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Collaboration: Fedimint #521

Description

@mouxdesign

Group 1 (1)

Fedimint

Bitcoin is a powerful human rights technology that enables anybody in the world to be their own bank.

Anyone, anywhere in the world, can run their own node, custody their own funds, and transact permissionlessly over the Bitcoin main chain or the Lightning Network.

We believe that creating simpler, private user experiences will be critical in promoting the human rights benefits of bitcoin.

Fedimint is built on three guiding pillars.

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Community Custody
Ideally bitcoiners should run their own nodes and custody their own funds.

Many people find the technical challenges of running their own nodes and holding their own funds through recovery phrase management prohibitively difficult, and opt into trusting a third party custodian like exchanges or custodial wallets.

These users sacrifice their privacy and security in favor of speed and convenience. This represents a systemic risk to the bitcoin network as large quantities of bitcoin are aggregated into single custodians.

Fedimint aims to address this by distributing custodianship across millions of communities, making it simple for them to bank themselves. These community focused 'banks' are known as Fedimint Federations.

We are building a solution which allows users to onboard to Bitcoin in a manner they find extremely convenient, without sacrificing privacy and security.

Fedimint allows bitcoiners to onboard new users, assisting them in their custody and payment model. Instead of referring a new bitcoiner to a third party custodian, you can onboard them yourself as part of a Federation.

Put another way it allows you to be your mum's / friends / villages bank.

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Project goals

  • UI that manages the lightning gateway
  • Onboarding process of setting up the federation
  • Admin UI: This would be for when the federation is already set up
  • Mobile app

Resources and links

Discord
Website

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