Bitsquare, a fully peer-to-peer decentralized Bitcoin exchange that handles BTC/USD, recently announced it will crowdfund toward a 120 BTC goal (about $28,000), notes BTC Geek. Bitsquare will be crowdfunding using Lighthouse, which was recently released into public beta by Mike Hearn, making it one of the first to use the new application
Lighthouse uses an assurance contract built into the Bitcoin blockchain and is an all-or-nothing model. Bit square has set a February 9, 2014 deadline.
As of this writing, 30.36289370 BTC had been pledged of the 120 BTC goal (25 percent funded), according to Bitsquare’s crowdfunding website.
Potential donors have two giving options: to donate to Bitsquare for this crowdfunding round here, or to make a regular donation (not part of the crowdfunding effort) here. Those who donate more than the value of 1 BTC (ex. $250) will receive a wood wallet, after supplying their email and shipping addresses to the Bitsquare team.
BTC Geek writes in praise of Lighthouse:
There are no new coins, no new languages and nothing funky – just plain old Bitcoin contracts to the rescue. It is decentralized and without a central pivot holding the projects. Everything is laid out as rules – for example, you can withdraw a ‘pledge’ whenever you want before a funding goal is reached, without needing to get permission from the project owner or any central administrative system. There is a lot of potential for Lighthouse going forward.
Bitsquare explains why they chose the crowdfunding route:
“Rather than asking for a large sum of funds for a distant milestone, we would like to pioneer an iterative approach. We hope this approach will serve as a model for other open source projects too. To earn your confidence as a pledger we have set clear delivery goals for the next development milestone and we are solely asking for the funding to reach that milestone.
We will not start with a new funding round until the currently promised milestone has been delivered.”
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