreover the bitcoin network has been particularly slow (in busy times a transactions confirms in not less than 1 or 2 hours) and the blockchain itself is very large in size[.][Users] need almost [their] own hard drive to run only the bitcoin-qt client(full wallet).”
The team goes on to explain supply concerns with bitcoin and litecoin.
“Bitcoin and Litecoin coin supply is limited. This means that the value will increase [unfairly] to unprecedented heights… Bitcoin and Litecoin [have] ‘early adopters,’ people who have mined enormous amounts of coins in the beginning. These rich-wallets are a threat to the coin. Litecred has had a fair start without [premining] (except for the airdrop procedure).”
Litecred also sees itself as the litecoin equivalent to bitcoin’s decred (or as stated on the digital currency’s site, “Litecred wants to be Litecoin 2.0”)
“Litecred is designed to be a good replacement for Litecoin, Litecred (and Decred for Bitcoin). Because, in the first instance, Litecred do not have the above infirmities and the characteristic of self-funded development (via block subsidy of 10% for each minted block) will guarantee a small and continuous flow to the developers team, in order to maintain the project active now and in the future.”
Logos courtesy of litecred