Business 11 October 2018Erik Gibbs
Electron Cash wallet open to crowdfunding
The popular Bitcoin BCH wallet Electron Cash has added a unique feature. The wallet’s lead developer, Jonald Fyookball, has announced that Electron Cash now includes a crowdfunding module that will give users the ability to raise funds using a simple flag, Sighash.
Electron Cash has added a slew of features recently. The additions have been made possible, in part, by the integration of the Simple Ledger Protocol (SLP), which allows users to create custom tokens on the Bitcoin BCH blockchain. The new feature was added following the successful integration of the CashShuffle plug-in, which allows users to obfuscate transactions with those of other users in an attempt to enhance privacy.
In a post on Yours.org this past Monday, Fyookball explained, “[Bitcoin BCH] 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.”
The developer indicated that the function is available through the Sighash-All flag framework. He added that users can donate varying amounts of Bitcoin BCH, but added that none of the transactions is validated on the blockchain’s mainnet until the goal of the fundraising activity is reached.
The new module is similar to that of Lighthouse.Cash; however, Electron Cash’s integration will provide increased value as it will be available to all of the wallet’s users. He added that the service is still in a development phase and won’t be released until developers sign off on the final product.
Fyookball further indicated, “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.”
Developments such as these are precisely why Bitcoin BCH is gaining favor. There are constantly being introduced new use cases that show the flexibility and strength of the network and the dedication the community has to creating a sustainable and stable blockchain that has endless real-world possibilities.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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