Bitloot.com - Funding Open Source Projects

Are you looking for a way of funding a revolutionary project of your own? If that is the case - and provided it is an open source project – a visit to this website is the order of the day.

Essentially, the site makes it possible to post ideas for projects to which people can contribute. That is: someone posts the project, others make contributions, and a developer is chosen to write the code. After this, the contributors vote to pay the developer, and if they decide to do so the code is then posted for everybody to download and use.

Contributions are kept for a 30-day period, after which any amount of money that was put forwards for a project which did not materialize can be retrieved. Alternatively, the contributor can choose to leave it there if he has faith in the project.

As you can see, this site offers an interesting take on the funding and development of open source projects over the web. If this sounds like the potential key to the success you are after, drop by the site and have a look for yourself.

“Bitloot is a new way to fund open source projects using the Internet.”

Those on the lookout for an alternative way of funding will find it a useful resource.

How is the actual handling of funds carried out?