Replying to Avatar niftynei() 🇺🇸💸🧡

Mutiny is coming out really swinging against end user LN recently to explain their pivot to federation backed ledgers for their wallet (their reasoning makes sense to me, fwiw)

how long til breez + phoenix pivot to federation backed ledgers?

pick a reaction emoji (or reply with one) to vote

🤙 within 6mo

👍within a year

❤️ within 5y

👋 after 5y

⚡️ never
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niftynei() 🇺🇸💸🧡 2y ago

for the record, a “federation backed ledger” is a setup where a small group (3-7 for fedimints iiuc, 15+ for liquid) hold a multisig address

bitcoin is deposited into that address, in return you get a “permission less” account object (ecash/a liquid utxo) that corresponds to the deposit you made

the multisig group runs a redemption gateway that you can claim L1 utxos in exchange for the account object you hold; generally third parties also run swap services where you can exchange your account object for an LN payment (made to a node you or someone else runs)

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niftynei() 🇺🇸💸🧡 2y ago

hm might be limited to 15 w/ liquid still, i might be misremembering how dynafed works

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Max 2y ago

iiuc, liquid is mainly limited to 11-out-of-15 because of the onchain script size limit, taproot fixes this.

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mrclownworld 2y ago

What’s the recovery process for fedimint funds? iiuc the recovery “key” changes with every spend

I wonder if there’s a way to cloud backup that ever changing key with 12 words encryption that keeps the arrangement between user and mint anonymous and private

I’m sure nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg knows the answer to this