Why and how I made my first donation using cryptocurrencies
Today is the very first day of my life that I donated to an open source project using cryptocurrencies and here is why…
Open source projects rock
From the late 50’s, most of the produced code was made by groups of developers issued by the academic or research world. As such, it was generally distributed under the principles of openness and cooperation.
Modern economy lead to a all-to-monetize consortium where people -including the development field- try to create direct revenues from their works. Nowadays, open source projects are very often associated with “free” projects. Even if we can use them freely (most of the time), behind the scene there is a lot of people that worked hard to make it real !
I truly believe that an open source software is the best thing a developper can offer despite the fact that he cannot be financially granted for what he has done.
First of all because an open source software can be easily audited by third parties and that enforces the security of the project and its reputation. Then it can offer the possibility of learning. To learn how the software works, how it was implemented, the ingenuity behind it. And finaly because it can lead to a community creation where members are able to submit constructive proposals to grow the project.
An open source code is literally a gift from the developers.
Donation… using cryptocurrencies
And every gift deserves some attention. It can be just a “thank you”, a “thumb up” or -modern economy oblige- a financial contribution in the form of a donation.
So what is the best gift I can donate to an open source project ? Maybe an open source financial collateral ? How about a cryptocurrency donation ?
How I did it ?
In order to make my very first cryptocurrency donation, I was looking to a secure -and open source- solution. Something that looks like “KickStarter”, with the refund policies options and all the security stuffs, but crypto related.
- Install the plugin for Electron Cash.
2. Find a Flipstarter campaign and set your pledge value.
3. Get a piece of text from the site and paste it into the Electron Cash plugin. The text contains the information needed to create your pledge.
4. The plugin gives a result for you to paste back into the site. It contains your pledge as a signed, partial transaction.
The FlipStarter website collects and monitors pledges until it has enough to build the complete transaction and then finalizes the assurance contract, and pays out to the target addresses.
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.
The Satochip team decided to make a 1 BCH donation to the GREAT Bitcoin Cash client called Electron Cash. Because the team behind works hard on this open source project and makes Satochip hardware wallet integration possible.
Thank you 🙏🏻