Tech company Fedi is launching a Bitcoin hackathon that will pay 2.1 BTC to the winner in celebration of Bitcoin’s 14th birthday.
Fedi, which focuses on building a community custody platform based on Fedimin, wants to encourage developers to build Fedimin modules that will help bring real benefits to users.
The bounty is completely open, meaning developers can code the functionality they want; but they are, of course, incentivized to work on what will drive the greatest impact. Fedi showed some ideas of what is possible, including a module that will allow a communal savings pool to collect bitcoins for large projects, store value in local currencies like dollars, receive payments privately through static QR codes or links (similar to BOLT CLN. 12 bid), or operate a pool of purchases based on communal voting.
Fedimint is an open source custody platform that allows users to not only store bitcoins, but also extend bitcoin functionality with privacy, smart contracts, and more. It is based on the concept of held by the other party, which involves trusting a family member or friend with bitcoin custody in a way that improves the trust and security model inherent in classic centralized third-party custody solutions. And using Federated Chaumian Ecash, means users also get privacy. In shortFedimint wallet has the potential to bring strong privacy to Bitcoin users with better security than third-party custody setups and easier to use than full custody solutions.
“At Fedi, we believe that Fedimin will be the ideal open platform for the delivery of consensus-based applications on the internet,” said Obi Nwosu, CEO of Fedi, in a statement sent to Bitcoin Magazine. “Bitcoin was created to be a peer-to-peer sound currency with complete privacy, and that’s what we want to offer to everyone around the world. We’re excited to see what the wider Fedimin community can achieve and what ideas they have to extend Fedimints.” to solve real-world problems using bitcoin.”
Fedi launched a hackathon in collaboration with Epoch, a future provider of capital for Bitcoin projects with the aim of supporting layer 2 and 3 protocols that enable the global adoption of bitcoin.
The winner will be announced within five days of the submission deadline — January 31, 2023. First place will receive 210 million satoshis (2.1 BTC) and a commitment to support the module in the Fedi product; two runners-up will receive 21 million satoshis each, and three honorable mentions will get 2.1 million satoshis each.
Find out more details about the contest and how to participate on Fedi’s official webpage here. Project submissions can be made through this form.