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Des Femmes newsletter - Issue #18

Des Femmes newsletter
Des Femmes newsletter
Hello and welcome to the Des Femmes newsletter! 👋

We are so thrilled to be home to recharge after BTC Miami but also ecstatic to take this opportunity to share with all of you some of the wonderful conversations and thought-provoking talks we attended over the last week! Stay tuned for more on this later in this issue and future issues to come.
After sharing a little more about the Des Femmes DAO last week (and given the full moon and funky horoscopes this past week…) we wanted to use this issue to share a little more about the lightning network with all of you.
What is the Lightning Network?
The Lightning network is a protocol built on top of Bitcoin, which allows people to send Bitcoin between each other quickly and with a low fee. It’s a global network composed of many “channels” between different entities, which can be used to route payments.
Let’s say Alice, Bob, Carol are connected like:
Alice has 1 channel with 5 BTC in it, Bob has 9 BTC spread across two channels, and Carol has 3 BTC in a single channel.
Routing a payment through channels moves the liquidity in them - for example, if Alice sends 1 BTC to Carol, they’ll end up like:
Bob might decide to charge Alice a fee for routing - for example, he might say: “Hey Alice, if you want to use this channel you need to pay me 1000 satoshi”.
Building witchy pentagrams 🧙🏻‍♀️
Five women, a single goal: building a pentagram of Lightning channels during the September full moon 🌚.
Let’s dive into what we did to obtain this nice shiny star ⭐
First, we needed to share our node_ids with each other - think of them as our home addresses. If you have someone’s node_id you can connect to them and open a Lightning channel.
A opened a channel to B, committing 10mBTC on her side:
B opened to C, committing 10mBTC on her side:
…and so on:
This process of opening channels was done asynchronously and took quite some time, as we live in different time zones. Since we really didn’t want anyone to use our channels before we were done, we decided to set a very high fee for routing - despite this, somebody routed a payment through us, and we earned some sats 🤑🤑
If you look at the pentagram we built, you’ll notice it was quite cute and ✨ shiny ✨, but not balanced: every channel had 0mBTC on one side and 10mBTC on the other one. Our goal was a balanced pentagram, where we all had 5mBTC on each side of our channels. Luckily, we could achieve this using a magical process called rebalancing 🪄.
“Rebalancing” consists of sending a payment to yourself through some channels to move the liquidity in them.
Usually, rebalancing costs a few sats - you’re moving liquidity through someone else’s channel, you should at least pay a fee to thank them!
In this case though, we really wanted that nice pentagram, and we didn’t care about fees. We all set the fees to zero for a brief moment, while A did all the hard work.
A sent a payment of 5mBTC to herself using the pentagram: the payment started in A and bounced all around B, C, D, E, and then went back to A. This moved the liquidity through all the channels, which ended up looking like this:
Highlights of the month:
🔥 Our first (invite only) IRL brunch in Miami attracted 17 community leaders of all ages from around the world, including activists, investors & entrepreneurs from Togo, China & Canada, just to name a few. Strategically curated connections for actionable collaborations. If you are interested in getting involved in events like this, check out our community membership options!
🔥 We are so thrilled to share how amazing our first Des Femmes Layer3 community bounty went! We got so many spreadsheets with grants for web3-minded orgs like ours to apply to, just click on the submission links to see the lists with dozens of opportunities if you’re interested!
Community spotlight:
🔥 Viewing ourselves as a sort of venture studio DAO that publishes to celebrate our community’s successes, we’re thrilled to share that several women are launching their own DAOs and nonprofits based on connections they made through the Des Femmes community. This includes the Ladies in Bitcoin launch event in Miami, sponsored by Des Femmes Magazine. Attendees learned about the initiative, security, wallets, FOSS Bitcoin Design, lightning, and getting involved in bitcoin projects.
Sarah, one of the featured speakers, was a fresh college graduate when she joined Des Femmes last year, then quickly went from getting her first job in the bitcoin industry to launching her own project. Another community member, who prefers to stay anonymous, met 100% of her DAO cofounders through Des Femmes. Overall, we expect to see more great things from the 17 women who joined our first IRL brunch in Miami!
Des Femmes Classifieds:
Not as much a classified as a “you should formally join our community” push but if you are interested in hearing about the events mentioned in this newsletter before they happen, please join our community!! We are a group of amazing women that support one another’s success and we would love to have you be a part!
Check it out below:
2021 & 2022 Print Magazines + 1-year Event Access Membership – Des Femmes Magazine
If you have any questions about the Des Femmes community, have any news in need of a shoutout in our highlights, or know someone worthy of a community spotlight, reach out to us on Twitter or Instagram via @desfemmesmag. Not a member yet? Buy an official membership here.  
 
Until next time, stay curious!
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