Open source developer and Gitcoin creator Kevin Owocki discusses modern fundraising

Automatic TRANSCRIPT

To jump right into it in the world, of Crypto, currency money is important depending on your view bitcoin itself is or aspires to be money in a very real way and without question, the craziest time Crypto have surrounded or even just been entirely about fundraising for projects. This has always been positive though in the later stages of the initial coin offering praise it seemed like raising money became the point rather than what it was being raised to accomplish in its aftermath. It's become increasingly obvious that what's being funded matters at least as much as how you get the funding but how you get the funding is important to. A couple of weeks ago Andrey's, and I were talking about an open source project. He'd actually used get coin to fund is, can you tell that story can here? Yeah absolutely. You know every now and then I come across an idea or find a gap in the court system where I think it would be really useful if we had a software gizmo to do X. Y. or Z. and even though I can code myself I don't have the time to embark on these little projects. So as I've done in the past I looks for way to funded developer to do this work and this time I decided to use bitcoin I've been Aware of it and looked at it in the past. But now I had a real project to sink my teeth in. So the projects was to develop a plug in or changing the wizard of the electron import in order to enable it to discover derivation paths, and I'm no monnet craze that has been used in a different wallet where the user doesn't know what the derivation path is and keeps having difficulty recovering funds. This is a problem, a lot of newbies have. And so I put up a he basically and a bounty is a pot of money in this case denominated in the stable coin die so that it's the equivalent value and I put up a one thousand dollar bounty for about forty to sixty hours of work approximately I estimated to develop this capability I wrote a specification as a get hub issue and the I thing. About Bitcoin is that it integrates directly into get hub. So I could take the issue where described the desired feature in detail and then attached the bounty directly to that, and then have developers come and pitch to take on that bounty and executed. It was completed a couple of weeks ago paid out and it's a feature that's being merged into hopefully the next version of Elektra. Now, that tool that you had created actually you and I had a little back and forth about it because turns out that you don't necessarily a Newbie to run into the problems that you were trying to solve their and we actually wound up using it to solve a big problem. I've been working on for a couple of months, but that's going to be another episode. Entirely, today we're talking with Kevin Kevin, can you just kind of take us through the basics of bitcoin was kind of the goal and how is it operating? Let's just start off with the most basic question for people who aren't familiar with the project. Is there a bitcoin or is this something that builds using as Andrea saying die or other types of Tokens as a reward? Yet, that's a great place to start. There is no bitcoin token bitcoin is a place where you can get coins. If you're a software developer in exchange for doing software development tasks, we have unfortunately from a branding perspective gotten swept up with a lot of the projects. Did do ICO's IOS in two thousand seventeen even though we never did in Seo. So. Take us back to the beginning kind of what was the thinking about this project in general what was the problem that you were trying to solve, and then how did you end up solving? So I've been working in web startups for the last thirteen years pretty much ever since I graduated from school and every software project that I've ever worked on has been an open source software projects. So whenever I start a new start up I will use python, which is an open source programming language. I will use an open source database server, I will use an open. Source Web server, and so every time I've built a start up all the stuff that you see in tech crunch are standing on the shoulders of giants of open source software and basically every time I've built a software startup I've been using open source software and open source software crates, billions of dollars of value for the world, but there's good way for software developers to monetize. The work that they do in open source software, and so that was sort of founding reason why I created Bitcoin, which is a double sided market connect software developers to the people want to fund their work in open source software in the sort of insight is that now using the blockchain space, we now have billions of dollars of capital that's going to open source software. Whereas before in the old financial system, all of the money that goes into it goes to some back office on wall. Street. So what if we could build a marketplace where the software developers they can sort of be the routing mechanism for the money going to software developers and have it the blockchain native project? That's what get coin is and that was the genesis of Bitcoin.

Coming up next