Substack version for anyone who would prefer to read it there: https://maxmoney.substack.com/p/ecash-for-better-bitcoin-privacy
Discussion
With free ecash at the bottom :)
great job man 👍 very well explained
He really nailed it!
One thing I am pedantic about: I don't call it layer 3 because, in my book, layers of Bitcoin must allow you to resolve conflicts on-chain without the cooperation of anyone else.
Interesting point. My take was that a Layer 3 would form a separate network extending from Layer 2, so it wouldn't necessarily be resolvable on-chain directly. How would a “Layer 3” work if it could go directly to main chain, bypassing the “Layer 2” it is built on?
I don't know, I think there are no layer 3s :)
Maybe it would allow you to resolve conflicts on LN somehow (without cooperation) but I can't see how that would work.
Yeah, I see your point there. There's not a good “layer” description of eCash since it's kind of “offline” (not really, but you know what I mean).
Btw, the fee: it's a fee reserve for the Lightning network (not mint fees, the mint takes no cut).
It's a stupid fee system we need to improve it but we found a solution that needs to be tested now. Soon more!
I think what #[6] means is by not having custdy you don't have the means to settle to the base chain trustlessly, through layer 2 onto layer 1 because the mint has to cooperate
It would be different if the ecash secret or signature would actually be something you can use to redeem something on LN or the main chain (pre-signed tx maybe?).
Haven't spent much time thinking about it because we're too busy buidling with what we have so far.
yeah i see wher you're coming from. But i think most people rn would call custodial apps on top of LN layer 3. I'm also not really a fan of that, but well...
