How Fedimint Scales Bitcoin with Obi Nwosu
 
 

Where to find the show

Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.

“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

SHOW DESCRIPTION

Obi Nwosu is a co-founder of Fedimint and a board member of Jack Dorsey’s and Jay-Z’s ₿trust. In this interview, we discuss the mission of Fedimint: empowering communities around the world by allowing them to take control of their money. We also talk about the importance of trust models in relation to storing Bitcoin in Fedimint.

- - - - 

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.

TIMESTAMPS

00:01:22: Introductions
00:03:30: Real Bedford
00:06:18: Fedi and Fedimint explained
00:12:16: Example use case: West African farmers
00:19:42: Volatility risk
00:29:07: Live demo 1
00:40:38: Comparison to Liquid, benefits for Lightning Network
00:52:55: Understanding the concept of trust in a federation
01:02:47: Live demo 2
01:24:42: Fedimint Chat, and offline payments
01:38:34: Fedimint aiding global Bitcoin adoption
01:40:52: Final comments

 

SUPPORT THE SHOW

If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:

If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

SPONSORS

 
 
 
 
 
 
 
 
 
 

SHOW NOTES

Connect with Obi:

Mentioned in the interview:

Other Relevant WBD Podcasts:

PodcastPeter McCormack