An application called Lighthouse allows it’s users to support or start crowdfunding campaigns for their projects in a similar manner websites like Indiegogo or Kickstarter do. But it’s using bitcoin and funding is done in a decentralised and peer to peer fashion! The app was launched recently and it’s now publicly available for download.
The innovative features of bitcoin come along with this application as well. It’s free, open source, accessible worldwide and there’s also no requirement for a middleman. Restrictions and fees campaigns would have to face in case they were using conventional payment service providers are absent from the app thanks to bitcoin.
According to their FAQ, Lighthouse is based on a feature of the Bitcoin protocol. A feature also known as contracts which is actually a method of using Bitcoin to form agreements with people via the block chain. By utilizing this feature, Lighthouse manages to bring to life a platform that helps minimize trust required to complete a transaction between both the supporters and creators of campaigns. All this without the necessity of the platform also acting as a middleman.
However, as showcased in the introduction video below, the fundraising will have to be all or nothing.
[ot-video type=”youtube” url=”https://www.youtube.com/watch?v=Y–lBpouUVs”]
What does all or nothing mean? It’s quite simple, campaigns hosted with the help of lighthouse won’t have a deadline. Instead, funds won’t be received by the campaign started until the set goal is met. Supporters will have the option to reclaim their donation until the funding is closed though.