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.