any #fedi/#fedimint techies here?
AFAICT, “#ecash” is essentially BTC-IOUs, where each #Federation is maintaining its own *local* #ledger
providing a “LAN-Ledger-as-a-Service (LAN-LaaS), if you will (forgive the clumsy analogy; probably doesn’t make sense…)
before today, I definitely thought “ecash” was some kind of #stablecoin 🤢
#[6], great WBD episode w/ Obi Nwosu 🤙
Yup.
The idea is to have trusted second parties hold the keys and manage the services for you. I trust my pastor more than I trust some faceless corporation. Similar trust relationships are more prevalent outside the western world. Trust and reputation is critical to functioning in some societies so risk for rug pull from your local federation is low. In the west, even the locals are hard to trust for some communities. But me and da bois might get together and run one for our families and close friends.
no system regardless of the decentralization can provide absolute zero risk, but yeah I agree it definitely helps to flatten the total risk
Obi’s point is this is for the 90% of people/communities who don’t have the technical know-how to multisig themselves; I just wonder how Fedi will scale/adapt when #bitcoin’s UI becomes more approachable…
- just playing devil’s advocate, and almost certainly not an issue in even the not-too-distant long-term
Any chance you have interest in contributing to Fedimint with tech writing? I’m trying to develop a guide for setting up a federation but have shit for writing skills.
