Users of Litecoin, the silver to Bitcoin’s gold in crypto currency standard, have been able to secure over 100 jobs for Madagascar. Online donations have raised over $10,000 in Litecoin. This money will be used to pay the Madagascans to plant more than 100,000 trees.
The Litecoin community supports the Eden Projects, which is a charity for reforestation based in California. Their target of $10,000 was reached in two short days. That’s around 450 Litecoins! These eco-friendly users wanted to directly help communities in Africa.
The founder of Litecoin, Charlie Lee had this to say,
“I feel slightly responsible for all the carbon emission that I’m indirectly responsible for… I love the fact that this will create jobs and trees in Africa, as I was born and grew up in the Ivory Coast.”
Lee has fully backed the fundraiser and has also planned to give a matching donation of half the goal.
Rob Woodgate donated the last 7 Litecoins that were required to reach the targeted goal. He is the author of the Bitcoin & Litecoin Survival Guide. He has said,
“Litecoin is all about empowering people to take control of their money, so it’s great to see that being paid forward by empowering people to take control of their lives,”
Litecoin VS Bitcoin
Designed to process transactions at least four times faster than Bitcoin, Litecoin transactions are completed within 2 and a half minutes. In Bitcoin, transactions take around 10 minutes due to the miners trying to find mathematical proof for their block.
In addition to this, Litecoin’s mining process is different from Bitcoin. In Bitcoin the more processing power one has, the more reward one gets. However, in Litecoin there is a more democratic approach to the distribution of processing power.
Both digital currencies are peer-to-peer which ensures that there is no middle man involved during transactions. In addition both are decentralized which means no governmental involvement is required for the currencies to function properly.