Fedimint launches Hackathon with a prize of 2.5 Bitcoin Bitcoin Magazine

Tech company Fedi is launching a Bitcoin hackathon that will pay out 2.1 BTC to the winner to celebrate Bitcoin’s 14th anniversary.

Fedi, which is focused on building a community escrow platform based on Fedimint, wants to encourage developers to build a Fedimint module that will help bring real-world benefits to users.

The bounty is open, which means developers can code whatever functionality they want; but of course they are incentivized to work on what would make the most impact. Fedi shared some ideas of what they could be, including modules that would allow a community savings fund to accumulate bitcoins for a large project, store value in a local currency like dollars, receive payments privately via QR codes or static links ( similar to CLN’s BOLT 12 offers), or operate a vote-based spending pool.

Fedimint is an open source escrow platform that allows users to not only store their bitcoins, but also extend the functionality of their bitcoins with privacy, smart contracts, and more. It is based on the concept of second party custody, which involves entrusting family members or friends with custody of your bitcoin in a way that enhances the trust and security models inherent in classic third-party centralized custody solutions. And it takes advantage of Federated Chaumian Ecash, which means users get privacy too. In one wordFedimint wallets have the potential to bring greater privacy to Bitcoin users with better security than third-party escrow setups and more ease of use than full 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,” Obi Nwosu, CEO of Fedi, said in a statement sent to Bitcoin Magazine. “Bitcoin was built to be strong peer-to-peer money with complete privacy, and that’s what we want to offer everyone globally. We’re excited to see what the broader Fedimint community can achieve and what ideas are out there for extending Fedimints to solve real world problems using bitcoin”.

It covers is launching the hackathon in collaboration with Epochan upcoming provider of capital for Bitcoin projects with the goal of supporting layer 2 and 3 protocols that enable global adoption of bitcoin.

Winners will be announced within five days of the submission deadline: January 31, 2023. First place will get 210 million satoshis (2.1 BTC) and a commitment to back their module on the Fedi product; two finalists will receive 21 million satoshis each, and three honorable mentions will receive 2.1 million satoshis each.

Find more details about the contest and how to participate on the official website of Fedi here. The presentation of projects can be done through this form.