Fedimint transactions potentially both faster and cheaper than lightning transactions.
You do give up custody, so there is that.
But backed by Bitcoin, so no shitcoin!
Discussion
What makes #Bitcoin special is that it is not backed. Bitcoin is the thing itself. This is true on Lightning as on main chain.
Everything else is an IOU, and thus shitcoin.
I'd still claim that the lightning-network is based on a form of IOUs and I love it regardless 🧡
In #Bitcoin, the token is the thing itself. This continues to be the case in Lightning, where channel-update transactions are themselves legit Bitcoin transactions. Nothing is owed. Neither channel participant is a creditor nor debtor of the other. It’s a peer-to-peer, electronic, cash system.
Problem is you have several competing channel-update transactions just hanging there until one of them is used and then it's a race where someone with a newer update-transaction can overrule the old, but only for a limited time period.
So the participants can be perceived as creditor or debitor of each other.