News

Fedi Launches A Bitcoin Operating System For Communities

Published

5 months ago

August 8, 2024

Following a year of incubation, “Community Superapp” Fedi officially launched yesterday and has announced plans to open source its freedom technology stack.

Introduced back in 2022, Fedi is a financial platform looking to empower individuals with financial access and resources by leveraging the power of local communities.

Engineered with a privacy-first mindset, the release of Fedi is a major step forward in promoting grassroots economic development and individual freedom. The Fedimint consensus protocol allows community leaders to organize common resources, support its participants’ sovereignty and stimulate social opportunities.

“A single piece of software that can replace multiple legacy apps with safe and secure alternatives powered not by corporations, but communities.”

Yesterday’s release focused on the individuals behind this effort and their unique vision for the project. In a presentation available on Fedi’s website, the company highlights how different partners including humanitarian groups are exploring ways to make communities more sustainable using the application.

“Those of us who have the care, vision and determination to make it happen,” says the company’s co-founder Obi Nwosu.

In the image of its communities

At the core of Fedi is the idea that individuals should have better agency in choosing who to trust with their money and data. In Madeira, Portugal, a non-profit organization is connecting entrepreneurs, merchants and Bitcoin enthusiasts using the Fedi application.

Free Madeira operates a federation that offers different services supporting the local Bitcoin economy. Everything is centered around the community and its members. While applications such as custody, payments, and messaging have historically been the purview of corporations and opaque service providers, Fedi allows neighbors, groups and local associations to use its technology at the service of others.

Unlike other Bitcoin protocols attempting to eliminate trust, the project seeks to enable the potential of real-world relationships and connections between its users.

“We recognize that the most advanced technology there is is community. Communities on their own are creative, innovative, and resourceful. All they need is a tool that would help raise them up and raise their potential,” shared Mary Imasuen, Global Marketing Manager, during the project’s virtual event.

Operators, called guardians, can customize their community’s experience, allowing each federation to tailor the platform to its participant’s needs. For Chef Lopez in Togo, the application is used to pioneer new microlending initiatives that improve access to agricultural resources in his region. Farming cooperations organize through the Fedi application and pool resources for delegated representatives to purchase the supplies required to sustain their operations.

To facilitate the onboarding of these communities, Fedi also revealed details about the “Fedi Order”, a group of technically skilled individuals deployed around the globe to assist with the process.

A radically new approach

Fedi is supported by a novel technology architecture based on the Fedimint protocol originally created by Bitcoin developer and Fedi co-founder Eric Sirion. Recognizing the challenges of existing self-custody solutions and being conscious of the risks associated with centralized custodians, Fedi introduces an alternative referred to as “community custody”.

Fedi relies on a federation of guardians to assume shared control of its members’ assets and eliminates trust in a single party using threshold signatures.

Think of it as a community multi-signature wallet. To improve on existing custodial solutions, the project leverages Chaumian eCash, a privacy-preserving form of digital cash that represents claims on the community’s bitcoin reserves. This allows transactions between community members to remain private and protects balances from being revealed to observers.

Before Bitcoin and blockchains, computer scientist Nick Szabo had identified the potential of using micro-organizations to secure financial operations, an idea he had dubbed “Secure Property Titles with Owner Authority”. More recently, the concept of federations was popularized by Blockstream’s implementation of the Liquid sidechain.

Beyond private, fast and highly scalable payments, Fedi’s consensus system creates a versatile platform that can unlock a variety of use cases. Thanks to its highly performant infrastructure, the protocol allows participants to deploy modular “freedom tools” such as a chat interface that supports encrypted messages, private groups and social payments. “Fedi mods” can be used by developers and third-party applications to introduce new features to the platform and distribute them to its network of federations.

“Mods are unique web apps that integrate seamlessly with Fedi and personalize your experience. They let you do things like top-up your phone, save money with friends, and buy gift cards.”

More than a simple wallet, Fedi becomes an operating system for the communities it supports, empowering them, often for the first time, to participate in the digital economy.

Notable features introduced during yesterday’s presentation are the ability to perform offline payments and “Stable Balance” used to peg users’ balances to their local currency.

The Fedi app is available today on iOS and Android. Community leaders and organizations interested in building with Fedi are encouraged to sign up for the program. A grant is available to help federations develop.

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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Published

8 hours ago

December 23, 2024

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Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.

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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

Published

11 hours ago

December 23, 2024

admin

The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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News

The introduction of Hydra could see Cardano surpass Ethereum with 100,000 TPS

Published

17 hours ago

December 22, 2024

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Cardano’s Hydra boosts ADA past $1, positioning it as a scalable dApp hub and a potential challenger to Ethereum’s dominance.

Cardano‘s Hydra is the latest scaling solution in Cardano’s ecosystem, and it has seen ADA’s price surge past $1. While ADA’s current rate represents a 65% dip from its peak, ADA holders are 90% bullish.

Compared to Ethereum’s price, ADA is much cheaper, and the developments taking place in its ecosystem could potentially threaten Ethereum’s dominance. Cardano’s Hydra, for instance, can improve Cardano’s scalability, making it a go-to ecosystem for dApp development.

Given Ethereum’s struggles to scale its network, including its move from a PoW to a PoS protocol, Cardano’s Hydra can soon help developers build speedy dApps with high rates of mass adoption.

Cardano’s Hydra on track to elevate ADA to new heights

ADA’s current price at $0.91 is on a bullish trend that has seen ADA surge over 50% in the last 60 days. After ADA’s price languished around the $0.35 zone for months, whale activity is now rising in Cardano’s ecosystem, which has seen market watchers anticipate an additional uptick to $2 in the short term.

According to reports, an influx of over 680 transactions exceeding $1 million was registered on Cardano’s ADA as confidence in ADA’s bull run grew. Cardano’s founder has also confirmed that ADA is primed for higher highs in 2025, especially with the launch of Cardano’s Hydra.

Cardano’s Hydra is set to give developers a unique scaling tool that makes transactions on Cardano cheaper, faster, and more secure. With Ethereum as Cardano’s biggest competition, Cardano Hydra might trigger a migration of developers to Cardano in the near future.

Ethereum’s price drops to below $3,400 amid scalability concerns

Ethereum‘s price has remained sluggish in responding to the bull market even though its recent uptick past $4,000. After surging to a striking distance of $5,000 in 2021, Ethereum’s price plummeted to lows of $1,000 but has recovered amid critical resistance at the $4,000 mark.

Now, Ethereum’s price has been rejected above the $4,000 mark three times, and market watchers are less optimistic that the leading DeFi ecosystem could surge further to $5,000 – $6,00 during this bull run. Some of the obstacles that have hindered a rally on Ethereum’s price include Ethereum’s bloated network, which has registered skyrocketing network fees at peak congestion.

With the advent of scalability solutions such as Cardano’s ADA, Ethereum’s price could experience further sluggish growth. What’s more, mass adoption by institutions will require a lot more liquidity to move Ethereum’s price.

Discover the future of cross-border payments with Remittix

Ethereum’s potential is fast declining this cycle and investors are looking at alternatives. However, competition from the likes of Cardano’s Hydra is concerning for ETH Holders. However, many ETH holders are switching to a new project leading a new ‘PayFi’ movement. For crypto enthusiasts who want to make swift crypto-to-fiat money payments across the globe, Remittix (RTX) is the latest solution that promises to empower businesses and crypto holders worldwide.

Remittix is fast and reliable with a simple design that allows anyone to send crypto to a recipient’s bank account without the recipient ever knowing that the payment started with crypto. The Remittix Pay API also allows businesses to accept crypto payments with a simple merchant account. Remittix is built on Ethereum, and its RTX token is now in its presale. Analysts are predicting this to become a 100x star in 2025.

To learn more about Remittix, visit the Remittix presale and join the Remittix community.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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