Litepay Inc to be Sold

Litepay CEO appealed to the Litecoin Foundation for additional funding, in which the organization denied him
27 March 2018   1975

CEO of the processing service LitePay Kenneth Azare suspended all operations of the company and is preparing for its sale.

It turned out that Azare appealed to the Litecoin Foundation for additional funding, in which the organization denied him because of the opaque budget allocation and questionable management of the company.

We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier.  We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.

Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so.  The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.
 

Litecoin Foudation

The launch of the processing service LitePay didn't took place on the appointed day. It was expected that LitePay will become an analog of the popular Bitcoin-processing service BitPay, but for the Litecoin.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   157

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.