Introduction
As the blockchain community eagerly awaits Litecoin’s third halving event, scheduled for Wednesday, the Litecoin Foundation and Ballet, a crypto cold-storage card manufacturer, have unveiled an exciting new project. In celebration of the halving, they are releasing 500 collectible cards made from 50 grams of fine silver, each pre-loaded with at least 6.25 litecoin (LTC). The sale of these cards is anticipated to take place later this month, with an approximate price of $1,000 per card, though the tangible value is estimated to be around $621.
Key Takeaways
- Litecoin’s third halving event, which reduces the crypto’s issuance rate by 50%, is set to occur on Wednesday.
- The Litecoin Foundation and Ballet have collaborated to create 500 commemorative cards made of 99.9% pure silver, loaded with 6.25 LTC, to celebrate the halving.
- The cards are expected to be sold for $1,000 each, with all proceeds going to the Litecoin Foundation for furthering the blockchain’s adoption and development.
- After the halving, Charlie Lee, executive director of the Litecoin Foundation, will reimburse miners from Litecoinpool with at least 6.25 LTC for sending their block subsidies directly to the blockchain addresses associated with the silver cards.
Read more about Litecoin Halving Event 2023
Charlie Lee explained, “It’s on a silver card. So even if litecoin goes to zero, it will still be worth the price of silver.”
Conclusion
The forthcoming halving event for Litecoin is a momentous occasion in the blockchain’s lifecycle, and the introduction of the commemorative silver cards adds an element of excitement to the celebration. These unique collectibles hold intrinsic value due to their silver content and showcase the crypto community’s innovation and creativity. By partnering with Ballet, the Litecoin Foundation aims to support the growth and adoption of the Litecoin blockchain while offering enthusiasts a unique way to mark this significant milestone.
Source: CoinDesk
Additional Read: Litecoin Price Prediction
What is Litecoin's third halving event?
Litecoin's halving event is a programmed reduction of the cryptocurrency's issuance rate by 50%. This event occurs approximately every four years, marking a key milestone in the blockchain's lifecycle.
How much will the commemorative silver cards cost?
Each commemorative silver card is expected to be priced at around $1,000. However, the tangible value, including the silver content and loaded LTC, is estimated to be around $621.
Where do the proceeds from the sale of the cards go?
All proceeds from the sale of the silver cards will be donated to the Litecoin Foundation to support the further adoption and development of the Litecoin blockchain.
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