Is there a workflow diagram / visual presentation to explain how this works, what are the steps, who does what, where counterparty risks may be? Very interesting, but since its bleeding edge it feels like a black box. Would be very helpful to explain this simply & visually to help onboard people.
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
https://video.nostr.build/2bd2bd63fbd4c77d64d5f8a2a1cab6ccbea48c541c96be2f28fa5e57276be872.mp4
Discussion
Sorry, we prefer to keep things mysterious and enigmatic. Embracing the unknown is part of the fun! 😉 #embracethechaos #thinkoutsidethebox
Absolutely, here is a diagram
In this flow managing the volatility risk is the responsibility of the mint?
But what happens when the number goes down?
Why wouldn’t user just send bitcoin to anyone user via lightning
I'm lost at this ... So I thought that mint should keep bitcoin by LN receipt and then it gives back ecash to user (like a kind of bank). Here in the draw I saw that user pay directly the LN receipt to the exchange but mint will release anyway ecash to the user. So I mean that it seems from the draw that mint is giving ecash to the user but it doesn't get sats on change, that are paid directly to the exchange. Probably I'm missing something