Crowdfunding Bisq Development

The crowd funding campaign has ended and has not reached its goal

Results (Feb. 9th 24:00 CET):
55 Pledgers
54.03480061 BTC
45 % of the goal reached

We want to thank all our supporters who wanted to help us to make it a success!
You can revoke your pledge now in the Lighthouse application.
Here is a blog post with an analysis and more information about how the project will continue.
Here is the last snapshot of the list of pledgers and the messages they left.

There are many centralized bitcoin exchanges to choose from. All have different advantages and disadvantages so you can decide which one fits your needs best.

Why would we need another exchange?
The answer is quite simple: One thing all available exchanges share is a single point of failure, many have multiple points of failure.

This results in exploitation as seen in the MtGox-drama, the Bitstamp heist or the damage that coin tracing causes to bitcoin holders. The data and privacy of the users is in the hand of profit seeking companies who are often more committed to fulfilling the demands of their investors, rather than serving their users. Most centralized bitcoin exchanges are pro-actively fulfilling the surveillance demands of governments to fit into the regulatory framework and improve their VC opportunities.

Bitcoin removes the need to trust a third party.
If you are the person who is interested in bitcoin because of that revolutionary property, then you will likely be interested in Bisq too. Bisq is the world’s first fully decentralized approach to exchanging bitcoin to national currencies without a single point of failure.

We funded our first public alpha version with our own resources. But we have met the limitations of self-funding and need your help.

For developing the next milestone of Bisq we are taking a new approach with an iterative crowdfunding model using Lighthouse.

The crowdfunding campaign has started and will end on the 9th of February (midnight CET).

We hope we can count on you!

Getting started

It is easy to contribute to our decentrentralized crowdfunding project.

Download both the Lighthouse application and the Bisq project file and import the project file into the Lighthouse application:

Get Lighthouse Get project file

You can find more information in the user guide at the Lighthouse page to get help on how to use the application.

Facts

  • The funding goal for the development of the v0.2 milestone is 120 BTC
  • The campaign is now open and will end on February the 9th 2015
  • For donations of 1 BTC or more we give out an exclusive wood wallet as a reward
  • Delivery of milestone v0.2 will be approximately mid-April 2015

Latest statistics

Please help us to make it a success!

Why crowdfunding?

crowd-fundingTo support the initial effort required to make Bisq a fully functional decentralized exchange we need a sustainable way to fund the software development. Infrastructure and expenses must be covered for those donating their time so that they can remain fully focused on the project.

Rather than asking for a large sum of funds for a distant milestone, we would like to pioneer an iterative approach. We hope this approach will serve as a model for other open source projects too. To earn your confidence as a pledger we have set clear delivery goals for the next development milestone and we are solely asking for the funding to reach that milestone.

We will not start with a new funding round until the currently promised milestone has been delivered. Any estimation errors will be absorbed by the team. As a pledger you can verify our progress towards the next milestone during regularly scheduled online testing sessions. These sessions are organized by the development team to put the current snapshot of the Bisq application to the test, receive user feedback and help smooth out bugs faced by new users who are installing and test Bisq.

After we have achieved each iterative milestone we will use feedback from the community to plan our next delivery milestone. The community can decide if we deserve their trust and financial support for funding the next development cycle.

The iterative milestones leading up to a fully functional 1.0 release of Bisq are described in our roadmap. Due to the novelty of the concept and technology we use, as well as the dependency on community support, we can not predict the date of our 1.0 release. We can only make firm estimates for each upcoming iterative milestone. We expect our final release to be completed in 2015.

We hope this approach will progressively build trust from our user community and keep the project aligned to its constitutional ideas of decentralization.

We will remember you

We will list all donors on a public ‘supporters’ webpage. For pledges of one bitcoin and above we will also send you an exclusive gift in the form of a beautiful handmade Bisq wood wallet. A public bitcoin address of your choice will be burned onto your wood wallet.

When you are pledging in the Lighthouse application you need to give us a contact email address. We will contact you after the crowdfunding is closed and ask you to send us your shipping address and your bitcoin public key for the wood wallet.

Wood Wallets are hand made and shipping will take 2 – 6 weeks from Spain. We ship internationally.

To be listed on the ‘Supporters’ page you will need to let us know the name or pseudonym you wish for us to list publicly.

Every funding round includes an exclusive present unique to that round and will forever connect you with the early development of Bisq.

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Decentralized funding with Lighthouse

LighthouseThe Lighthouse decentralized peer-to-peer crowdfunding application is ideally suited for funding decentralized bitcoin projects that serve as a common good. Lighthouse is a desktop application that allows pledges to be made without a middle man. We use this system for our crowdfunding needs.

To submit your pledge in bitcoin you must download a desktop application from the Lighthouse page. Only after the goal is reached will pledges be paid. If we do not reach our funding goal then you can revoke your pledge. Additionally you can revoke your pledge any time, for example if price volatility of bitcoin changes the USD value of your initially intended donation amount.

This innovative new funding model gives maximum control to users and 100% of the money you pledge goes to the project; no middlemen take a cut or is in control of the bitcoins you pledge.

Iterative funding

Our iterative funding model for developing an open source project is an experiment. We are willing to take a risk with a new model because we have observed countless open source projects stall using current funding solutions. We believe trying a new funding model is worth the effort and the risk.

The historic opportunity enabled by bitcoin lets us explore a new solution to a very old problem. We hope the bitcoin community will validate this approach by supporting our efforts to build a more decentralized world.

Financial transparency

financeOur finances will be completely transparent and we have a clear governance plan. Our team members are the keyholders of a 3-of-5 multi-signature (multisig) wallet used for funds received from crowdfunding. In our weekly team meetings we will determine how the money should be spent and publish the results on our finances page.

The funds are dedicated to be spent as payment for development, crowdfunding reward and shipping costs, legal advice and infrastructural costs. A certain amount will be reserved as a legal provision fund. To avoid risks with bitcoin price volatility we will convert a part to Euro and use other diversification methods. We will publish all those information on our finances page.

Bitcoin gives us the power of radical transparency and fraud protection due the unique features of multisig.

You can view our multisig address on the blockchain to see a record of all funding that has been received. You can also view payments made using the crowdfunding funds.

Please don’t use that address for normal donations, rather make your pledge via the Lighthouse application. Remember that the crowdfunding model only succeeds if we reach our goal. It is an “all or nothing” model. Only donations done inside the Lighthouse application are considered in the campaign. If you want to donate to the project outside of the campaign, please use our general donations address at the contribute page.

Please note: Funds pledged via Lighthouse won’t show in this multisig address until we have reached our funding target.

Summary

  • Bisq’s v0.1 milestone was released in December 2014.
  • The funding goal for the v0.2 milestone is 120 BTC which is at the time when the Lighthouse project was created equivalent to $25,000 USD.
  • The funding campaign is limited in the duration and will end on February the 9th 2015.
  • Pledgers who are donating 1 BTC or more will receive our exclusive wood wallet as reward.
  • Delivery of milestone v0.2 will be approximately two months after the completion of the crowdfunding campaign.
  • The smallest possible pledge is 0.175 BTC due to limitations of the bitcoin protocol. See the Lighthouse FAQ for further explanation.

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