Update, January 17, 2017: Due to one of the 2-of-3 keyholders losing access to their keys, we’ve transferred the project funds to a new account to ensure all three keyholders have access again. The new fund is still a 2-of-3 multisig and the rest of this post accurately describes the management of the project funds. The QR code and donation address below have both been updated to the most recent address.
Back in November 2014 we created a 2-of-4 multisig account for our OpenBazaar project fund, where we could receive donations. We explained our reasoning for using multisig and being transparent with our project funds. That multisig account has four keyholders: Brian Hoffman, Sam Patterson, Washington Sanchez, and Dionysis Zindros.
Dionysis has been instrumental in OpenBazaar’s creation and a strong supporter of the project, but hasn’t played an active role on the project recently. Also, the original setup of the multisig requires us to manually craft new transactions for each expenditure. In order for the project funds to be kept with active participants in the project, and for us to be able to pay out of the account more easily (important as the project grows), we are shifting the project funds to a new 2-of-3 multisig.
The new multisig address (updated on January 17, 2017) is 3QxbMjed45NLXnkUg9yYHRgbKCeLyZa4La, and here is the QR code:
We’re publicly tracking project fund expenditures. We haven’t used the fund often in recent times, but we expect now that OpenBazaar is launched it will happen more frequently, especially since merchandise sales began. We’re committed to transparency and will ensure that payments made out of the project fund will have the details noted.
All sales of merchandise on the @OpenBazaar store will go directly into this fund, and reimbursements for shipping costs and purchasing the merchandise from vendors will then be made. We’ll try as much as possible to use vendors that accept Bitcoin.
The same is true for bug bounties, maintaining server infrastructure, conference costs, and other expenses. They will all come out of this fund, with the preference of paying Bitcoin directly but using reimbursement if necessary.
If you have questions about the project fund please join our Slack and contact us there.