Lighthouse – A Kickstarter Clone Built On Bitcoin

Vinumeris has recently announced that they have been working on a Kickstarter-like clone that runs on the Bitcoin blockchain. “It uses simplified payment verification, so even though it synchronises directly with the block chain performance is as good as a web wallet,” states Mike Hearn.

Lighthouse  - A Kickstarter Clone Built On Bitcoin

Lighthouse – A Kickstarter Clone Built On Bitcoin

Lighthouse gives a way to create projects, pledge money to projects using coins that were sent to the application, and allows for revoking pledges if you decide you want your money back before the contract reaches its goal. No trust is needed in the project owner as to partially pledged funds, because everything is handled through the blockchain. In fact, they are only recognized as being valid by the Bitcoin network after there are enough funds, when combined together, to reach the requested goal.

To help take things to the decentralized route, Lighthouse offers two methods for doing crowd sourcing:

  • Server-less – in this mode, nothing is needed beyond the Bitcoin p2p network and a way to move files. This can be handled on something like a USB stick, and no accounts or signing up is needed. In this case, the project owner is responsible for getting a “contract” file to each pledge, and each pledge is required to get a “pledge” file to the project owner. This can be done through email or any other method
  • Server-based – this is for more large scale projects, where people can pledge by clicking a link on a website (or another method), where the pledge is uploaded back to the server. Once there are enough pledges, they will then be combined and be sent to the Bitcoin network

Lighthouse has not been released yet and is still in the polishing stages. It is set to be a great addition to the decentralization of finances, though, and the idea of being able to host crowd-sourcing without a centralized site (like Kickstarter) is a huge step. There are still some risk here, like the project owner not using the funds like they agreed to when raising them, but this is something that could not be prevented even with a centralized option.

Do you believe that the decentralization of crowd-sourced finances and loans will help eliminate scams? What improvements to the Lighthouse project could be made? Post your responses below.
Source: Lighthouse Project

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  1. Bitcoin Graphics says:

    Your link that says “Source: Lighthouse Project” just links back to this same page.

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  3. Raymundo says:

    I don’t even know how I ended up here, but I thought this post was great. I can’t wait until everyone accepts bitcoins.

    I don’t know who you are but certainly you are going to a famous blogger if you aren’t already 😉

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