We have all heard of our share of open-source software, now this company plans on revolutionizing the electronics industry with open-source hardware. In a discussion with our friends from Engadget (we wish they were our friends), Bug Labs describes how they will provide young (or old) designers with a kit containing a small Linux-based micro-PC with USB, WiFi, Bluetooth, and several other ports for connecting with this device. The system is designed to run home-cooked Java apps to develop software for the device. Numerous components will be available for the design including a small or large screen, QWERTY keyboard, GPS, camera, or speaker, all of which will be accessible and web addressable. For those that will chose to move down to the circuit level, all the hardware component schematics and interface protocols will be available online. There is also potential for the best designs to be submitted for production. This has to be one of the coolest ideas I have ever heard of, and when the kits are released later this year, you can bet I’ll be checking it out. You can read the Engadget article here.