Backed by Bitcoin Cash, ‘Lighthouse’ Crowdfunder App Relaunches
Originally devised by early Bitcoin developer Mike Hearn, Lighthouse was created to be a decentralized crowdfunding app for bitcoin (BTC) before the project fell by the wayside upon Hearn’s departure from the cryptoverse. Now, after being modified for bitcoin cash (BCH), Lighthouse has been officially relaunched.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
Back in Action
Mike Hearn’s original Lighthouse crowdfunding app was first launched back in early 2015. Upon Hearn’s departure from the Bitcoin community in 2016 for what he has argued is greener pastures, the decentralized crowdfunding system disappeared from the cryptoverse’s radar for a time before seeing a revival begin in the Bitcoin Cash community in Q2 2018.
This project was abandoned on BTC Blockchain long time ago, it is very excited to see it is alive again on BCH Blockchain. It can be very huge.
— Jihan Wu (@JihanWu) May 4, 2018
In the announcement, the app was billed as a decentralized, trustless alternative to more mainstream platforms like Indiegogo and Kickstarter:
“Meet Lighthouse, a Bitcoin-Cash-powered app to create and manage your own crowdfunding campaign without any middle-men. Lighthouse provides a wallet and a way to build crowdfunding campaigns without relying on a trusted third party. When it comes to crowdfunding, Kickstarter and Indiegogo are the most popular trusted third parties. Lighthouse effectively replaces these platforms.”
Not Smart Contracts Per Se, But a Signing Mode
Project creators will only receive their requested funds if 100 percent of the amount they’re seeking is pledged by the community. As such, community funders can also have their pledged BCH returned at any point before these crowdfunding thresholds.
How? Not via Script-based smart contracts, but rather through an uncommon signing mode. As u/ampersandish succintly explained on r/btc:
“The concept behind this smart contract is embarrassingly simple.
A project funding is just a transaction. It’s trying to transfer X amount of coins to the project founder.
As long as there are less coins going into the transaction than it wants to transfer, the transaction is invalid.
When there are enough pledgers (inputs), the transaction is valid and can be broadcasted.”
The same Redditor went on to explain that to “cancel your pledge, you just spend your inputs somewhere else, for example to yourself, before the project is fully funded.”
Eyes to the Horizon
The Lighthouse project currently has three projects listed in its funding gallery, and more should be following soon as the app matures.
Beyond the proliferation of more projects, there’s no shortage of focuses for Lighthouse’s current roadmap, which include eventually enabling a Tor mode, facilitating integration with Google Drive and the like, and developing for multi-platform support, to name but a few goals.
It’s as good a time as ever for the Lighthouse revival, as traditional crowdfunders are increasingly looking to crypto.
What’s your take? Will this revived Lighthouse become popular or tread water? Sound off in the comments below.
Images via Lighthouse.cash, Pixabay