Project PANOPTES (http://www.projectranoptes.org) is aimed at establishing a collaboration between professional astronomers, citizen scientists and schools to discover a large number of exoplanets with the transit technique. We have developed digital camera based imaging units to cover large parts of the sky and look for exoplanet transits. Each unit costs approximately $5000 USD and runs automatically every night. By using low-cost, commercial digital single-lens reflex (DSLR) cameras, we have developed a uniquely cost-efficient system for wide field astronomical imaging, offering approximately two orders of magnitude better etendue per unit of cost than professional wide-field surveys. Both science and outreach, our vision is to have thousands of these units built by schools and citizen scientists gathering data, making this project the most productive exoplanet discovery machine in the world.