Crowd Funding At The Speed Of Bitcoin - Lighthouse

Start Point Lighthouse, Devon, UK

BitPay, the bitcoin processor that allows online retailers to accept bitcoin but get local currency almost instantly into their local bank accounts, has just announced what promises to be a major leap forward in identity management and internet security - BitAuth.

BitAuth is a technology that allows you to keep your web site password securely stored on your local computer and prevents the login in process from being attacked by computers listening in on the Internet inbetween using bitcoin technology. The winner of what effectively was a "crowdingfunding platform" prize was announced - Lighthouse. Moreover, when Lighthouse is released it will be open-source. In other words, it will be free for anybody to use, not necessarily with bitcoin.

Lighthouse - The app for capitalism

"Oliver Janssens offered a $100,000 bounty to anyone who could develop a software platform to replace the Bitcoin Foundation."

Yes you read it right, a Foundation, a board of directors, members, stakeholders and things like that - replaced by software. Remember code is law according to Lawrence Lessig.  The link to "code is law" is a 50 minute video. If you think you understand what the law is. I recommend that you find out why Lessig and others believe that "code is law".

Hearn will receive $40,000 of the $100,000 bounty once Lighthouse is released.

Significantly interesting was a group called Project Douglas, which has developed an decentralized autonomous organization (DAO) platform called Eris. They received $10,000 from Janssens for this crucial infracstructure component for Lighthouse. We've seen a similar platform to Eris in twister recently, the fully decentralized P2P microblogging platform - so we know this works. Twister is similar to twitter, but it cannot be taken down or censored. Expect to hear about more bitcoin related companies using Eris's and twister's technology to build DAOs.

The winning platform is called Lighthouse, and has been developed by Mike Hearn, a software developer, former Google site reliability engineer, and occasional Bitcoin Core contributor. 

Lighthouse is designed to allow crowdfunding of Bitcoin core development, which runs entirely on the Bitcoin blockchain. Bitcoin's developers will propose their schedule and their goals, and those interested can contribute funds on an individual basis. 

It will also allow lobbyists to make proposals. If the community likes the proposal, they can fund it. This is far more transparent than the Bitcoin Foundation's current lobbying efforts, which are done behind closed doors. 

Lighthouse will offer other community initiatives as well, which can be crowdfunded. 

The project is currently in the conceptual phase, but Hearn has agreed to release it open-source by the end of August. Janssens has pledged to add $50,000 in bitcoin to the first Bitcoin Core development project made on it, which will encourage Bitcoin Core developers to adopt the platform. 

Source: Brad Edwards 2nd July 2014
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