See my latest note, I think? Lol
Discussion
How exactly are fedimints and cashu different?
I don’t know that they’re too different tbh, but could be missing something
Fedimint is federated custody, Cashu is a single entity running the mint. Apart from that, the general idea is similar!
Calle, i just installed eNuts. Its f'n kickass. I just found a bug when using it with lnbits cashu.
If you make a backup token inside enuts, save it off somewhere, then come back to enuts, it will ask you if you want to redeem the token. If you do, the full balance of your cashu wallet will double.
I found when I did the "check proofs" it fixed up my wallet. Very cool!
Cashu has one bitcoin wallet in charge of the lightning node.
Fedimint has a lightning node requiring multiple wallet keys (multisig) to withdraw onchain funds.
The ecash system is largely the same betweem fedi and cashu.
They are both mints. They both "mint" redemption certificates (chaumian blind signature ecash). Neither can provide a cryptographic guarantee that there is actually bitcoin "on reserve" at the mint, or that your ecash is backed by actual bitcoin. This is why fedimints exist, so it takes a concensus of custodians to drain the actual bitcoin the certificates represent.
Ecash certificates are only redeemable at the mint where they were issued. Think of it as a money order that's only good at the bank that issued it.
If the mint's lightning node doesen't have lightning channels open, or outbound lightning liquidity, then the only way you can redeem your ecash certificates for bitcoin (if the "bill" is on someone else's mint) is to ask the node operator to send onchain bitcoin to your personal bitcoin wallet address.
The only other way to use the ecash is to send them to someone else that has an "account" at the mint where the ecash was issued.
Cashu is a bearer token. While fedimint is a public ledger. Because Cashu is a bearer token it is completely private to transact with (not even the mint knows who owns it). With a fedimint the Federation knows what adres holds what coins but with Cashu there is no adres. Your claim to the sats is stored in a piece of text. Its basicly chaimian E-cash but then build on top of Bitcoin lightning. There is some trust required in de Cashu mint just like with a fedimint.