Olivier Janssens Creates $100,000 Bounty For Software That Will Replace The Bitcoin Foundation

Posted in: Archive
May 17, 2014 8:01 PM UTC

Olivier Janssens, an early adopter of Bitcoin has created a $100,000 bounty for software that will replace the need for the Bitcoin Foundation. The bounty of about 250 Bitcoins will be given to the developer that develops the best software for the goals of Janssens. Janssens views the Bitcoin Foundation as the exact thing that Bitcoin was created to avoid. Despite Bitcoin being a transparent network of transactions, the Bitcoin Foundation is not transparent in their actions, nor do they always ask the opinions of the community before implementing new updates or technology. Janssens seeks to have a platform created that will make all developments democratic and controlled by users of the Bitcoin community.

[dropcap size=small]T[/dropcap]he following is his description of the bounty:

Hi Everyone,

My name is Olivier Janssens, early adopter and Bitcoin millionaire. The Bitcoin foundation has had its role in the last 2 years. Unfortunately, it is internally recreating the same archaic political system that fails to work for society. Bitcoin is the currency of the internet generation. It puts the power back into the hands of the people. You cannot expect its main representative organisation to be exactly the opposite: A non-transparent, political and secretive elite. We have been trying to push the BF for transparency and clear communication for years, without result. Meanwhile they started creating even more political structures inside, such as committees, which can only be accessed by knowing the right people. At the bitcoin 2014 conference, organised by this same organisation, I expected to see full internet participation + live streaming of their events. Especially of the BF member meeting, where they are supposed to get input from their members and disclose what they have been up to. Instead, the board decided that the event is not to be recorded or broadcasted. We have also no idea or say on how our money is spent. Half of their board gets elected by industry members (a group of about 100 companies), and recently lead to another extremely controversial election of Brock Pierce, which has a history of being connected to cases involving fraud and pedophilia. This needs to stop.

We as an internet community, don’t need public figures to decide what’s good for us. We need to stop politicking and start focussing on the projects directly. For example, we need a project to fund the core development of bitcoin, and put our money straight to that. We need a project to have lobbyists in Washington, to fight the anti-bitcoin lobbyists from Mastercard, and to prevent the government from destroying the currency. Basically, we don’t need another intermediary. We can do this ourselves. Therefore, I want to announce today that I am organizing a contest and giving $100k USD in BTC, to the group that can come up with the best platform to make this happen. I am thinking of a system where prominent people can voice their opinion, where people can propose projects, and where the core devs can actively show their roadmap with detailed features + costs, and where we can vote on the features being implemented by sending bitcoins towards the feature of our choice. This will allow the core dev team to expand by being able to add/pay more devs for feature requests which are fully funded. Maybe we can even evolve to a system later where anyone can work on a feature, which, when programmed properly (approved by the core team), will receive the bounty. The same applies to lobbyists, we just send bitcoins towards the one that we consider the most competent for the job. This will allow Bitcoin to grow and expand at a rate it deserves, a rate that a political organisation such as the foundation can never accomplish.

Let’s liberate bitcoin.


The deadline of the contest will inhibit the ability of some Developers from entering. For a system that could change Bitcoin entirely, one month is not very much time at all to complete all of the coding and testing needed successfully to integrate this platform. This bounty is the largest that has ever been placed (In terms of value) for the development of a Bitcoin platform. Furthermore, Janssens has moved 250 Bitcoin to an address and has personally signed the address to verify his identity and the legitimacy of his bounty.

With the deadline set for June 17th, these changes could be coming very soon. With the successful completion of the bounty, there will likely be a power struggle between Janssens and the Bitcoin Foundation. As of right now, the Bitcoin Foundation has made no comment on the bounty placed. It is very likely that the Bitcoin Foundation will not want to step down from power once the platform has been completed. This platform would give the Bitcoin users power to decide the changes and developments that Bitcoin would undergo by popular vote as well as remove the need for a mediator in any decisions made for the currency. By implementing a platform such as the Janssens’ proposed platform, every decision made regarding the future of Bitcoin would be known by every user of the currency and those users would have a say in what they see as the best route for Bitcoin to proceed in the future. Everything about the decisions regarding Bitcoin would become transparent, and each user of the currency would have equal say in the important decisions that would have to be made in the future.
The platform will need a lot of work to ensure that users cannot abuse the voting system and vote more than once from a single network. The rigorous requirements of this project could take developers months to create, though the massive bounty will give incentive to some to work tirelessly on completing the platform in such a short amount of time. The winning platform will likely need rigorous testing before being implemented after it has been chosen as the winner. With a global platform that will allow users to decide the fate of Bitcoin, it is important to have airtight security and abuse prevention. The system will need to be tested for numerous security threats and be incredibly secure.
We will keep you updated on the status of the bounty and any announcements made by the Bitcoin Foundation as they become available to us. The changes this platform could bring to us are immense and hold huge potential for the future of Bitcoin.

Last modified: June 14, 2020 9:28 AM UTC

Show comments
Drew Cordell (@DrewjCordell) @DrewjCordell

Drew is an undergraduate student at the University of Texas at Dallas, majoring in Business. He is an active member of the Cryptocurrency community, and enjoys collecting, trading, and writing about various coins. Outside of the digital currency world, Drew tends to spend his time with friends, playing video games, or studying.