• Fedi is launching a Bitcoin hackathon to celebrate Bitcoin’s 14th birthday, with a bounty of 2.1 BTC to the winner.
• The hackathon will focus on developing a Fedimint module that will bring real-world benefits to users, such as communal savings pools and private payments.
• Fedimint is based on the concept of second-party custody and leverages Federated Chaumian Ecash, bringing strong privacy and better security than third-party custody solutions.
Fedi, a technology company, 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, and will focus on developing a Fedimint module to bring real-world benefits to users.
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. This system leverages Federated Chaumian Ecash, which means users also gain privacy. The potential of Fedimint wallets is 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.
The Bitcoin hackathon 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. Some ideas of what these could be include 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.
The hackathon is a great opportunity for developers to showcase their skills and get rewarded with a significant bounty. It is also an exciting initiative that celebrates Bitcoin’s 14th birthday and encourages development of functionalities that will bring real-world benefits to users. Fedi is looking forward to seeing the creative solutions that developers come up with for the hackathon.