• Fedi, a technology company, is launching a Bitcoin hackathon that will award the winner 2.1 BTC in celebration of Bitcoin’s 14th birthday.
• The bounty is open-ended, meaning developers can code the functionality they want, but they will be incentivized to create a module that brings real world benefits to users.
• Fedimint is an open source custody platform that allows users to store their bitcoin and extend the 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 award the winner with 2.1 BTC. The bounty is open-ended, meaning developers can code the functionality they want, though they will be incentivized to build out a Fedimint module that will bring real world benefits to users. Such modules could include communal savings pools to accumulate bitcoin for large projects, storing value in a local currency such as dollars, receiving payments privately via static QR codes or links, and operating 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. 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.
Obi Nwosu, CEO of Fedi, shared in a statement sent to Bitcoin Magazine, “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 provide a decentralized financial system, but the potential for its use beyond that is immense. We’re hoping the hackathon will spur the development of groundbreaking applications that will help bring real world benefits to users.”
The hackathon is open to anyone who wants to participate and will end on the 14th of January 2021. Participants can register for the hackathon at the official website and will be provided with access to the Fedimint platform. Those who wish to submit their project will be asked to provide a proof of concept, along with a brief explanation of how the project works. The winning project will be announced on the 14th of February 2021.
All in all, the Bitcoin hackathon is a great way to celebrate Bitcoin’s 14th birthday and to encourage developers to create applications that will benefit users. Fedimint has the potential to bring strong privacy to Bitcoin users with better security than third-party custody solutions and more ease of use than fully-fledged self-custody solutions. The hackathon is sure to bring innovative ideas and applications to the community and will hopefully spur the development of groundbreaking applications that will bring real world benefits to users.