“Bitcoin is for billions, not billionaires.” fedimint is a community custody protocol that wants to prove that through scaling the Bitcoin network to a billion users located in the global south. (Reporting via JoeNakamoto)
The protocol that aims to scale Bitcoin while making it more private has been buoyed by a $4.2 million seed round for the Fedi application.
In brief, the Fedi wallet app connects users to Fedimint “federations.” The Fedimint protocol uses multi-signature technology and trusted community members called guardians.Nwosu told Cointelegraph that Fedi hopes to have the biggest impact on those located in the global south and that the firm is “uniquely placed to help which is why we will put special focus on deploying into these communities.”
“Fedimint 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.” Fedimint uses this community-backed approach to finance but uses a decentralized immutable currency i.e., Bitcoin. “In 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,” Nabourema highlights.located in the populous West African city of Dakar — told Cointelegraph that Fedimint’s community-backed approach is a reflection of how certain Bitcoin enthusiasts run nodes.
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