• Fedi is launching a Bitcoin hackathon that will pay out 2.1 BTC to the winner in celebration of Bitcoin’s 14th birthday.
• The bounty is open ended, meaning that developers can code the functionality they want.
• 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 have a bounty of 2.1 BTC, which will be given to the winner. The bounty is open ended, meaning that developers can code the functionality they want; but they are, of course, incentivized to work on what would drive the most impact. Fedi 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 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.
“At Fedi, we believe that Fedimint will become the ideal open platform for the delivery of consensus-based applications on the internet,” said Obi Nwosu, Fedi CEO, in a statement sent to Bitcoin Magazine. “Bitcoin was created to be a new way of doing things, and we want to encourage developers to build out solutions that utilize this technology to bring real world benefits to users. That’s why we’re launching this hackathon and offering such a large bounty. We want to reward developers for their hard work and innovation, and we hope this will be an incentive for more developers to get involved.”
The hackathon is open to all developers and will run from now until February 14th, 2021. Developers can submit their solutions via the Fedimint Github page, where the team will review solutions and award the bounty. The team encourages developers to get creative and think outside the box when it comes to ideas.
Fedi hopes that this hackathon will be a great way to celebrate Bitcoin’s birthday and encourage developers to build out solutions that will bring real world benefits to users. With the large bounty being offered, Fedi is sure to get an influx of creative solutions that will make a difference.