Thread by @nicolasburtey

It's probably a good time to share some insights about our community banking application, the @bitcoinbeach wallet.

this is, to our knowledge, the first community bank build on @Bitcoin and @lightning.

and this is no surprise that this is build in #ElSalvador @nayibbukele

from a side project to show #LightningNetwork works as a mean of payment, it has become a the 3rd most downloaded app in El Salvador.

we just reached 10k users, and yesterday we cleared more than 7k transactions, 99.8% cleared off chain.

if you're wondering why the @mempool space is empty right now, maybe an answer is simply because lightning, a scalable solution built on top of lightning, works.

We were able to start this proof-of-concept-community-bank without asking permission to anyone.

This is the power of bitcoin, and this is why bitcoin will succeed.

it's a community bank because the cold storage is a multisig and the keys are shared among member of the community.

as the community grow, we're looking to expand the number of people who are safe keeping those sats.

@SpecterWallet is being used as a coordinator tool for the multi sig cold storage, this also show the power of software composability unique to open source software.

what's better? this community banking app is fully open source:

github.com/GaloyMoney/gal….

what this means is anybody, anywhere around the world can have their own community banking app.

if you're a developper in the space and looking to give us a hands. we need you! please reach out.

also, good way to learn more is to listen to this podcast from @stephanlivera

https://twitter.com/stephanlivera/status/1398265635734364162