May 12, 2023
How Fedimint Scales Bitcoin
What Bitcoin Did
“We’re effectively the outsource business development arm for the entire Bitcoin ecosystem… Inherent in our model is that we win by ensuring the entire ecosystem wins. ” — Obi Nwosu
It’s hard to believe that Fedimint is only 2 years old. Its development is a regular topic of exciting conversation within the community. It is one of a number of important projects that are leading many to believe we’re on the cusp of a wave of innovation within Bitcoin: Blockstream Developer Neigut expects there will be a ‘Cambrian Explosion’ of Bitcoin Layer 2 Protocols in the future.
Obi Nwosu came back to provide some valuable demonstrations of how Fedimint will work in practice. Lightning transactions, encrypted chat and offline payments are just an example of the developments that the Fedi team have been working on bringing to the Fedimint protocol. All of these back and reinforce the Chaumian mint functionality and multisig custody solution on which Fedimint is predicated.
It is now garnering interest from those looking to use it in anger, with a number of Beta applications being tested. Once officially launched, it has the potential to democratise access to financial systems for millions of communities, providing efficiencies and cost savings currently out of reach. Further, it can make the Lightning Network more efficient whilst opening up access to Bitcoin.