Armory Crowdfunding Finished! [UPDATE - *BETA*]

[etotheipi]

Armory is finally Beta!  (v0.86-beta)  (updated screenshots below)

Click here to go to the download page.

Thanks to everyone who donated back in March!  After 9 months and probably another 1,000 hours of development, Armory is finally BETA.  And it's been getting around, too:  1,500 downloads per month for the last 4 months (even while in "alpha")!  If you were intrigued by this project but didn't want to take the plunge because it was "alpha," now is the time to check out how far Armory has come.  And it has come quite far:

• Still 100% free!
• Armory now works on 32-bit and 64-bit Windows and Linux (no installers/packages yet for OSX, but RedEmerald has made it quite accessible with a few terminal commands)
• GPG-signed installers & uninstallers for both Windows and Linux (using the Armory Signing Key)
• Bulk address importing/sweeping
• Insta-load allowing you to manage your wallets while Armory is scanning.
• Export transaction history to .csv file
• System tray icon, with notifications!
• Coin Control (available in "Expert" mode)! Full control of transaction inputs and customizable change output (bolded because of high demand for it)
• Full "bitcoin:" URL handling in both Windows and Linux (and a place to enter the URL manually if clicking the links don't work for some reason)
• Create clickable payment requests to be copied into emails or wepages.
• Export your transaction histories
• Minimize to system tray
• Version checking and notification
• Endless polishing (table sorting, formatting, preferences, filtering, warning windows, action verification checks, tooltips/mouseover text on everything, etc)

And of course, that is only what is new to Armory!  Don't forget that Armory gives you:

• Painless offline wallets (cold storage)!
• Multiple-wallet interface
• GPU-resistant wallet encryption
• Deterministic wallets
• Only-one-time-needed-ever backups!  Print one off when you create the wallet, protect it forever!
• Watching-only wallets
• Key importing and sweeping
• Message signing
• And lots more I can't even remember!

And now the things that aren't done yet:

• Still requires Bitcoin-Qt to be running -- this is actually a net benefit despite the inconvenience.  There's a new page describing why this is good (essentially, you get the network security of Bitcoin-Qt with the features of Armory).
• Dramatically reduced RAM usage compared to original, but rapid blockchain acceleration has made even that solution RAM-heavy.  If your system has 4+ GB of RAM you probably won't notice.  The next major update will be swapping RAM for HDD space, but I wanted the first release to be a stable version for those that like to keep Armory on portable media.
• No migration of Bitcoin-Qt wallets/addresses (was implemented before, but Bitcoin-Qt started using compressed keys that Armory wallets couldn't support).  A new wallet format is in the works that will not only support Bitcoin-Qt wallets, but also multi-sig!

Crowdfunding period:  Feb 18 to Mar 19, 2012  (FINISHED)
Total RocketHub Donations (Credit Cards):
$2661
Total Bitcoins Donated
271.4 BTC
BTC Value converted to USD (via MtGox, multiple sell orders):
$1442
Total Funds Raised:
$4103


Update:  I have decided to continue providing rewards/gifts for BTC donations.  I have posted the list of available donation amounts and corresponding gifts on the Donating for Armory Development page.  All donations are used to replace salary that I am not receiving while working part-time on Armory!

Crowdfunding Wrap-up:

Thanks so much to everyone that donated to this project.  While some have complained that it's a shame I couldn't raise the full amount of funding, I do not consider this a failure in any way.  The amount of money raised is very significant, and much more than colleagues of mine thought was even possible.  Not only did I raise enough to make a difference, but I got to do a lot of networking with a lot of fellow Bitcoiners.  I didn't expect to end up with so many new contacts, all interested in Bitcoin, and Armory!

Maybe $12K was ambitious.  The number was chosen because that's what I'd feel comfortable with to go down to 28 hours/week.  The fact that I raised $4K is no small feat, and still leaves a lot of room to take time off of work, and really focus on Armory.  I should be clear that I really like my job, it's just that Armory has turned out to be so much more interesting and rewarding.  I am looking for any excuse I can to work more on Armory and less at my real job.  I think that I will take a leap and drop to 32 anyway, despite being the condition I laid out for raising $8k.  Screw it, I want to do it.  I live below my means for a reason, and this seems like a rare (and justifiable) opportunity.  It's something I really want to do, and happens to be something lots of other people want me to do  

Even though I didn't raise the full amount, I'm still committed to keeping the core, Armory desktop application free.  It will be my primary focus for the rest of year, or until it's "done."  The word, "done", is a way of saying: "everyone can use it, with all the security features, offline wallets, multi-sig interfaces, translations, web-server accessibilities, and can be considered a direct replacement for the Satoshi client".  It's not until that time that I will look for other ways to make money:  perhaps through licensing to other developers,  creating add-ons to integrate services directly into the client, or just renting myself out as a consultant.

Until that time, I'm sure the Satoshi client and other clients will work to integrate many of the same features as Armory.  This is fine with me:  if Armory had any part in spurring competition in the client marketplace and bringing good ideas to the other clients, then I'll consider it another metric of success.  After all, part of my goal is seeing Bitcoin succeed, not just Armory.



Thanks so much for the community support!  I am looking forward to continue working on Armory.
-Alan

 
-------------



Cold Storage for the Average User - Part of Armory!
With the recent, high-profile BTC thefts, it appears that multi-signature transactions and "cold-storage" could close this gaping hole in Bitcoin security (it seems that slush actually saved himself a lot of money by using cold-storage).  But multi-signature transactions are not yet enabled on the network, and most users don't have the patience or skill to manage offline wallets.  Until now!  Armory contains a lot of fantastic features, but the most important one is Armory Offline Wallets, which gives regular users "cold-storage" capability.  All those other awesome features of Armory are just a bonus (multiple deterministic wallets, one-time paper backups, key import/export, GPU-resistant wallet encryption, etc).  

If you donate $300+ to this crowdfunding campaign, I will be sending you a used laptop and USB key, already prepared for use as an offline wallet manager!  Three laptops have already been claimed!


UPDATE:  Encryption Seminar is Being Distributed
Understanding Encryption:  Using Boring Math for Something Useful
For $10 in credit card donation or BTC donation, get the seminar!  There is no cheaper way to get a thorough introduction to cryptography, with or without a math background!  If you are unsure, see cypherdoc's review of the seminar!  



-----

Many of you probably heard about Armory Bitcoin Client.  If not, I recommend you check it at:  http://bitcoinarmory.com.   I am very excited about the future of this project, and I have received extraordinarily positive feedback and encouragement based on the alpha release I made last week.   I believe this is the beginning of the future for Bitcoin on the desktop!

Armory includes: multiple wallet interface, deterministic wallets, GPU-resistant wallet encryption, one-time paper backup printing, key import/sweep/export (including VanityGen and Casascius physical bitcoins), and different user modes depending on your Bitcoin experience level ("Standard", "Advanced" and "Developer").  And the holy-grail feature of "Armory Offline Wallets," giving you the highest level of Bitcoin wallet security available!  See the following links for more information:

• Main Armory Webpage
• Armory thread on the Bitcoin forums (with feature list)
• Download Armory or Build it from source
• Tutorial of Armory Offline Wallets

Time for crowdfunding!





Click here to see the Crowdfunding campaign and donate



If I can raise $12,000 from the community, I will drop from 40 hours-per-week to 28 hours-per-week at my regular job, solely to continue development of Armory!    
Please see the RocketHub posting for precise details about project direction, development plans/promised features, cool rewards for donors, and conditions for overfunding or underfunding.

I have proven my skill and commitment to the Bitcoin community with over 1,000 hours of development to produce this working prototype of Armory -- and without any financial motive so far.  The donations will help me cover living expenses and the extra time will let me pay a little more attention to my girlfriend whom has been heavily neglected the last 8 months.   In exchange, I guarantee that Armory will receive 100% of my focus, and be maintained as a free and open-source project, with all the most powerful features available.  

Plus, there are some pretty awesome rewards for those that donate a lot.  Get a custom USB key for offline transactions, Casascius physical bitcoins, tshirts, and even a used laptop/netbook, already prepared for use as an offline wallet manager!  To donate with a credit card, you only create a login, and you will be taken straight to a credit-card donation page.  It may be annoying to create a login, but I do need the personal information to communicate with donors and send rewards!




Donate BTC to this campaign using:  1Rocketc8FRo18MyJSc3sjNEs2W2R8api

All BTC donors will receive the same rewards as credit card donors, at the market price of BTC at the time of the donation.  In order to receive your rewards, you must email me immediately after you send the Bitcoins, to etotheipi@gmail.com, to provide me with your email address and a mailing address (if you donate $25 or more).  If you can include a Tx ID that is preferable, but not required. If there is any question about who donated, I may request proof that you own the donor address, either with the upcoming 0.6.0 Satoshi client, or a similar feature in the Armory interface.

The above Bitcoin address has been specifically designated (by me) for such donations, and can be tracked using blockexplorer or blockchain.info.  

If you have a choice, I request that you donate through RocketHub.  It is easier for me to track donors, and I want to make sure RocketHub gets their share, for helping me out.  But please don't let that discourage you from donating in Bitcoins if that's your preferred method (this is the Bitcoin forums, after all!).


The reason I picked RocketHub is that I keep donations even if I don't complete the funding goal -- this is critical because I expect a lot of people will actually donate in BTC, outside of the RocketHub page.  If I only raise $7k in cash, and $5k in BTC, I technically met my goal but wouldn't receive the $7k if this was an all-or-nothing website like Kickstarter.
(Actually, I would've preferred all-or-nothing funding, because it comes with a lot less gray-area outcomes and more donor motivation, but I have laid out exactly how I will handle underfunding and overfunding on the RocketHub page).


Finally, please share this link with anyone else who might be willing to donate!


A special thanks to Paul Martello and Jim Nguyen for donating higher amounts than I thought anyone would.  You guys are amazing!  I am so grateful for your generosity!  Also Mr. Jere Jones who donated $100... that's nothing to sneeze at!  
And trust me, I appreciate all the other donors, too.  You are all making my day.  Thanks so much for your support!  (please PM or email me after you donate if you don't want public recognition for your donation).

[1713919245]

1713919245

[westkybitcoins]

Sounds exciting. Definitely watching.

[Jon]

>$12,000

Sadly, Bitcoin development is this expensive at the moment. You couldn't get Russian coders to build this cheaper than that.

I mean, you could but you would need to log their every move and yell at them over Skype constantly; that would be a lot of sweat and tears.

[cypherdoc]

>$12,000

Sadly, Bitcoin development is this expensive at the moment. You couldn't get Russian coders to build this cheaper than that.

I mean, you could but you would need to log their every move and yell at them over Skype constantly; that would be a lot of sweat and tears.

well then, consider it a bargain.  there aren't too many ppl around here as brilliant as eto and this product has incredible potential. 

[etotheipi]

>$12,000

Sadly, Bitcoin development is this expensive at the moment. You couldn't get Russian coders to build this cheaper than that.

I mean, you could but you would need to log their every move and yell at them over Skype constantly; that would be a lot of sweat and tears.

After fees and rewards (and god, probably taxes, too), this will be like $8,000.  At 30% of my time, this is like having a salary of $24,000-$30,000.  Most people who do this kind of work get paid 2x to 4x that in salary before benefits.  Not to mention, that calculation is for 12 hours per week, and I will actually be spending 30-40 hours a week on this.  I think the community is actually getting a great deal, here!

I won't reveal my actual salary, but this definitely doesn't cover 30% of it.  It doesn't cover half of that.  But, I already live below my financial ceiling, and this project is much more rewarding than my regular job.  And, I get to work from home!  (though my regular job is pretty cool, too, so I can't complain too much).  

[fornit]

>$12,000

Sadly, Bitcoin development is this expensive at the moment. You couldn't get Russian coders to build this cheaper than that.

I mean, you could but you would need to log their every move and yell at them over Skype constantly; that would be a lot of sweat and tears.

well then, consider it a bargain.  there aren't too many ppl around here as brilliant as eto and this product has incredible potential. 

qft!

i think if you had to put a number to the value of current armory codebase its probably somewhere in the range between 100k-500k usd. for example it has 23k lines of code according to etotheipi. if you put something like 10k logical lines of code (just an estimate) into the cocomo model you end put with an estimated production cost of 270k usd and 27 months of work. of course that doesnt say anything about the actual code quality, the amount of original and innovative work he has done (alot imho), how well its documented and so forth. but i think it still gives some indication of the actual value his work would have as contract work.
due to the amount of innovation armory contains the value for bitcoin as a whole will likely be much higher in the end.

[etotheipi]

...it has 23k lines of code according to etotheipi...

Btw, it's been a while since I added it up, so I just re-ran "wc" across all the files I created myself:  

• 20,000 lines in .py files (including unit tests)
• 11,000 lines in .h and .cpp files

That's 31,000 lines, including empty lines and comments.  And I do have tons of comments.  But, I've always been taught if you spend a lot of time writing comments, you deserve to have those lines counted in your favor

[amencon]

>$12,000

Sadly, Bitcoin development is this expensive at the moment. You couldn't get Russian coders to build this cheaper than that.

I mean, you could but you would need to log their every move and yell at them over Skype constantly; that would be a lot of sweat and tears.

well then, consider it a bargain.  there aren't too many ppl around here as brilliant as eto and this product has incredible potential. 

qft!

i think if you had to put a number to the value of current armory codebase its probably somewhere in the range between 100k-500k usd. for example it has 23k lines of code according to etotheipi. if you put something like 10k logical lines of code (just an estimate) into the cocomo model you end put with an estimated production cost of 270k usd and 27 months of work. of course that doesnt say anything about the actual code quality, the amount of original and innovative work he has done (alot imho), how well its documented and so forth. but i think it still gives some indication of the actual value his work would have as contract work.
due to the amount of innovation armory contains the value for bitcoin as a whole will likely be much higher in the end.

Yup anyone that has had an even slightly complex custom program or app coded in or for an enterprise environment would know that 12k is nothing.

Haven't checked this out yet but it sounds good.  Thanks for the work so far eto.

[Daily Anarchist]

Alan Reiner works at a physics lab in Maryland.

I used to do undergraduate research here:

http://www.ireap.umd.edu/

Curious where Alan works.

I would bet cash money the work he's doing on Armory will benefit the world way more than any government funded research he's doing for a living.

I hope he/you get your donations so that you can do it full-time!

[jimbobway]

I will be donating. Out of town now but will come up with a figure soon.

[gigitrix]

Bumping. I'm poor but I made a token 0.05 BTC donation. Figured every little helps (and you get a bump if nothing else). Want to encourage those who are on the fence to make small donations too: this is where accepting BTC really pays off hopefully.

[Savior]

This looks really interesting, I have never tested it thought. Maybe put a easy to download and install file up when you have a "stable" release? I have no clue thought.
I am still running bitcoin client 0.3.23-beta ..I want to download your armory client but don't want to update too often.
Donating one btc thought to help a little bit

[PLATO]

Can I save my Armory wallet in a standard wallet.dat format readable by the Satoshi client? Will it work both for versions < 0.5.0 and > 0.5.0?

[jim618]

Good luck with your crowdfunding campaign etotheipi !

Half a dozen BTC is winging its way to you as I type.

:-)

[fornit]

Can I save my Armory wallet in a standard wallet.dat format readable by the Satoshi client? Will it work both for versions < 0.5.0 and > 0.5.0?

no.
armory wallet files are fundamentally different from those of the original client. all addresses are generated from an initial seed value. that way the wallet file doesnt have to include the actual addresses. it stays small and backups automatically include all future addresses you use.
you could still fake a conversion to a standard wallet.dat, but this copy would always include only a finite number of addresses. plus you cant convert it back.
the implementation is also different since armory doesnt use berkely db. i guess its still possible but might be a lot of work. i think there is quite a lot of stuff to work on thats more important than that.

[kangasbros]

I sent a small donation, hope that you succeed.

Honestly, I really think that this kind of development is kind of waste of time. The "bitcoin wallet" software is pretty well solved problem. There exist numerous other bitcoin related projects & ideas, which could be much more important to the bitcoin project in general. Some of those projects could be even profitable businesses in the near future.

However, I appreciate every developer there is in the bitcoin project, and wish you a good luck

[marked]

Honestly, I really think that this kind of development is kind of waste of time. The "bitcoin wallet" software is pretty well solved problem. There exist numerous other bitcoin related projects & ideas, which could be much more important to the bitcoin project in general. Some of those projects could be even profitable businesses in the near future.

The bitcoin software is really two different things the

o  network handling.
o  bitcoin wallet.

Gavin is making changes to the network side, but not necessarily the User Interaction side.

there are numerous enhancements that can be made to the client -

tx fees as transactions,
tx fees as separate column.

NOT one of the clients I've tested show tx fees as an integral part of the interface. How can you be expected to account properly?
maybe not everyone does or will care, but when the ui says a tx fee should be 0.01 (0.6rc1->settings|options ) what are new users supposed to do? why isn't there a network message from each miner saying that minimum tx should be 0.0005, or whatever the minimum they will accept?

<disclaimer: I've not tested all clients, and not tested all functions>

QIF/OFX import/export
gnucash integration

mining pool integration (e.g. I can expect xx.yyBTC in z blocks time from )

folders for addresses (eg. keep all my onetime deposits to bitcoin-kamikaze in one folder, my deposits to intersango/cryptoxchange/mtgox/tradehill/bitcoinica in another.)

hide addresses

multiple private key import, qr codes

coderr's patch for anonymity which allows address selection

electrum doesn't show the max available balance that can be sent along with fee, so you have to chop your way to an answer, neither does bitcoin client 0.6rc.

bitcoin client uses berkeley db which has no native tools for repairs (cygwin has 4.5, but bitcoin client is 4.8 or 4.7), the python environment to run pywallet/walletco/bitcointools is DISASTROUS for anyone inexperienced.

sorting on addresses/dates

electrum doesn't allow address book selection from the send page - has to be from the contacts page.



marked

[etotheipi]

Honestly, I really think that this kind of development is kind of waste of time. The "bitcoin wallet" software is pretty well solved problem. There exist numerous other bitcoin related projects & ideas, which could be much more important to the bitcoin project in general. Some of those projects could be even profitable businesses in the near future.

I hardly see how bringing extra security and a world of new functionality to the desktop is a waste of time.  

• The simple addition of "deterministic wallets" requiring only a single backup at creation time, solves a tremendously frustrating problem with other clients (with the Satoshi client, you have to re-backup your wallet every 100 transactions).  Being able to print the backup makes it even more robust (visually verifiable, easier to store).
• The multiple-wallet interface is an extremely high-demand feature from users all over the forum.  And it is especially useful for businesses that want to segregate their books/funds.
• Key import & sweep is a feature that had a $500 bounty from Casascius on the D&TD forums, because of how useful it is (and Armory is the first application to do it).
• Watching-only wallets enabling you to separate private and public keys gives a level security that is unmatched, both for users and businesses.  Maybe you're not concerned about security, but other users are.  Especially businesses, which can now give employees watching-only wallets for collecting and verifying payments, but the employer with the full wallet is the only person that can spend the funds.
• Multi-signature transactions, with contracts, are going to be a critical addition to the Bitcoin network.  It will enable a new world of functionality for parties to do business with one another.  But it's also very complicated, and going to require a very innovative interface to bring that capability to the users.

On top of that, Armory is not strictly focused on the desktop.  It may be right now, while I get the core functionality implemented.  But my intention has always been to make smartphone apps, too.  But that needs the features I built into the desktop:  two-factor authentication w/ smartphone will require deterministic, watching-only wallets, and that just doesn't exist anywhere else.

I hope you will change your opinion of it.  Either way, thanks for your donation.  I am impressed that you donate despite your opinion of the effort.

[evoorhees]

I'd like to give Alan a huge endorsement for the incredible client he is building. I've had the privilege of chatting with Alan frequently, and his character, kindness, and intelligence is inspirational.

Alan deserves any possible donation than anyone can toss his way. He's building a magnificent thing. Armory is serious quality.

[epsillion]

thank you for your efforts i am very impressed with this and am pleased to have become a supporter. Making a donation helps me to contribute to the community without having the necessary skills to contribute in other areas. Thank you for this opportunity .