Decentralization - how it will impact the world and Bitcoin. Part Two
MIKE HEARN’S LIGHTHOUSE PROJECT
Mike Hearn was a former Google engineer who now works on bitcoin full time, his passion for identifying some of the issues in the bitcoin protocol has propelled him to find answers, which will make solving these relatively difficult problems easier for the average coder.
In May Olivier Janssens posted a bounty for a software that would help replace the Bitcoin Foundation, Mike Hearn was awarded a nice cash incentive for this creative and well informed idea.
This application will enable assurance contracts directly through the Bitcoin network. It’s a feature that was built in to the Bitcoin protocol by its creator Satoshi Nakamoto, but until now there wasn’t an application that made it easy for anyone except hardcore developers. With The Lighthouse Project, Hearn hopes to utilize the Bitcoin protocol in a brand new way on a mass scale. If Lighthouse makes assurance contracts easy for the average user, it will revolutionize crowd funding and other possibilities on the already existing Bitcoin platform.
Janssens rehashes his arguments for a better Bitcoin Foundation. He is frustrated with the lack of transparency and he wants a system where everyone has access to funding information that can help direct the course of Bitcoin. Janssens hopes that Lighthouse could give the Bitcoin community a larger role, and a core platform, for crowd funding Bitcoin projects. Whether you are interested in lobbying, adoption initiatives, or core developers, the Bitcoin Foundation replacement will be a lot more inclusive without expensive barriers to entry.
One more which is worth noting is Counterparty which is a decentralized peer to peer financial network which specializes in crowd funding, decentralized exchanges and speculative betting on many things in the crypto space.
We wanted to briefly touch base on just a few of the exciting possibilities out there which will help usher in the era of decentralization.
Unfortunately the world relies on the trust of people who do not live in truth, we are forced to interact with these companies/people for our ‘protection’ but the reality is we usually leave ourselves exposed and are naive to the truth while we do it.
Some of us knew better but had no choice in the matter until now! So when people casually discuss the ups and downs of bitcoin the currency and cry and moan about losing a few dollars when they tried to ‘catch the falling knife’
Let’s not forget about what is actually going on right now in the world, a serious unity and a strong sense of community is moving the ocean to unleash decentralization to the world. Finally someone can give you their ‘word’ and it can actually mean something because it is backed by a simple contract which anyone can use (No Lawyer necessary)
Kids will grow up living in an environment which is hopefully a little more truthful since now ones ‘word’ is now backed by a simple contract and math, unfortunately we live in a world where we have always been punished for telling the truth.. So though this is not the final answer, it is certainly 10,000 times better than the current systems we operate in.