Revolutionizing Bitcoin: Fedi and the Fedimint Protocol with Obi Nwosu (WiM519)
The "What is Money?" Show
*Banking innovation coming from Global South as they have the need *
The Global South, particularly Africa, showcases unique banking innovations driven by necessity. An example is a community saving mechanism involving a physical box secured by multiple elders, which functions like an analog multi-signature (multi-sig) system. This arrangement ensures collective control and security of savings, highlighting an ingenious solution to traditional banking challenges. Various other savings models exist in the region, such as Stockwells, Chamas, and Cuis, each tailored to local needs. This contrasts sharply with the West, where established banking systems diminish the incentive for such innovations. The necessity of effective financial systems in the Global South spurs innovation that is largely absent in more stable banking environments.
