• Fedi is launching a Bitcoin hackathon that will pay out 2.1 BTC to the winner in celebration of Bitcoin’s 14th birthday.
• The hackathon encourages developers to build out a Fedimint module that will help bring real world benefits to users.
• Fedimint is an open source custody platform that allows users to store their bitcoin and extend its functionality with privacy, smart contracts, and more.
Fedi, a technology company focused on building a Fedimint-based community custody platform, is launching a Bitcoin hackathon in celebration of Bitcoin’s 14th birthday. The hackathon will offer a bounty of 2.1 BTC to the winner.
The goal of the hackathon is to encourage developers to build out a Fedimint module that will help bring real world benefits to users. Fedi provided some ideas on what those modules should include, such as a communal savings pool that can accumulate Bitcoin for a large project, the ability to store value in a local currency such as dollars, and the ability to receive payments privately via static QR codes or links.
Fedimint is an open source custody platform that allows users to not only store their Bitcoin, but also extend the functionality of their Bitcoin with privacy, smart contracts, and more. It is based on the concept of second-party custody, which involves trusting family members or friends with the custody of one’s Bitcoin in a way that improves the trust and security models inherent in the classic centralized third-party custody solutions. Fedimint wallets leverage Federated Chaumian Ecash, which means users can also gain privacy.
In short, Fedimint wallets have the potential to bring strong privacy to Bitcoin users with better security than third-party custody setups and more ease of use than fully-fledged self-custody solutions. It is with this in mind that Fedi is launching the Bitcoin hackathon, in order to encourage developers to use the platform to create real-world benefits for users.
In a statement to Bitcoin Magazine, Obi Nwosu, Fedi’s CEO, expressed his conviction that Fedimint would become the ideal open platform for the delivery of consensus-based applications on the internet. He further stated that Bitcoin was created to empower individuals and that the hackathon was an effort to help keep that spirit alive.
The team behind the hackathon is looking forward to seeing the innovative applications that developers will come up with. They are certain that this event will help bring positive change to the Bitcoin ecosystem and make it even better.