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Fedimint brings together a series of federations whose purpose is to allow their users to create communities. Within these communities, it is possible to integrate Bitcoin storage or the use of the Lightning Network system. An initiative from the company Fedi aimed at making Bitcoin more accessible.
Successful fundraising for Fedi
In a recent press release, tech startup Fedi announced that $17 million was raised during a financing transaction. According to the claims of Obi Nwosu, CEO and co-founder of Fedi, the funds raised will be used mainly to facilitate the use and understanding of Bitcoin by newcomers.
Big news: We’re announcing nearly ₿ 604 ($17.1mm) in new investment to build Fedi, the world’s first federated operating system. More News? We are about to release an Alpha version of Fedi for builders and pioneers to play with. let’s go #LevelUpHumanity💪 https://t.co/FbGnDisDfE
— Fedi (@fedibtc) May 3, 2023
To do this, the company will use “federation” services. private and scalable. For CEO Fedi, the company plans to strengthen communities around the world by accelerating the adoption of new technologies like Bitcoin and Lightning Network.
It is to this end that Fedimint federations will be deployed within communities and companies around the world plays a dominant role in the organization’s work plan.
What is Fediment Federation?
Fedimint federations are based on an open source encryption program. This is an encryption tool focused on bitcoin which allows users to create communities (made of friends, neighbors, businesses or any other group of people) where a combination of Bitcoin and the Lightning Network can be found.
According to information published by the company, Fedi wants to use a community derived from a federation to provide a simpler and easier way to use Bitcoin.
In addition, the Fedimint protocol was designed to allow distribute power to several depots, making it more difficult for an individual to withdraw from depositing the funds.
In an interview he gave to Decrypt, Nwosu confirmed this hypothesis by stating that one of the main advantages of the Fedimint protocol because of its ease of use. Through its federation, it provides an incredibly powerful yet simple way to use Bitcoin without the need for a third party.
The Fedimint protocol also allows Bitcoin to scale to billions of users and give manufacturers the ability to expand the functionality of the Bitcoin ecosystem more easily than existing smart contracts, DeFi and Web3 solutions.
The ultimate crypto anonymity tool?
Beyond these elements, the company also claims to offer Fedi much more privacy for its users than the crypto wallets used today.
According to the CEO, the Fedimint protocol program is also participating to hide the identity of the members of a federation as well as the amount of Bitcoins each user has. So not a guardian will only have the ability to see this sensitive data.
In addition, Fedi’s company planned to expand beyond Bitcoin with the development of a unified operating system that would allow Fedi users to gain complete control over their money and data. For that, he would have to join one or more trusted federations of his choice.
Source: Decrypt
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