Ethereum was funded by a community. We believe Ethereum wallets should be too.
Ethereum is an open source protocol. It deserves a truly open source interface.
Balanced Software, Inc. was funded by ~2,000 people in 2017 in one of the most successful equity crowdfunding campaigns in the history of the United States.
You can check it out here:
When the company ran out of money, and the equity went to nothing, I continued to fund it personally.
I have used around ~6,666 ETH to keep Balance alive since 2016.
I am asking the Ethereum community for 3,333 ETH to keep going.
Whatever happens, I will not give up. I will re-invest every single ERC-20 token I receive from my personal angel investments back into this project.
This is not a company. This is my life’s work.
I have turned down acquisition conversations from Coinbase, Ledger, Status & many others. I am not interested in selling to a company. I am interested in building for my community. I want to give back to Ethereum.
Gavin Wood, Vitalik Buterin & Alex Van Der Sande changed my life in 2014—they let me help them. The Ethereum Foundation were kind enough to pay me some Ether in 2016—it set me free financially.
I want to do the same for as many people as possible.
Everything I love in my life that is digital touches open source code. It is woven into my soul. Learn more about the history of open source here:
I think an open source wallet is a good way. Here is our code:
If you want to try the unaudited prototype of Balance, go here:
Here are the steps we need to complete and the time unit to expect:
We hope to publish the app on the iOS App Store in around ~3 months.
We will be spending the funds on a few areas:
🪄 Engineering - We are hiring incredible people who have experience engineering for iPhone, Ethereum & the Internet. We are headquartered in San Francisco but work with people from all over the world.
✍️ Designing - Our design team has created apps like Spark from Readdle, the best email client for iPhone. We will be working with the Ethereum community to design a great tool.
🔐 Securing - We want to collaborate with auditing firms, security researchers, and hire full-time engineers to focus on our app’s security.
🛠 Operating - There is a huge amount of operational work required to build, ship & support a great wallet for the Ethereum ecosystem. We are hiring people who have experience building communities and growing companies.
We wanted to create a token to keep track of who is loyal to the project. It is like an airline mile—we plan to reward people with special privileges.
To me, $LFG stands for a few things:
🤝 Loyalty - We appreciate those who are loyal to the mission of Balance & Ethereum.
👁 Focus - We are trying to do one thing extremely well. Not a few things poorly.
💞 Gratitude - We are grateful for all the open source warriors who came before us.
We are just starting to explore the ways our community will use the $LFG token:
Wallets receive referral fees from DAOs, dapps, protocols & lots of on-chain entities. It needs to go somewhere. I wrote about this in 2019:
This is going to happen in 2022. Balance is going to generate revenue and store it in on-chain multi-signature wallets that will be governed by $LFG holders.
You will be able to dissolve the multi-sig if you lose faith in my leadership.
That will be the power of $LFG. It is a governance token for the Balance revenue streams that flow onchain. Hashflow finally becomes cashflow.
Everyone in Ethereum thinks they have discovered new secrets to corporate governance until they hit 50-100 people in their “Decentralised” and “Autonomous” excuse of an “Organisation” (DAO).
Most DAOs are just Disastrous Arseholes Onchain 🤣
What we really need is to open up the corporate governance mechanisms to more people. Public CEOs are reviewed every quarter and removed by a board if they fail. This is a very efficient process that is totally closed off to regular people.
What if we opened up corporate governance to the world?
This is the most common question I get asked. Here is why:
I have never owned an Android device. I do not understand the products, the people who make apps for it, or the ecosystem. At all.
Focus is so incredibly hard.
We are focused on one thing:
Putting an Ethereum wallet inside Safari.
We think the Ethereum Virtual Machine & Solidity has won. There are now dozens of protocols that confirm to these standards. We want to focus on serving the needs of the people who want to use those protocols.
We are not against any other cryptocurrency community. We just love Ethereum.
Balanced Software, Inc. is the company that raised crowdfunding in 2017. It is still alive and well. It is the conduit for our relationships with Apple and the way in which we pay people based in the United States.
I have been researching and writing about wallets on Substack for the last 3 months:
Here is the link to subscribe to my Substack and read the posts:
Join our Discord now: https://discord.gg/balance-wallet