• Fedi, a technology company focused on building a Fedimint-based community custody platform, is launching a Bitcoin hackathon where developers can build out a Fedimint module and win 2.1 BTC.
• Some ideas of what those modules could be include tools for communal savings pools, storing value in a local currency, private payments, and a communal vote based spending pool.
• 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.
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 pay out 2.1 BTC to the winner, and is open ended, meaning that developers can code the functionality they want; however, they are incentivized to work on what would drive the most impact.
Fedi has shared some ideas of what those could be, including modules that would enable a communal savings pool to accumulate bitcoin for a large project, storing value in a local currency like dollars, receiving payments privately via static QR codes or links (similar to CLN’s BOLT 12 offers), or operating a communal vote based spending pool.
Fedimint, the platform on which the hackathon will be based, 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. And it leverages Federated Chaumian Ecash, which means users also gain privacy.
In a nutshell, 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. According to Obi Nwosu, Fedi CEO, “At Fedi, we believe that Fedimint will become the ideal open platform for the delivery of consensus-based applications on the internet. Bitcoin was created to democratize trust, and this hackathon is geared toward exploring what that means in practice.”
The hackathon is open to anyone who is interested in building out a module that would bring real world benefits to users, and the potential rewards are considerable. Developers have the potential to not only win the 2.1 BTC bounty, but also to contribute to a platform that could revolutionize the way people store, use, and interact with Bitcoin. There’s never been a better time to get involved in the cryptocurrency industry, and this hackathon could be the perfect entry point for those looking to take their first steps.