All existing payment systems are account-based. They are 100% surveillable and individually ruggable.
With Cashu, it’s now possible to create a bearer-token-based payment system. This payment system is much harder to surveil and almost impossible to rug specific individuals.
You have to trust the mints. If they disappear, you don't have your sats anymore!!!
Innovation does not stop 😉
Soon™️ there will be multisig community and family mints (or equivalent) just like Federated mints
…and they’ll all be interoperable with mints built on the Fedimint protocol
👌
Great, thanks, good to know 🙏🏼🤙🏻
Yup. The difference being is that the mint issues credit notes that can be circulated, rather than having an account balance. Regardless of whether it is an account balance or credit note, you have to trust the issuer (I.e., mint). The only advantage of the credit note is that it is blinded, so an individual holder can’t be targeted.
Copy that, thank you 🙏🏼
a bearer instrument is an asset that when held , the holder irrecoverable owns it. If that asset is a bearer instrument and is in a fedimint, the fedimint owns it.
For ecash (Cashu and Fedimint) the ‘bearer instrument’ is a credit note in the hands of the holder. It doesn’t actually exist in a mint. The mint only knows that it has some liabilities ‘out there’, but nothing is on record, save for the balance of the reserve.
