During the second day of the forum, this Saturday, December 3, the education objectives on bitcoin (BTC) continued. With a more technical program served by recognized experts in the sector. Here are some excerpts from the discussions that took place.
The first conference of the day set the tone: Is Bitcoin Really Safe? To this question, Vladimir Fomene, Bitcoin developer, has provided some interesting answers. Because for him, decentralization also happens at the developer level. For example, the debate that took place in 2017 on increasing block sizes (and which led to the Bitcoin Cash fork): one of the consequences for users was greater synchronization difficulties in regions with limited connection. It is therefore important to have a multitude of points of view that reflect the different realities on the planet in order to orient developments in the right way.
On the other hand, if a majority of the developers involved in the development of Bitcoin are from the same company or organization, this can influence developments in its favor. It is therefore important to be vigilant in this regard. In the Lightning Network project, the question was solved differently: We first define a general specification, called BOLT (Basis Of Lightning Technology). It is then implemented in different distributions (LND, CoreLightning, Eclair, and Lightning Dev Kit). In this way, we obtain perfectly compatible nodes, but from different developments, which increases resilience.
The Open Source model guarantees security and decentralization, because the code can be verified by anyone. Concrete example: the famous limit of 21 million bitcoins. This is not just a promise, as anyone can check how this limit is written into Bitcoin’s code. Thus, making a public code verifiable by all encourages developers to make it very secure. With the famous wallet example of Satoshi Nakamoto and his million bitcoins constantly attacked every day, but always inviolate.
For her part, Seydina Sall, cybersecurity engineer, recalled good practices for securing bitcoins. For example by using a wallet on a mobile which then remains disconnected and placed in a safe place. The problem of blocked bitcoins in the event of loss of the private key or death can be solved by adopting multi-sig.
This was an opportunity to present the Fedi application from Obi Nwosu (event partner) and based on the protocol Fedimint. Based on the Lightning Network, it is a new BTC custody solution that is between depositing on a centralized exchange and keeping your own private keys. The principle is that of a multi-sig wallet whose keys are held by trusted relatives. The holding of Bitcoins thus becomes community-based.
In the conference Design a bitcoin productCheikh Seye, Product Designer at Yite Technologies, was able to present the Banxaas solution which allows bitcoins (BTC) to be exchanged peer-to-peer. Inspired by BISQ by its functionalities, it is much simpler for users and adapted to Senegal and the mobile payment methods found there.
Other interventions include Bitcoin is not a Ponzi, where Makhtar Diop was able to provide an update on anti-bitcoin clichés and warn participants against the temptation of shitcoins. There were also sessions on Linux, the Lightning Network and mining opportunities.
The sessions turned out to be particularly rich and full of lessons for the audience. Special mention for the organizers who had the audacity to organize this event to improve the penetration of Bitcoin in Senegal. Mission accomplished ! Throughout the event, participants were able to learn how to install Bitcoin wallets and instantly receive their first satoshis! The Dakar Bitcoins Days are now over, now heading to Accra with the Africa Bitcoin Conference.
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