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Tommy Volk
9226eda126c62e52a876e837485bd57b0509867bb0c731ee213723c66a1bde0e
Anarchist Software Engineer Making the state obsolete

The American Experiment has failed and the American Dream is dead

Really good read! I originally thought of Fedimint as a layer 3 since it builds on top on layer 2s (most notably lightning) to achieve seamless interoperability. I now think of it as a layer 1. Each federation is its own base layer which takes all of the best parts of shitcoins (low fees, great privacy, transaction speed & scaling, easy modification of base layer protocol, etc...) but pegs to Bitcoin and leverages its decentralization - the key component missing from all shitcoins.

nostr:npub1ygzj9skr9val9yqxkf67yf9jshtyhvvl0x76jp5er09nsc0p3j6qr260k2 walked me through the design of a NIP he wrote. I learned a ton about Nostr under the hood and am more bullish than ever on the protocol - especially on the "other stuff"!

💯 Fedimint contract modules can be soft fork playgrounds. If enough federations end up adding a certain module, then maybe it's time to add that functionality to layer 1. MAYBE.

"I love you and I hate the state" - my wife

If we assume on-chain fees remain cheap and accessible, then all Fedimint really does is allow users to give up full self-sovereignty in exchange for easy onboarding. A decent trade-off for some, but not super game-changing. But if we assume on-chain fees are going to exponentially rise, Fedimint has a very strong use-case as a scaling solution. It's built to solve a problem that largely doesn't exist... yet.

Fedimint will be the portal into the network for individual users, Lightning (and/or other trustless layer 2s) will be the inter-federational glue, and on-chain will be the ultimate liquidity rebalancer

Would this circumvent Apple's no-zap policy? Since a Fedimint wallet is storing ECash notes which are just fancy strings 👀

I tried Mixtral on my laptop but was only able to get about 6 tokens per minute. Still pretty incredible that it can run on high-end consumer hardware! Open source AI is catching up quick.