2 years ago
The Fedi squad is utilizing the ideas down Chaumian Ecash to make alternate custody solutions successful bid to onboard galore much radical to bitcoin.
Disclaimer: The writer is simply a task spouse astatine Ten31, which co-led Fedi's effect round.
The beneath is simply a nonstop excerpt of Marty's Bent Issue #1241: “Fedi is present to bring a user app gathering connected FediMint.” Sign up for the newsletter here.
We've been covering the improvement of FediMint successful Marty’s Bent for a small implicit a twelvemonth now. FediMint is an open-source protocol that enables groups of individuals to make federated Chaumian Mints connected Bitcoin. When individuals nonstop bitcoin to these federated mints they person Ecash tokens that correspond antithetic denominations of sats. In return, they tin past nonstop these wrong the mint to different users with a precocious grade of privacy. Once users are wrong the federation and transacting with Ecash tokens, federation members bash not cognize who is transacting with whom. This is simply a precise originative mode to springiness extremity users amended privateness portion creating an situation successful which bitcoin tin standard to billions of people.
Last week, Obi Nwosu, Eric Sirion and Justin Moon announced the motorboat of Fedi, an open-source wallet and commercialized institution they are gathering that leverages the open-source FediMint protocol to bring an highly user-friendly wallet and suite of services to those successful hopeless request of Bitcoin's inferior arsenic a distributed web with a dependable monetary good. As I've been saying for implicit a year, this is 1 of the astir breathtaking areas of improvement happening crossed the Bitcoin stack. It expands the plan scenery for those looking to physique unsocial experiences connected Bitcoin without having to marque changes astatine the protocol level. It brings severely needed privateness tools to bitcoin users astir the world, but peculiarly to those surviving nether repressive regimes who desperately request the screen of transaction privateness to trim the chances of being persecuted. It besides provides amended custody assurances compared to centralized exchanges, helping to nudge users down the way toward full-fledged self-custody.
When discussing however Chaumian Mints tin beryllium leveraged to bring accrued inferior to the Bitcoin stack, astir person focused connected the elemental usage lawsuit of receiving and sending Ecash tokens — that correspond antithetic denominations of sats — successful a backstage and scalable way. What's adjacent much breathtaking is that the modular quality of the FediMint protocol volition let individuals to physique much analyzable usage cases into their mint offerings, if they truthful please. For example, Justin Moon and others injected Simplicity, “a low-level programming connection with greater flexibility and expressiveness than Bitcoin Script,” into a Chaumian Mint created with FediMint during the Bitcoin++ hackathon earlier successful summertime 2022. Simplicity has been talked astir for a agelong clip wrong the Bitcoin developer assemblage and is thing galore would similar to spot implemented into the protocol but seems to person a precise debased likelihood of happening astatine this point. With the emergence of FediMint, it seems that Simplicity could find its mode to Bitcoin, conscionable astatine a antithetic portion of the stack than has been expected.
This is lone the extremity of the iceberg of things that could perchance beryllium built connected apical of FediMint. It volition beryllium absorbing to spot what the Fedi squad brings to marketplace with their commercialized products. If you privation to larn much astir however FediMint works and what the Fedi squad has planned with their archetypal wallet, I recorded an occurrence of TFTC with the squad that volition springiness you much penetration into however each of this works and however it whitethorn advancement from here.
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