So bitcoins decentralized ledger has a few implications, mainly slow transactions, high transaction fees, and privacy implications.

What if you could send sats truely peer to peer as simple data, there is no ledger at all, you don't even have a public private key, the money is in a string of text that can move instantly without the permission of any central authority.

This requires a mint, a central authority that locks up a bit of bitcoin in exchange for its own cashu tokens. When someone wants to cash out for bitcoin, regardless of who sent the bitcoin in the first place, regardless of who is now claiming the bitcoin, they send the cashu tokens back and receive the bitcoin.

Of course, centralization risks and fungibility seem like obvious concerns, but this is arguably better than wallet of satoshi as anyone could run a mint. The next question is, could multiple mints verify each others work and provide multiple on-ramps and off-ramps as users see fit.