When Michael Hearn, a Bitcoin developer, established the Lighthouse app, he intended to create a decentralized crowdfunding platform for Bitcoin. However, the app collapsed before actualizing its goals when Michael left the project. Now, the project is on its way to a resurgence after being realigned for Bitcoin Cash (BCH).
The Lighthouse crowdfunding application was inaugurated in 2015 by Michael Hearn. A year later, Michael abandoned the Bitcoin developer community for ‘greener pastures.’ Soon afterwards, the application dwindled and eventually disappeared from the Bitcoin ecosystem. The app, however, is on its way back after recently resurfacing on the Bitcoin Cash community.
A team of BCH developers is heading the renaissance, and as stated earlier it will be modified to suit Bitcoin Cash. The announcement was made via Twitter and drew much excitement from cryptocurrency hobbyists on the social media platform. Precisely, the tweet described the new iteration of the Lighthouse app as a decentralized and trustless alternative to other commonly-used applications such as Kickstarter and Indiegogo. Fundamentally, the app facilitates the conduction of Bitcoin crowdfunding initiatives without involving intermediaries.
Organizers of crowdfunding events will have access to the raised funds only when the pre-specified threshold is achieved. On the other hand, the contributors to the project will also receive refunds if the fundraising goal is not reached at the end of the allocated period. Peculiarly, the app will not leverage conventional smart contract algorithm’s to achieve this. Instead, an uncommon signing mode that automatically blocks transactions with insufficient funds will be used. Essentially, the money remains under the control of the donor provided the hard cap of the crowdfunding event has not been realized.
Currently, the Lighthouse platform has three ongoing crowdfunding projects. Nonetheless, this number is expected to grow rapidly as the app continues to gain popularity in the Bitcoin Cash investor community. Ultimately, the application aims to become the leading crowdfunding solution in the crypto space.
Besides adding more projects to its portfolio, Lighthouse also has other several objectives in its strategic plan. Notably, the app’s developers are working on integrating Google Drive and offering support for multiple digital currencies. Moreover, future versions of this application will have an inbuilt Tor mode functionality.