Since it's a project on a different website, wouldn't it be more logical to ask the question on their forums?
The text you see at startup (at 74880 Baud) is the boot process of the ESP8266 itself:
Code: Select all ets Jan 8 2013,rst cause:2, boot mode:(3,6)
load 0x40100000, len 1856, room 16
tail 0
chksum 0x63
load 0x3ffe8000, len 776, room 8
tail 0
chksum 0x02
load 0x3ffe8310, len 552, room 8
tail 0
chksum 0x79
csum 0x79
When the initial boot is succesful, it will look like above (no warnings, no errors, etc.) and it will start to run the code stored in flash (your "ino").
This code can have a different Baud rate set (the default is 115200 Baud), since 74880 is not a standard rate and is the result of the used (26MHz) crystal.
However, if booting fails, the boot messages might contains errors, like:
Code: Select all ets Jan 8 2013 rst cause:1 boot mode:(3 6)
load 0x40100000 len 612 room 16
tail 4
chksum 0xef
csum 0xef
csum err
Note the "csum err" on last line , which means there's an error in the checksum, and the ESP will reboot (and again and again and...).
These checksum errors are 99% of the time due to a bad flash, mainly caused by an insufficient power supply (not stable enough or unable to supply at least 500mA at 3.3V).
When there's a fault in the code, most of the time your ESP will get reset by the internal watchdog:
Code: Select allwdt reset
load 0x4010f000, len 1264, room 16
tail 0
chksum 0x42
csum 0x42
~ld
This is a software fault: it means that the flashing of the code was successful, but code inside the ino is hung at some point, tripping the watchdog (of the WiFi stack) and resetting the module.
In the last case, a good review of the code is required and possible some debugging if needed.