[Top Builder 2024]: Bitspend

[aruokhai]

🏗️ Top Builder 2024 Application Form to track progress through Round 1 - 3 ~ Currently in Round 1

📝 Instructions

1. Only complete this form if you have been chosen for Top Builder, by PlebLab.
2. Provide detailed information to assist the judges in evaluating your project.

🧑‍🤝‍🧑 The Team

• Team Name: Bitspend

• Number of Founders: 4

• Team Background:
  Joshua Aruokhai is a software Engineer and an aspiring Economist, who holds a BSC Degree in Computer science, his interest revolves around Distributed Systems, his BSC thesis was about the usage of Blockchain for effective access of EHR data, which he later open sourced, in 2022 he worked as a blockchain integration engineer, whose duties involves integrating various blockchain system into a platform and fetching users blockchain transactions necessary for tax purpose. He currently contributes to the Eye of Satoshi Project.
  Ovie Igosuakpo is a graphic designer, a web developer and a graduate of Computer science, who has worked with various companies designing splendid graphical works and as a front end developer. Samuel Ojietohamen is a software developer, a recent graduate of Computer Science, whose passion is Neural Networks, he has worked as a software developer with fintech and crypto firms , developing their initial systems and optimising their processes. David Iyasere is a recent graduate of Law, whose passion is International Law and Corporate Finance. He has served as a Delegate in multiple Model United Nations , in which he emerged as a best delegate in one. He also served as a research intern for the Head of department, Jurisprudence and International Law, University Of Benin.

• Bitcoin & Lightning Involvement: Before 2023, Joshua has been involved in Bitcoin from the integration side, which involves fetching user bitcoin transactions for analysis purpose. In 2023, the full involvement of Joshua in Bitcoin began with the participation in the Btrust : Build For Africa Hackathon, followed by the initial contribution to the Eye of Satoshi Project, he is currently enrolled in the Chaincode FOSS program.

• Origin Story: The unreliable, complex and expensive nature of B2C cross border payment from Nigeria and West Africa in extension to anywhere in the world has been a pain for those whose engages in such transactions, which eventually became the trigger to the creation of Bitspend. Development started in the early days of March 2023, after Joshua studied the progress and evolution of the Bitcoin Lightning Network and decided to utilise the Lightning Network to forever change the nature of B2C cross border payment in Africa.

💡 The Idea

• Project Overview: Bitspend is an electronic wallet that uses the Bitcoin Lightning Network to provide Africans a seamless, reliable and affordable Business to Consumer Cross Border Payment Solution. The aim of Bitspend is to deliver a great user experience by effectively streamlining the payment flow, which involves abstracting the lightning implementation from the user, having a tight integration with Fiat currencies, effective foreign exchange risk management and channel creation optimisation process. In essence, User interacts with Fiat currencies, while the the payment in Bitcoin is routed to the Business

• Website: (Optional)

• GitHub:

• Project Stage: Bitspend currently has an alpha Implementation, which functions effectively on the testnet, the infrastructures are being hosted in google cloud environment. Right now, we have an alpha channel creation optimisation process, but no Risk management process. Most of the work being done in the alpha implementation are technical.

• Supplementary Materials:

• Demo Video of Bitspend Alpha Implementation

📚 Additional Information

• Additional Links/Info:
• Btrust Hackathon Pitch Deck
• Bitspend Summary

📌 Submission Type

• [ ] Initial Project Creation

🚀 Current Project Progress

• Progress Made: The initial technical functionalities of the different components that makes up the product has been developed and hosted, we have developed the a fiat wallet functionality, payment routing Api service and the application layer.
• Challenges Faced: Hosting Of the Lightning Node and Bitcoin Node in the cloud is the decision we had to make for the rapid progress of the Alpha Implementation. Coordination of the different component that makes up the product was also a challenge.
• Future Roadmap of what's next: The next plan is termed Road To Mainnet, it involves the creation of an MVP that works effectively on the Mainnet, with the necessary functionalities in place such as the undeveloped foreign exchange risk management process.

⏳ Round 1 Milestone

• Keep in mind that completion will need to be by February 10th, 2024.
• First-round milestone the team has set for themselves: We aim to move our hosted bitcoin and lightning node from the cloud to a self hosting system. The move is necessary for effective control, security and cost implications.

📝 Submission Complete

• All required information has been provided above.

📅 Top Builder Program Structure

Registration Opens: Monday, December 18, 2023

• Application: Interested teams apply for Top Builder.
• Selection: Teams will be chosen based on their application. See FAQ for details.

Round 1: January 13 - February 10, 2024

• Workshops: PlebLab weekly workshops start, available live and online.
• Chat Access: Selected teams join the PlebLab internal chat.
• Mentorship: Begins for teams.
• Project Milestones: Teams are set and judged on their first-round milestones.

Round 2: February 10 - 24, 2024

• Team Reduction: PlebLab cuts half of the Top Builder teams. (Only half continued in Round 2.)
• Project Milestones: Teams are set and judged on their second-round milestones.
• Workshops: PlebLab weekly workshops continue.
• Mentorship: Continues.

Round 3: Starting February 24, 2024

• Team Reduction: PlebLab narrows down to 6 Top Builder teams. (All will be pitching in Austin.)
• Final Milestones: Teams set final project milestones for the last round.
• Preparation: Teams prepare their pitch in front of judges. Final teams are contacted to come to Austin for Startup Day.

Final Round at Startup Day: March 14, 2024

• Preparation: Teams work on their final pitches at PlebLab.
• Presentations: Final teams present before judges on Startup Day.
• Deliberation: Judges decide during a happy hour.
• Announcement: The winner of Top Builder is announced at Austin BitDevs.
• Celebration: After-party for Top Builder.

[aruokhai]

website : https://bitspend.web.app