As for why it’s not a shitcoin, there’s no blockchain involved (other than Bitcoin).
You hold the ecash on your device directly (as opposed to keys for a cryptocurrency), more like a torrented song. Then you can send that ecash data to another person, or transact entirely offline.
Xcp, ordinals and stamps are all on the bitcoin blockchain too. That's not a useful metric.
Fair enough. My point is that most shitcoins are colloquially identified as a fiat-ngu-minded, scammy project that rip off the average person, usually by promoting “blockchain tech” and a false sense of decentralization, and the Cashu protocol does neither of these.
Thanks for interacting while I'm still digging around, do you know what, if anything stops the cashu bank from going offline with all the bitcoin they hold?
That’s one of the main criticisms of eCash in general — rugpull.
Fedimint tries to protect against that by using a “community model” with multiple people holding multi sig keys
My understanding is that these services, or Cashu at least, could function similarly to Wallet of Satoshi, except with near-perfect privacy instead of nearly-none
