Company Name Fedi
Founders: Obi Nwosu Justin Moon Eric Sirion
Date founded: June 2022
The location of the headquarters: Full remote
Bitcoins held by the Treasury N/A
The number of employees: 27 full-time employees
Website: https://www.fedi.xyz/
Public or private? Private Investigators
Obi Nwosu ran Coinfloor in the UK, an exchange that was successful and long running. Nwosu was irritated by something. He was aware that freedom technologies such as Bitcoin could help him do much more to benefit people in the world.
He and his two partners then founded FediA company has recently launched a new “community superapp“, as Nwosu describes it, provides a simple and secure way not only to handle money but also to communicate and to meet the needs of different communities around the world.
“We created Fedi because it solved a problem that we could see,” Nwosu told Bitcoin Magazine.
“That problem was how to empower disempowered communities around the world and how to get millions of people that were using [bitcoin] exchanges and give them a path to go from third parties to self-custody,” He added.
“We realized that the middle ground was community. If we could find a way to empower communities — to provide an offering which was as good, or in some ways better, than the centralized offerings that are by far still the [custodians that the] vast majority of people use, [and replace them with] parties who individuals trust more than they trust these third parties — that would be the path. That was the beginning idea, and the rest is history.”
If we were to alter Nwosu’s statement, it would be fair to say that history is being made.
The company has developed the Fedi Superapp for over two years. took it live The app will be available on 6 August 2024. Even in the first version, the app is more advanced than Nwosu had imagined when he started the project.
What is Fedi?
According to Nwosu, Fedi has two major components.
“It has the app, also called Fedi, and it has a network of experts who are local and can support users,” He clarified. “We call them the Fedi Order.”
Nwosu calls the application “freedom technologies” Bitcoin Lightning You can also find out more about the following: Nostr. Also, it employs Fedimint protocolThe Lightning Network allows users to use bitcoins as collateral, while minting ecash digital tokens, pegged at the price of fiat currencies, bitcoins, or other assets, is used to protect privacy during transactions.
Beyond that, it lets users send messages privately and has other functionalities, features and even other apps within the app — hence the term “superapp.”
“You don’t have to install multiple apps to get things done,” Explain Nwosu. “[With Fedi,] you have one app and you can, in one place, do all the different things you need to do.”
Imagine WhatsApp, Twitter and Venmo combined in a single app. Fedi is a messaging app that offers a variety of social networking and payment options.
However, because some of this technology is new and difficult to use — particularly Bitcoin, Lightning and ecash mints — Fedi provides community support via the Fedi Order, composed of “Fedi Knights,” What is the best way to describe a “decentralized Genius Bar,” Nwosu, according to
“If you’ve got an iPhone and have a problem with it, you can go to an Apple store and walk up to the Genius Bar and someone who is knowledgeable can help you solve that given problem,” “He said”
“We wanted to replicate that feel. That’s what the Fedi Order does. They provide on the ground community support, which you need if you want to take Bitcoin beyond expert users or enthusiasts,” Nwosu added.
The Fedi community guardians will find this type of assistance particularly helpful.
Guardians and the Federated Custody model
To accomplish Nwosu’s initial plan for Fedi — helping to move bitcoin off of exchanges and into the self-custody of its owners — the company utilizes a federated custody model, or a multisig setup in which various “guardians” The keys to Bitcoin money are in your hands.
They are selected by the community and run together, distributing trust. These guardians also have to take care of bitcoins and ecash for the entire community. The guardians work together to form a federation that is a model of custodial care without any single failure point.
“[Each guardian is] individually trustworthy, otherwise they wouldn’t be in those roles,” Say Nwosu
“The fact that you require two of the three or three of five [to sign off on transactions] increases your trustworthiness significantly. We see this way of working occur in organizations, companies, governments, military and families time and time again,” He added.
“You can add more guardians to increase the level of redundancy and resilience.”
Guardians also have the power to decide how their community will use different modules. “mods”Fedi has a lot to offer.
“Modules are a way of upgrading their Fedi with [more] capabilities,” Say Nwosu
Fedimints comes with three modules. The first is the Bitcoin Module, which allows federated access for communities to Bitcoin; the second module is the Lightning Network, which allows access by community members to Lightning Network. And the third module gives the users the option to mint their own ecash.
Nwosu revealed that additional modules are available, including a module called a Stability Pool Module, which provides “Stable BalanceAssets.
Using the Stable Balance feature, communities can peg their bitcoin to the value of a fiat currency, or the value of another asset — a particularly important feature for communities that might not want to stomach bitcoin’s volatility.
“As long as there is a price feed between Bitcoin and an asset, a stability pool can be set up to provide price stability to the asset,” Explain Nwosu.
“That could be USD, but it could be the local currency. It could be gold. It could be Tesla stock. Different people will use it in different ways,” He added.
Fedi Open Source
You’d think that any company who has taken the time and effort to create a superapp, would be keen to protect its code.
It’s not Fedi.
This is a plan to expand.source its code — code that’s already publicly auditable. The organization is motivated to do this in part because it wants to earn more trust from the community it serves. However, it has also two additional reasons.
It revolves around the business’ philosophy.
“First of all, philosophically, our number one objective is to build a tool that takes the best of the freedom technologies out there and merges them into one,” Explain Nwosu.
“We believe that for many people, privacy and being reliable is really key when it comes to something that’s handling your communication, money and more. The only way to ensure that is at the highest levels is for Fedi itself also to eventually become open-source,” He added.
One of the main reasons is that we want to follow the trends set by Bitcoin and other freedom technologies.
“The second part is we’re part of the freedom technology community and Bitcoin community,” Say Nwosu
“Five years ago, the idea of open-sourcing [code] would have seemed really strange, if not crazy, for an organization like us. Our prediction is that in five years time, it will be crazy to be closed-source, and we’re seeing this transition,” he said.
“That is the future — we’re just getting ahead of it.”
Nwosu says that Fedi’s products will not be eclipsed by potential Fedi copies in an age where applications will become easier to duplicate.
“We realized that the things that are going to still have enduring power are network effects and the human elements of your business,” Say Nwosu “So, we built a business model that really leverages human networks, which are not so easy to replicate.”
Global Adoption
Though Fedi currently focuses most of its efforts on The Global South — which includes regions such as Africa, Latin America and Southeast Asia — it has its sights set on “everyone, everywhere” Nwosu believes that he will eventually use it.
The company will start with The Global South, because they plan to address the needs first of all of the people who are often considered the last. This way, it can meet everyone’s needs.
“When you’re looking at the pyramid of users and needs, if you focus on the top percentage of users, it’s going to be very difficult for you to drive down to a set of users who maybe have less resources, less assets,” Explain Nwosu.
“If the car you’re making is a Ferrari, it’s very hard to make that car for everyone. But if the car you’re making is a VW Golf, then it’s very easy for someone who can afford more than a VW Golf to continue to use a VW Golf,” “He added.”
“By focusing on some of the most disempowered communities, you end up with a product or tool which is useful for everybody, as opposed to useful [only for a] subset. When aiming for the widest funnel, you should try to go for the broadest reach you can, which means that we start focusing on the people who normally are not focused on first, but focused on last.”
Fedi is a human-based support system that helps bitcoin users to use it as electronic cash, the way its designed.
“You cannot just solve this with software,” Say Nwosu “If you want people to use this as medium exchange you have to solve a combination of software and people.”
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Source: bitcoinmagazine.com