Electron Cash lead developer Jonald Fyookball has unveiled a new crowdfunding module for the bitcoin cash wallet which allows users to raise funds within the wallet using the bitcoin protocol’s Sighash flag.
This comes as the latest in a recent series of feature additions to the wallet by Fyookball and his team following the recent integration with the Simple Ledger Protocol (SLP) that enables users to create custom tokens built on the BCH blockchain. The development team last month also released an update to the coin tumbler Cashshuffle.
Electron Cash Fundraising Module
Writing on Monday October 8, Fyookball revealed the experimental crowdfunding module for Electron Cash. Under the Sighash-All flag framework, users are able to donate various amounts of BCH fractions, but none of these transactions will be validated by the mainnet until the desired fundraising goal is achieved.
Speaking on the social media platform Yours.org, Fyookball said:
“Bitcoin gives you the ability to do a crowdfunding type transaction through the All/Anyone-Can-Pay Sighash flag. This means a bunch of different people can sign only their own input but for the same transaction output — For example, let’s say I want to fund raise 100 BCH for a project. Individuals can donate 1 BCH, 2 BCH, 0.4 BCH, whatever they wish. None of the inputs will be valid unless the entire 100 BCH is raised.”
Similarities With Lighthouse Cash
According to Fyookball, though the Lighthouse.Cash project offers similar functionality, the addition of the feature to Electron Cash is useful because it brings offers that value to a much wider audience of Electron Cash wallet holders. At the moment Fyookball said, the concept remains in development until the developers are satisfied with the code and user experience.
The Lighthouse.cash project also offers the conditional validation fundraising function, but Electron Cash offers a number of additional features which have been added on fairly recently, such as the Cashshuffle wallet plug-in. This allows BCH users to carry out coin mixing alongside other BCH users, which makes it difficult to track the origin of coins.
Going into details about the functions offered by the new addition to Electron cash Fyookball also said:
“So far the wallet has a new context menu from the UTXO (Coins) tab where you can select a coin to create an Anyone-Can-Pay input from — As well as a tool to create a fully assembled transaction from the inputs,” Fyookball states.