I don’t know what Fedimint is and at this point I’m afr-
No I’m not: what’s Fedimint?
Discussion
my description might not be one hundred percent accurate so i'm definitely open to correction here.
but from what i understand it is a federated set of "mints" that control the production of tokens. You stake BTC and get X ammount of tokens back and those tokens can be used like an L2 that pays someone instantly.
Im unsure if anyone can run a mint and what the details are on how mints keep eachother honest.
Staking bitcoin and minting things sounds like some Stacks/Ordinal type stuff. Someone please correct me if I’m wrong.
I ended up putting it in the same catagory as the liquid sidechain in my brain. Seems to work in a similer fashion. but again my understanding on both is rudimentary and I don't really like side chains that involve staking + token genaration.
Deep dive on the topic from just a few days ago here.
I think of it as a federated cashu
federation of custodians (multisig) + chaumian ecash
allows for communities with existing levels of trust to use chaumian ecash which allows for near-perfect privacy
What’s unicoin? I bet they hold hands somehow.
Fedimint is meant to improve on custodial Bitcoin services.
Harder to rug: You pay onchain into a multisig wallet controlled by multiple people running the mint, and get equivalent BTC backed tokens.
Privacy: You can move tokens without the issuer knowing who’s involved.
However, it doesn’t solve the problem of the mint being able to back tokens with fractional reserve iinm.
Fediment: proof of punch 😂