{"id":160648,"date":"2022-07-19T11:04:16","date_gmt":"2022-07-19T11:04:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160648"},"modified":"2022-07-19T11:04:16","modified_gmt":"2022-07-19T11:04:16","slug":"bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south\/","title":{"rendered":"Bitcoin is for billions: Fedimint on scaling BTC in the global south"},"content":{"rendered":"

\u201cBitcoin is for billions, not billionaires,\u201d a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint.\u00a0<\/p>\n

The protocol that aims to scale Bitcoin (BTC) while making it more private has been buoyed by a $4.2 million seed round for the Fedi application.<\/p>\n

Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about the \u201cincredible group of inspiring people who we are working with to support their activities to increase the freedoms of some of the most oppressed regions of the world,\u201d and why the mobile app Fedi could solve issues related to scaling, custody and privacy. <\/p>\n

Lyudmyla Kozlovska, head of the Open Dialogue Foundation \u2014 which focuses on supporting people in post-soviet Europe \u2014 Farida Bemba Nabourema, a Togolese human rights activist, and Fadi Elsalameen, president of the Palestinian Security Project and a fellow at the Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies, support the Fedi app\u2019s development and its impact in the global south and emerging economies.<\/p>\n

In brief, the Fedi wallet app connects users to Fedimint \u201cfederations.\u201d \u00a0The Fedimint protocol (which takes its name from \u201cfederated\u201d and \u201cmint\u201d) uses multi-signature (multisig) technology and trusted community members called guardians.<\/p>\n

<\/p>\n

Nwosu told Cointelegraph that Fedi hopes to have the biggest impact on those located in the global south and that the firm is \u201cuniquely placed to help which is why we will put special focus on deploying into these communities.\u201d<\/p>\n

Farida Nabourema, a Togolese human rights activist, explained to Cointelegraph that in \u201cpoor parts of the world,\u201d acquiring a hardware wallet is near impossible. Hardware wallet distributors including Ledger, ColdCard and Trezor are not present on the continent of Africa, despite the fact that \u201cAfrica has the fastest growing adoption rate and Togo, for example, was listed among the top 10 countries having the fastest adoption per capita based on the 2021 Chainalysis report.\u201d<\/p>\n

<\/p>\n

The Fedi app may go some way in resolving these issues, allowing for greater exposure to Bitcoin in Africa,\u00a0Nabourema continued:<\/p>\n

\u201cFedimint solves a lot of our problems in one system. It offers us an extra layer of security to keep bitcoin purchase and ownership totally decentralized, anonymous and offers an extra layer of ownership.\u201d<\/p><\/blockquote>\n

Nabourema details that the \u201cfederated wallet method\u201d takes inspiration from the traditional savings methods used across Africa and emerging markets in the Caribbean and Latin America. Known as a \u201ctontine\u201d in francophone West Africa, a \u201csousou\u201d in Nigeria, or a \u201czu-zu\u201d in Trinidad and Tobago, these community savings tools help thousands of people to plan for their future. It\u2019s among the oldest peer-to-peer savings technologies: <\/p>\n

\u201cThis model has helped millions of people, especially women who were traditionally excluded from the banking system to fund their businesses, their children’s education, to acquire properties among others.\u201d<\/p><\/blockquote>\n

Fedimint uses this community-backed approach to finance but uses a decentralized immutable currency i.e., Bitcoin. \u201cIn addition, Fedimint adds an extra layer of security and more importantly privacy as the custodians can keep the amount they own totally private from others,\u201d Nabourema highlights.\u00a0<\/p>\n

Nourou, the founder of Bitcoin Senegal \u2014 a grassroots Bitcoin adoption campaign located in the populous West African city\u00a0of\u00a0Dakar \u2014 told Cointelegraph that Fedimint\u2019s community-backed approach is a reflection of how certain Bitcoin enthusiasts run nodes. <\/p>\n

Related: Bitcoin in Zimbabwe: Importing cars and sending money to family<\/em><\/strong><\/p>\n

Nonetheless, the way in which the groups of trusted community members called \u201cguardians\u201c interact with Bitcoin using Fedi remains unclear at this stage and could pose risks, he explained:<\/p>\n

\u201cIn this instance, guardians would have more powers than others on the network, which could create centralization challenges. Plus, there could be a risk of certain people abusing their elevated responsibilities.\u201d<\/p><\/blockquote>\n

Nwosu explained that \u201cFedimint is a federated custody protocol that complements the Bitcoin monetary protocol and Lightning payments protocol to provide a complete solution to holding, using, and securing Bitcoin at global scale.\u201d Community custody is a brand new development in the Bitcoin protocol, while multisig, in which two or more signatories are required to move Bitcoin, has existed for almost a decade.\u00a0<\/p>\n

<\/p>\n

Although Africa is a clear candidate for Bitcoin scaling and community-backed advancements, Nwosu told Cointelegraph that Leopoldo Lopez, the Venezuelan opposition leader who co-founded the political party Primero Justicia in the year 2000, has also shown interest. Reportedly, the solution that Fedi poses could \u201cmeet the needs of the people in Latin America at scale.\u201d <\/p>\n

Nabourema concluded that Fedimint will be \u201ca lifesaver for millions of citizens living in developing worlds and most importantly those that face brutal authoritarianism at the hands of their government which tends to control their money and how they use it.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cBitcoin is for billions, not billionaires,\u201d a<\/p>\n","protected":false},"author":3,"featured_media":160647,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin is for billions: Fedimint on scaling BTC in the global south - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin is for billions: Fedimint on scaling BTC in the global south - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"\u201cBitcoin is for billions, not billionaires,\u201d a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-19T11:04:16+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Bitcoin-is-for-billions-Fedimint-on-scaling-BTC-in-the-global-south.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-is-for-billions-fedimint-on-scaling-btc-in-the-global-south\/\",\"name\":\"Bitcoin is for billions: Fedimint on scaling BTC in the global south - 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