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RE: How to immediately increase your author and curation rewards

in LeoFinance8 days ago

Introduction

Bitcoin Beach Wallet made by Galoy.

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source

  • Galoy is the company that created the Bitcoin Beach Wallet. They recently published “Bitcoin Banking for Communities: Lessons Learned from Bitcoin Beach” and I suggest you read it here
  • The Bitcoin Beach Wallet is an open source Bitcoin community banking solution. One that was designed to meet the needs of the merchants and community members in El Zonte, the location of Bitcoin Beach.
  • It utilizes a multisig shared custody model that offers an alternative to the standard non-custodial and custodial solutions that are most widely available today.”
    Source
  • What’s this “multisig shared custody model” about? Well, the “capital is pooled and managed by the community.”
  • This reduces fees “by batching on-chain transactions” and provides “free and instant “intra ledger” transactions.”
  • Plus there’s no fee for opening and closing Lightning channels within the community.
  • It also provides benefits to merchants, who don’t have to run servers.
  • “Efficient use of online servers means lower costs per user.”
    Source

How does multisig shared custody work?

  • “The custody model that we landed on for Bitcoin Beach is what Galoy refers to as “community custody.”

  • It is a multi signature solution where the keys for the funds in cold storage are held by established members of the local community.

  • This model reduces reliance on centralized companies outside of the community while also reducing friction of onboarding members to the network.”
    Source

  • According to Galoy, this is a bridge to self-custody.

  • Experienced users tend to eventually move away from the Bitcoin Beach Wallet as they get comfortable and find other solutions.

I think this is a pretty remarkable solution to the problem of the steep learning curve for cryptocurrency and cryptocurrency wallets.