• Market Cap: $1,088,335,154,763.63
  • 24h Vol: $81,414,714,065.43
  • BTC Dominance: 45.79%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Expanding Bitcoin Custody Models With FediMint

Jon Hartney by Jon Hartney
July 27, 2022
in Bitcoin, Blockchain, Business, Market
0
Expanding Bitcoin Custody Models With FediMint
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The Fedi team is using the ideas behind Chaumian Ecash to develop alternative custody solutions in order to onboard many more people to bitcoin.

Disclaimer: The author is a venture partner at Ten31, which co-led Fedi’s seed round.

The below is a direct excerpt of Marty’s Bent Issue #1241: “Fedi is here to bring a consumer app building on FediMint.” Sign up for the newsletter here.

We’ve been covering the development of FediMint in Marty’s Bent for a little over a year now. FediMint is an open-source protocol that enables groups of individuals to create federated Chaumian Mints on Bitcoin. When individuals send bitcoin to these federated mints they receive Ecash tokens that represent different denominations of sats. In return, they can then send these within the mint to other users with a high degree of privacy. Once users are inside the federation and transacting with Ecash tokens, federation members do not know who is transacting with whom. This is a very creative way to give end users better privacy while creating an environment in which bitcoin can scale to billions of people.

Last week, Obi Nwosu, Eric Sirion and Justin Moon announced the launch of Fedi, an open-source wallet and commercial company they are building that leverages the open-source FediMint protocol to bring an extremely user-friendly wallet and suite of services to those in desperate need of Bitcoin’s utility as a distributed network with a sound monetary good. As I’ve been saying for over a year, this is one of the most exciting areas of development happening across the Bitcoin stack. It expands the design landscape for those looking to build unique experiences on Bitcoin without having to make changes at the protocol level. It brings badly needed privacy tools to bitcoin users around the world, but particularly to those living under repressive regimes who desperately need the cover of transaction privacy to reduce the chances of being persecuted. It also provides better custody assurances compared to centralized exchanges, helping to nudge users down the path toward full-fledged self-custody.

When discussing how Chaumian Mints can be leveraged to bring increased utility to the Bitcoin stack, most have focused on the simple use case of receiving and sending Ecash tokens — that represent different denominations of sats — in a private and scalable way. What’s even more exciting is that the modular nature of the FediMint protocol will allow individuals to build more complex use cases into their mint offerings, if they so please. For example, Justin Moon and others injected Simplicity, “a low-level programming language with greater flexibility and expressiveness than Bitcoin Script,” into a Chaumian Mint created with FediMint during the Bitcoin++ hackathon earlier in summer 2022. Simplicity has been talked about for a long time within the Bitcoin developer community and is something many would like to see implemented into the protocol but seems to have a very low likelihood of happening at this point. With the emergence of FediMint, it seems that Simplicity could find its way to Bitcoin, just at a different part of the stack than has been expected.

Related articles

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023

This is only the tip of the iceberg of things that could potentially be built on top of FediMint. It will be interesting to see what the Fedi team brings to market with their commercial products. If you want to learn more about how FediMint works and what the Fedi team has planned with their first wallet, I recorded an episode of TFTC with the team that will give you more insight into how all of this works and how it may progress from here.

Read Entire Article
Tags: bitcoinMagzineCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

by Jon Hartney
June 10, 2023
0

Sam Altman confirmed ongoing discussions with chipmaking companies like Samsung Electronics and expressed his

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • OpenAI CEO highlights South Korean chips sector for AI growth, investment June 10, 2023
  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,717.00-3.57%
  • ethereumEthereum(ETH)$1,745.83-5.45%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$238.84-8.52%
  • usd-coinUSD Coin(USDC)$1.00-0.19%
  • rippleXRP(XRP)$0.496280-6.37%
  • staked-etherLido Staked Ether(STETH)$1,744.48-5.36%
  • cardanoCardano(ADA)$0.248874-21.75%
  • dogecoinDogecoin(DOGE)$0.059890-12.18%
  • tronTRON(TRX)$0.068009-12.91%
  • solanaSolana(SOL)$14.83-23.05%
  • litecoinLitecoin(LTC)$77.22-12.79%
  • polkadotPolkadot(DOT)$4.47-11.02%
  • matic-networkPolygon(MATIC)$0.58-25.95%
  • binance-usdBinance USD(BUSD)$1.00-0.09%
  • daiDai(DAI)$1.00-0.01%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,723.00-3.52%
  • avalanche-2Avalanche(AVAX)$11.58-16.97%
  • shiba-inuShiba Inu(SHIB)$0.000007-17.61%
  • leo-tokenLEO Token(LEO)$3.51-0.59%
  • uniswapUniswap(UNI)$3.98-13.90%
  • chainlinkChainlink(LINK)$5.04-16.20%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • okbOKB(OKB)$41.51-7.88%
  • moneroMonero(XMR)$136.32-4.77%
  • cosmosCosmos Hub(ATOM)$7.92-15.46%
  • ToncoinToncoin(TON)$1.48-12.89%
  • stellarStellar(XLM)$0.081294-6.88%
  • ethereum-classicEthereum Classic(ETC)$14.57-14.65%
  • true-usdTrueUSD(TUSD)$1.00-0.28%
  • bitcoin-cashBitcoin Cash(BCH)$100.93-9.24%
  • internet-computerInternet Computer(ICP)$3.81-9.98%
  • lido-daoLido DAO(LDO)$1.84-17.41%
  • quant-networkQuant(QNT)$103.64-5.37%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.36-18.06%
  • hedera-hashgraphHedera(HBAR)$0.044340-9.31%
  • crypto-com-chainCronos(CRO)$0.051587-11.84%
  • ArbitrumArbitrum(ARB)$1.02-10.74%
  • AptosAptos(APT)$5.98-22.65%
  • nearNEAR Protocol(NEAR)$1.21-14.84%
  • vechainVeChain(VET)$0.015049-13.47%
  • paxos-standardPax Dollar(USDP)$1.00-0.26%
  • fraxFrax(FRAX)$1.00-0.16%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.2066.91%
  • the-graphThe Graph(GRT)$0.096029-14.48%
  • rocket-poolRocket Pool(RPL)$44.39-6.55%
  • apecoinApeCoin(APE)$2.34-19.45%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,875.80-5.39%
  • algorandAlgorand(ALGO)$0.108709-13.25%
  • elrond-erd-2MultiversX(EGLD)$30.29-13.44%
  • aaveAave(AAVE)$52.66-12.58%
  • render-tokenRender(RNDR)$2.06-12.49%
  • eosEOS(EOS)$0.68-24.09%
  • usddUSDD(USDD)$1.00-0.25%
  • blockstackStacks(STX)$0.53-16.30%
  • optimismOptimism(OP)$1.09-21.43%
  • the-sandboxThe Sandbox(SAND)$0.379926-21.92%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.74-1.72%
  • Bitget TokenBitget Token(BGB)$0.478290-3.79%
  • tezosTezos(XTZ)$0.72-13.99%
  • fantomFantom(FTM)$0.238239-19.18%
  • theta-tokenTheta Network(THETA)$0.64-15.96%
  • BitDAOBitDAO(BIT)$0.440197-8.29%
  • radixRadix(XRD)$0.061400-8.98%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.338096-19.82%
  • kucoin-sharesKuCoin(KCS)$6.31-6.37%
  • immutable-xImmutableX(IMX)$0.61-17.31%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.25%
  • axie-infinityAxie Infinity(AXS)$4.95-20.53%
  • havvenSynthetix Network(SNX)$1.79-13.47%
  • curve-dao-tokenCurve DAO(CRV)$0.64-15.63%
  • gatechain-tokenGate(GT)$3.86-6.44%
  • makerMaker(MKR)$595.41-5.44%
  • neoNEO(NEO)$7.48-18.42%
  • flowFlow(FLOW)$0.50-19.84%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • terra-lunaTerra Luna Classic(LUNC)$0.000086-12.32%
  • galaGALA(GALA)$0.020724-20.06%
  • pax-goldPAX Gold(PAXG)$1,907.89-1.43%
  • bittorrentBitTorrent(BTT)$0.000001-1.66%
  • tether-goldTether Gold(XAUT)$1,960.90-0.42%
  • xdce-crowd-saleXDC Network(XDC)$0.034650-3.01%
  • bitcoin-cash-svBitcoin SV(BSV)$24.78-18.30%
  • injective-protocolInjective(INJ)$5.91-15.99%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • Tokenize XchangeTokenize Xchange(TKX)$5.74-6.87%
  • compound-ethercETH(CETH)$35.03-5.47%
  • casper-networkCasper Network(CSPR)$0.041363-5.94%
  • klay-tokenKlaytn(KLAY)$0.146404-11.67%
  • kavaKava(KAVA)$0.80-16.20%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • huobi-tokenHuobi(HT)$2.65-7.53%
  • iotaIOTA(MIOTA)$0.153301-14.37%
  • ShardusShardus(ULT)$0.95221.55%
  • compound-usd-coincUSDC(CUSDC)$0.022881-0.03%
  • gmxGMX(GMX)$45.07-12.87%