Fun

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter

News Feed - 2020-02-19 03:02:19

Voluntary Financing: Bitcoin Cash Devs Reveal Noncustodial Funding App Flipstarter


On February 15, a user on the read.cash blog site announced the development of a new Bitcoin Cash fundraising project called Flipstarter.cash. The developers behind the platform highlighted the recent questions people have been asking about voluntary funding of the Bitcoin Cash commons. The Flipstarter team plans to release an application that allows people to fund projects in a “secure, non-custodial” fashion using the Electron Cash wallet.


Also Read: The Many Facts Pointing to Dorian Nakamoto Being Satoshi Flipstarter: A Lighthouse-Like Bitcoin Cash Crowdfunding App Is Coming Soon


A team of software developers have revealed they are working on a BCH project called Flipstarter.cash which will allow people to fund projects in a noncustodial manner. The project announcement said that “a group of volunteers came together to create Flipstarter” referring to the recent discussions over the Infrastructure Funding Plan (IFP). The blog post mentions the “big questions in the air right now in the Bitcoin Cash space” and explains that the project was created to help bolster a voluntary funding mechanism for the BCH ecosystem. Introducing https://t.co/6jIezfv9U5 https://t.co/BBg2s39OQ2


— flipstartercash (@flipstartercash) February 15, 2020



Over the next few weeks, the group of BCH developers plan to test and release the software. The project is similar to Mike Hearn’s Lighthouse project that was shelved when he left the Bitcoin community. The developers disclosed that “Flipstarter is basically Lighthouse but boiled down to the main feature. That is an old feature of Bitcoin transactions called ‘Anyone-can-pay.’” With an Anyone-can-pay Sighash, a crowdfunding transaction (signing a partial transaction) can be built by approving all outputs and only your inputs.


In traditional bitcoin cash transactions, when you sign you authorize all the outputs and inputs. But with an Anyone-can-pay Sighash, a crowdfunding transaction (signing a partial transaction) can be built by approving all outputs and only your inputs. Anyone-can-pay transactions can make it so pledged donations need to reach a threshold (funding goal) before they are spent. “In other words, as long as everyone agrees on the total output, anyone can help pay, and everything happens trustlessly,” Flipstarter’s creators detailed. “We need to create a way for people to participate in assurance contracts,” the programmers added. However, the Anyone-can-pay structure doesn’t have much wallet support so for the first version the programmers chose to create a plugin for Electron Cash (EC). A preview of the Flipstarter app. User-Friendliness Is Great But a Trustless Noncustodial Solution Is Needed


Essentially, a user would install the EC plugin and select a proposal from the Flipstarter website. Then they can set a pledge value and copy and paste some text which adds the necessary information into the EC plugin. The EC plugin will then build a signed, partial transaction that is frozen and you can “unfreeze it at any time.” The Flipstarter website monitors the pledges until the soft cap or funding goal is complete. “The site finalizes the assurance contract, and pays out to the target addresses,” the Flipstarter developers said. “If the campaign does not get enough pledges, then everyone can un-freeze their pledge and use it as normal. That is, the coin never leaves Electron Cash until the whole campaign succeeds.” Flipstarter’s creators added: It looks a bit clunky, but the process is more secure, non-custodial, does not require the user to take their coins out of Electron Cash and it lets us get something working with limited time and resources. Flipstarter’s build is available for review on the developers’ website Gitlab.


The developers have contemplated other options, but for now they are sticking with the EC plugin because it is a trustless, non-custodial solution. Of course, the Flipstarter creators are just getting started and the user interface and concept can be improved a great deal. “Volunteers will continue to develop it, and there is opportunity for a for-profit team to develop it into a full-fledged platform — Whatever happens, we are making the first version so that anyone can fork it and run a campaign by themselves,” Flipstarter’s developers insisted. Currently, the volunteers working on Flipstarter include developers such as Dagur, Jonathan#100, Leandro_DiMarco, and Sploit.


What do you think about the Flipstarter plugin for Electron Cash? Do you think that a concept like this could bolster voluntary financing for the Bitcoin Cash commons? Let us know your opinion in the comments section below.


Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Flipstarter.cash, read.cash, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.commarketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. Share this story: Tags in this story Anyone-can-pay, Anyone-can-pay txn, App, BCH, bitcoin cash, Bitcoin Cash Commons, donations, EC Plugin, Electron Cash, Flipstarter, IFP, infrastructure funding plan, lighthouse, Mike Hearn, Noncustodial, Partially Signed txn, plugin, read.cash, Trustless, voluntary, voluntary funding mechanism Related Mike Bloomberg"s 2020 Finance Policy Proposes Strict Bitcoin Regulations NEWS | Jamie Redman


The 2020 U.S. Presidential candidate Michael Bloomberg addressed the subject of cryptocurrencies and initial coin offerings (ICO) in his recently… read more. Cannabis Buzz Harshed by Regulations, Cash Shortage While Cryptocurrency Is Ready to Light Up NEWS | Graham Smith


Recent reports show that major marijuana companies are running out of money, and businesses in Canada are especially in danger… read more. Jamie Redman


Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today. Please enable JavaScript to view the comments powered by Disqus.

News Feed

Jeff Bezos-Backed African App Chipper Cash Launching Crypto Trading After Raising $30 Million
Jeff Bezos-Backed African App Chipper Cash Launching Crypto Trading After Raising $30 Million An African company backed by Amazon CEO Jeff Bezos, Chipper Cash, h
South African Financial Sector Regulator Declares Crypto Assets a Financial Product
South African Financial Sector Regulator Declares Crypto Assets a Financial Product According to a general notice published in a government gazette, crypto assets are now treated a
Ciaran Lyons20 hours agoOpenAI investors push for Sam Altman’s return as CEO: ReportAccording to sources familiar with the matter, key investors at OpenAI disagreed with the board’s decision to terminate CEO Sam Altm
TrueUSD and Balancer Offer Liquidity Providers TUSD and BAL Rewards From Stablecoin Pool Incentive Program
TrueUSD and Balancer Offer Liquidity Providers TUSD and BAL Rewards From Stablecoin Pool Incentive Program press release PRESS RELEASE.Singapore, Singapore / April 4th / – Tr
Bitcoin Price Is Mirroring The Same Movements From 2023, Here’s What It Means
Este artículo también está disponible en español. Crypto analyst Trader Tardigradehas drawn the community’s attention to the fact that the Bitcoin price is mirroring 20
Hedera’s HBAR token pumps 96% on misinterpreted BlackRock announcement
Brayden Lindrea3 hours agoHedera’s HBAR token pumps 96% on misinterpreted BlackRock announcementA widely misinterpreted announcement from the HBAR Foundation has sparked confusion among crypto influencers and sent the
Zhiyuan Sun6 hours agoAvalanche blockchain explorer to shut down as Etherscan fees draw controversyAnnual subscription fees for Etherscan"s EaaS service has reportedly grown to $2 million per year.1494 Total views7 Total
Bitget Shares Merkle Tree Proof of Reserves to Enhance Transparency Users’ Assets Safeguarded With at Least 1:1 Reserve Ratio
Bitget Shares Merkle Tree Proof of Reserves to Enhance Transparency Users" Assets Safeguarded With at Least 1:1 Reserve Ratio sponsored Leading global cryptocurrency exchange, Bitge
Bitcoin ‘explosive move’ looms as Bollinger Bands reach tightest points
Ciaran Lyons3 hours agoBitcoin ‘explosive move’ looms as Bollinger Bands reach tightest pointsA key Bitcoin trading indicator has hit its “tightest point” in a year. The last time it happened, Bitcoin pumped 20%
Jesse Coghlan7 hours agoOpenAI promises to fund legal costs for ChatGPT users sued over copyrightOpenAI joins Google, Microsoft and others in legally backing their users if they face legal action over copyright infringem
100 Companies Fail to Obtain Crypto Licenses in Singapore Due to Tough Regulation
100 Companies Fail to Obtain Crypto Licenses in Singapore Due to Tough Regulation More than 100 companies that applied for a license to offer crypto services in Singapore have eith
David Attlee3 hours agoJudge sides with Ripple again, denies SEC appeal: Law DecodedCrypto lawyers are seemingly divided over the significance of a court order to dismiss the SEC’s motion.1734 Total views6 Total shares