Litecoin, the fifth biggest token in the market and a key altcoin for crypto participators have revealed that their Litecoin Foundation relies on volunteers to stay afloat.
Speaking to Crypto Briefing, Franklyn Richards, who is on the Foundation’s board of directors, said that many of the core team either contribute to the project in their spare time or, for a lucky few, work full time and live off their holdings, which have appreciated in value.
On the Laura Shin for Unchained Podcast, Charlie Lee, Litecoin’s founder, revealed that the Foundation has a relatively small budget of less than $100,000 every year. Because there was never a Litecoin ICO, projects work off of donations and revenue from merchandise in order to fund operations.
“One thing about Litecoin is that it’s really hard to find developers, we don’t have a lot of money to pay for these developers, so at the Litecoin Foundation we work on raising money and using the money to pay for [them].“
Litecoin foundation is a non-profit organization committed to building and promoting LTC. Set up in August 2013, the foundation has seen the market at its worse and its best. Richards, who has seen this progression first hand believes that things have really never been better.
“I think we are at a point where people involved are convinced crypto is here to stay unlike 2014/15 where it was still very nascent,” he claimed.
Even if the company could afford to pay new staff, Richards believes that they powers that be would not go through with it as it may:
“unnerve the social cohesion we have made,” he said. “[I]t would be wrong of us morally to pay someone new who joins us while the rest of us have worked and received nothing.”
With a staff of around 100, it would appear that both Richards and Lee have created a company that people are invested in and want to work for, even if their pay is limited. They have steadily been rising in the charts too, certainly off the back of their staff’s work. This incentive to work and a steady rise in price should be applauded, and hopefully, the workers unpaid hours will see a huge return should a bull market arrive.
