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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.
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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
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SHOW NOTES
Connect with Obi:
Mentioned in the interview:
Other Relevant WBD Podcasts:
WBD645: The Failure of Central Banking with Matthew Mežinskis
WBD560: Bitcoin Privacy Through Statechains with Nicholas Gregory
WBD551: Fedimint & the Future of Bitcoin Custody with Obi Nwosu
WBD549: Why Bitcoin is the Best Monetary Network with Lyn Alden
WBD540: Should Drivechains Come to Bitcoin? With Paul Sztorc
WBD518: Bitcoin Privacy with Matt Odell
WBD490: Freedom Technologies & Civil Disobedience with Austin Hill
WBD371: Lightning Series: Mastering Lightning with Andreas M. Antonopoulos & René Pickhardt