I'm in L2 or L3 of #Bitcoin ... 🧐🤔
#plebchain #nuts #cashu 🥜🐿️
Discussion
How does this work? I went to a website that Semisol pointed to the other day but I had no idea what to do there (was on my phone, maybe that makes a difference, idk)
It's a Chaumian Ecash protocol for Bitcoin. It's to make custodial lightning more anonymous and decentralized. You mint tokens with lightning who can not be traced and it can be used to pay with the tokens or even with a lightning request as well with anonymous liquidity provider in the middle.
Here is a good tutorial with Ben...
The semisol website it's a Ecash mining protocol just for fun with a little reward.
So, you give SATs via lightning to a federated mint.
The mint gives you a token which you can exchange with others for goods or services within the mint. There are no fees.
The mint is not aware of who you traded with. (Very good privacy)
At any time, you can exchange tokens with the mint and get your SATs back via lightning.
Layer 3. The future is now.
I found myself fascinated with the Cashu protocol
There are such good practical applications.
Games could replace things like vbucks or robux easily.
Right now I have a mint at my house. The kids get paid in my mint for chores. There are no fees.
At any time they can cash out via lightning.
Its in beta, so the authentication is not great yet.
What I do is get them to ssh into my server as authentication then use that as a proxy in their browser.
It was a fun project.
ssh -NTf -D user@server
Now you can (port) your applications like web browsers to the socks proxy at 127.0.0.1:(port)
The port would go after D