September 2019 was a transformative month for Hodl Hodl. Through the Baltic Honeybadger convention, the change’s co-founders Max Keidun and Roman Snitko introduced the open sourcing of their mission, alongside a public launch of their escrow API. These two main choices marked a departure from their former enterprise mannequin as a way to embrace a complete new world of ingenuity and innovation. By this 180-degree flip, your complete mission turns into extra cypherpunk and extra open to probably nice innovation.
On this unique Bitcoin Journal video interview, Hodl Hodl CEO Max Keidun explains each the pragmatic and the idealistic concerns which led to the choice to take a step again from change administration as a way to focus on writing code and consulting different tasks. Moreover, the co-founder talks in regards to the varied use instances for the soon-to-be open-sourced API, and why it’s necessary to supply helpful instruments to a larger variety of actors — versus attempting to keep away from regulators all on your personal.
Why Hodl Hodl Is Going Open Supply
In a current weblog publish by the Hodl Hodl group, they clarify that anybody will have the ability to run their very own peer-to-peer bitcoin change “beneath their very own title and from their very own server.” In a world the place regulators always crack down on all the pieces that doesn’t adjust to KYC/AML necessities, open sourcing seems to be a sensible transfer. Whereas it might dilute and cannibalize the Hodl Hodl model, it undoubtedly brings extra freedom to bitcoiners who need to do privacy-friendly swaps between BTC and altcoins or fiat currencies. Nation states can collaborate to close down a selected enterprise, however they’ll’t take down code that anybody can run on their dwelling pc.
As Snitko informed Bitcoin Journal, “With change mission being open supply, we’ll be incomes cash by licensing it (open supply doesn’t imply free to make use of) to change operators. We are going to not run the change, however solely write code.”
The HodlHodl API
As acknowledged by Keidun in a witty metaphor, the API is sort of a online game engine which permits any fanatic to construct their very own digital universe with no need to discover ways to write code. It’s a stable basis that anybody can use to create an OTC desk, a prediction market, a peer-to-peer betting market, a gaming cost resolution which facilitates swaps for digital in-game currencies or perhaps a service marketplace for freelancers (comparable to Fiverr or Upwork).
All of those would profit from a customizable multisig escrow system and full help for Bitcoin and Lightning. Additionally, the person interface is already embedded within the package deal, so companies ought to solely fear about adapting the Hodl Hodl software program to swimsuit their wants.
Co-founders Keidun and Snitko will observe the Eric Hughes mantra which states that “cypherpunks write code” and are, due to this fact, dedicated to not holding any keys of their purchasers’ multisig construction. Because of this Hodl Hodl is not going to have any sort of management over the tasks that get suggested by the corporate, and the customers of the API are free to make any sort of choices that they need.
For extra details about the concerns which led to this radical but probably useful shift in Hodl Hodl’s strategy, watch the video interview above.
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