ecash makes the global evillage possible.
Now it's possible to pay someone as if they are in the same village, even though they are on the other side of world.
Discussion
You can do that with lightning. ecash is scaling solution that we might need 10 years in the future if lightning adoption is super successful
Lightning works great. The problem is that while it increases velocity of payments, you still need an onchain anchor. The current custodial solutions either bolt on an accounting system or try to make channel management 'easier'. Cashu gives another degree of freedom to build scalable solutions.
Cashu has existed in 1990 and was complete failure without lightNing.
Cashu is no different than paper ledger in the bank of Amsterdam in 1600.
There is nothing new about cashu.
The new thing is lightning
Cashu is a BANK
People go to prison for not doing KYC in a bank
And you still need to do KYC to prove you are not serving US persons otherwise PRISON
No it isn’t. It’s a credit granting entity.
Banks started as fully backed custodians of gold. The temptation to issue more unbacked claims is unstoppable. If cashu mint gets big and important nothing can stop fractional backing the same way as social media and YouTube and whatever eventually own and screw people that build business on top of the platform.
The success of cashu would inevitable be its demise.
We can all of theories that might work when cashu is meaninglessly small and users are idiologically invested.
Big success leads to 99% of people and businesses not caring about ideology but they will simply be practical in the short term
Yup. Not Cashu, but precursors.
.That’s what’s so attractive about ecash. Chaum invented it using RSA in the early 80s, Wagner updated with ECC in mid 90s, Phyroo revived with libsecp256k1 in 2002, nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg created #Cashu.
Just standing on the shoulders of giants realizing entirely new possibilities.