Author Topic: Litecoin Development Fund Raising 2015  (Read 70642 times)

Offline warren

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Litecoin Development Fund Raising 2015
« on: February 15, 2014, 06:46:19 AM »
This thread tracks the different ways to support Litecoin Development.

Litecoin Core Development Fund
Fund for development of the Litecoin Core reference client.  This includes Litecoin-Qt and litecoind available from litecoin.org.  Litecoin Core is critical for the backbone of the decentralized global network.  Currently we are working on a rebase of the Litecoin protocol to 0.9.  We also have two contractors working on new features that differentiate from Bitcoin.

* Donate: LcUP7ZU3Xpk1BUR3qut3dTjC3aK5JoZMYx [explorer]

* Sponsor List: [spreadsheet]

Website and Client Documentation Development Fund 2014
Funds for the project website, hosting and documentation.
  This fund was redirected entirely to the Litecoin Association for the purpose of working on the new litecoin.com.

Litecoin Wallet for Android
Fund owned and managed by Erik Gregg (forum: hank).  He will make donations to people who make substantial contributions to Litecoin Java development.

Litecoin Electrum BETA
The lead developer of the Electrum LTC project manages this fund.
« Last Edit: April 17, 2015, 09:55:20 AM by warren »

Offline whyme

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Re: Litecoin Development Fund Raising 2014
« Reply #1 on: February 15, 2014, 10:22:12 AM »
This thread tracks the different ways to support Litecoin Development during 2014.  WORK IN PROGRESS.  Still editing.  This replaces the Litecoin Core Development thread from 2013.  2014 funds received there will be transferred to the new 2014 fund.

Litecoin Core Development Fund 2014
Fund for development of the Litecoin Core reference client.  This includes Litecoin-Qt and litecoind available from litecoin.org.  Litecoin Core is critical for the backbone of the decentralized global network.  Currently we are working on a bug fix release of 0.8 and rebase of the Litecoin protocol to 0.9.  We also have two contractors working on new features that differentiate from Bitcoin.

* Donate: LcUP7ZU3Xpk1BUR3qut3dTjC3aK5JoZMYx [explorer]
* Sponsor List: [spreadsheet]

Litecoin Content Development Fund 2014
Funds for the project website, hosting and documentation.  During 2014 we have professional engineers and a dedicated intern to improve our web content and documentation.  At this moment litecoin.org is being rebuilt to make it easier to expand its content.

* Donate: LMzSrQekR17Jy2nAyoA6XZLxZQUQ45kY4f [explorer]
* Sponsor List: [spreadsheet]

Litecoin Wallet for Android
Fund owned and managed by Erik Gregg (forum: hank).  He will make donations to people who make substantial contributions to Litecoin Java development.

Proposed: Litecoin Electrum and (secret project)
Not yet launched.  Need to acquire bigger sponsors.

Could you tell me how many money to launch the secret project?

Offline Megaparsec

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Re: Litecoin Development Fund Raising 2014
« Reply #2 on: February 15, 2014, 07:24:24 PM »
I'm hyped. Let's get the ball rolling warren!

Multiple mile-stones confirmed?
Please say yes  ;D

Offline acidmelt

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Re: Litecoin Development Fund Raising 2014
« Reply #3 on: February 15, 2014, 09:29:24 PM »
Amazing work warren! this is how we win. :)

I'll support anyway I can.

Offline Bossman

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Re: Litecoin Development Fund Raising 2014
« Reply #4 on: February 16, 2014, 02:06:34 PM »
Has anyone offered to match the ltc donated?

Offline Megaparsec

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Re: Litecoin Development Fund Raising 2014
« Reply #5 on: February 19, 2014, 05:20:01 AM »
Just sent 5 LTC to both the Content and Core Dev. Fund  8)

Will send another 5 LTC to the secret project once the address is up and running.

Cheers, warren!
Here's to a great 2014!

Offline PowdaBaM

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Re: Litecoin Development Fund Raising 2014
« Reply #6 on: February 19, 2014, 08:08:03 AM »
Please provide a paypal we can donate usd to.

Offline warren

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Re: Litecoin Development Fund Raising 2014
« Reply #7 on: February 19, 2014, 08:50:08 AM »
It's time that we create a Dev not-for-profit corporation.  I looked into non-profit requirements last year and I think the compliance requirements are too much for our really tiny org.  A corporation would be effectively the same thing if it aims to have zero profits at the end of the by paying out everything to devs.  Need to think about the best state to do this in.

Offline infinitepeace

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Re: Litecoin Development Fund Raising 2014
« Reply #8 on: February 19, 2014, 10:30:11 AM »
It's time that we create a Dev not-for-profit corporation.  I looked into non-profit requirements last year and I think the compliance requirements are too much for our really tiny org.  A corporation would be effectively the same thing if it aims to have zero profits at the end of the by paying out everything to devs.  Need to think about the best state to do this in.

I assume you mean a C Corporation?

Would recommend Texas, Delaware, or perhaps Nevada.  It would depend on some specifics.  I am concerned about Nevada remaining a low tax state due to politics and the economy there.  Delaware by far offers the best corporate protections for executives and owners if you are concerned about being sued.

Texas and Nevada have no state income taxes. 

Texas has a "franchise" tax, it is based on a lowest possible calculation of gross margin - but it ONLY applies to total revenue minus compensation.  Which in this case is nothing if I understand that the fund will be spent totally each year.

Texas is very business friendly and the state has large rainy day funds and surpluses due to fiscal conservatism and large natural resource production.  Not concerned the regulatory environment will change unless it becomes even more pro-business.

You would have to register the entity with the Texas Secretary of State, however, then you would not have to file any tax returns in Texas ever.  There would be an annual franchise tax exemption form to file as long as you comply with stated goals - its a couple pages, very simple.

Delaware also has a "franchise" tax.  It is more complex than the one in Texas and it is possible based on revenue we could be caught in it, especially depending on issuance and authorization of a large number of shares. 
Although if you chose an LLC in Delaware instead you would have a flat annual tax of $250.00 plus filing fees.  Delaware tends to have high costs of doing business (attorneys, CPAs there etc.)  It is where almost all really big companies are incorporated, if they have not moved overseas yet.

However every C corporation of course must file a Federal tax return, no matter what state you are in.  Market rates for annual federal corporate returns can vary widely depending on your CPA.

« Last Edit: February 19, 2014, 10:34:17 AM by infinitepeace »

Offline JohnGalt

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Re: Litecoin Development Fund Raising 2014
« Reply #9 on: February 19, 2014, 12:57:29 PM »
Donated.

No-profit corporation > Foundation?

Offline coinero

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Re: Litecoin Development Fund Raising 2014
« Reply #10 on: February 19, 2014, 06:34:51 PM »
Just registered after seeing this on reddit. I'm going to donate  [ltc]

Offline Tessa

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Re: Litecoin Development Fund Raising 2014
« Reply #11 on: February 21, 2014, 09:10:54 AM »
http://www.reddit.com/r/litecoin/comments/1y8c4n/cryptocoin_trip/

just got into this..would like to see it in real on some site. seems like cheap and good marketing move

Offline karma

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Re: Litecoin Development Fund Raising 2014
« Reply #12 on: February 22, 2014, 12:34:38 AM »
I have a couple LTC I can donate.  Looks good.

Offline mr.nice.

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Re: Litecoin Development Fund Raising 2014
« Reply #13 on: February 22, 2014, 03:13:26 AM »
I just donated some  [ltc] to Core Dev. I like the whole litecoin concept quite a lot. In my humble opinion all crypto currencies are suffering way too much from the bad things happening around mt.gox right now. This could be a chance to mature for litecoin and leave the goxBTC gamblers in the dust.
« Last Edit: February 22, 2014, 03:28:45 AM by mr.nice. »

Offline NattyLightCoin

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Re: Litecoin Development Fund Raising 2014
« Reply #14 on: February 22, 2014, 10:56:36 PM »
Hi all,
I just wanted to put something out there that I've been mulling over; please let me know if I'm misguided as I am still a little new to this whole thing. So there are two factions to the Litecoin product (a) the foundation and (b) the development team; well three I if you count the user, miner, and in some cases the donator/investor.

I imagine that the responsibilities are allocated like any other business structure, or project, where certain principles, functions, and objectives are approved by the foundation and then decomposed/implemented by the development team. The primary sources of income for the participants in these activities is (a) personal investments going on risk, (b) capital investors with contractual return, and (c) donators which fund the "awesome" etc. etc. There needs to be a certain amount of trust for the latter, in my estimation. Specifically in the business sense of the term and no-bullshit target goals established to mature LTC into the next 1/2 decade.

Maintenance: with any product there are annual maintenance costs attributed to it. Are they going up based on inflation? Cost of living, only? Scarcity of talent? Security provisioning and complexity increases? Or are they going down by virtue of the learning curve and elements that once needed attention and are now taking care of itself because of product maturity? I DON'T KNOW, because I wouldn't know where to look. For the users below, asserting you donated means nothing if we, the community, has zero clue and what it takes to maintain the product. If it takes 10000LTC for the year (eg 200K USD / 2 heads / 1780 hours) because of x, y, z no bullshit with supporting rational...then it costs what it costs, right? If only 1000LTC or less in donations are received, you're not getting a sustained commodity.

Development R&D: We're going to see additional challenges, some foreseen and realized others completely out of the box that could cripple (or at least set back crypto's intentions) over the next year. These known, unknowns, and corner cases need to be attacked by the best and brightest, no? Meaning not cheap. So maybe a big investor comes in and scratches 70% of the itch. How is the delta promulgated through the community to get it done right? Or at least in a manner that's consistent with meeting yearly objectives. Obviously there would have to be a level of transparency attributed to this, but concessions for "secret" projects would have to be understood. But it there's no transparency with burn-rates for maintenance, how would any one feel comfortable with donating the requisite funding for a secret project that could dictate the success of our users investments?

Marketing/Global Outreach: Who should pay for this? Think about it. I don't know the specifics, but if there is a group of people you know from the web conferences that are the voice of LTC and are charismatic, down for the long term cause of LTC, communicate with a business swagger and possess technical acumen, but have to purchase their own tickets to Malaysia for a currency convention conference on behalf of Ltecoin...is that right?

I digress. My point is as follows: If I have 10LTC's, I would donate 5 if I believed in an executable, transparent plan. At this point in the game LTC is an investment. A developmental item. And with the decisions and attributes that can be implemented today, hopefully a way of life.

I will invest LTC's for the good of the technology, but 4 bullet points leaves little to be desired.

No hate, only Peace.