M O A R !!!!
cashuB
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my pleaaure Erik
if knowledge is power, then knowledge shared is power multiplied
It is a TypeScript library for building wallets that use cashu, think of it as a developer cookbook where others can make creations off a tested foundational recipie. All open source and free.
Egge is leading the development of the library so his post announced v 2.2
If you dont code it may seem like a foreign language to you, and that's ok.
sent you some nuts
welcome to ecash
welcome to ecash
sent you some nuts, directly from an cashu mint, paying 0 sat LN fee
fucking magic
better encoding of enote (shorter cashuB)
"V4 tokens are a space-efficient way of serializing tokens using the CBOR binary format. All field are single characters and hex strings are encoded in binary. V4 tokens can only hold proofs from a single mint."
porque no los dos?
you can connect to as many mints as you want and trust, multi-mint payments have already been implemented and so you can settle LN invoices from multiple different ecash mints
#nuts
No need to be sorry, verbose responses are good and it's not like we have a character cap on nostr ;)
'Be your own bank'
For this kitty it means the ability to run a bitcoin node which can act as the treasury, LN to facilitate inflow and outflows, a mechanism to 'mint' and 'melt' cryptographic ecash which represent any denomination desired. In a way you are right that it seems in design similar to 'traditional banking' but with a lot more freedom for both user and bank creator. For example I wamt to use cashu to create time banks and event-volunteering systems, it does not *have* to be based on Bitcoin and that is how early ecash systems were. Bitcoin fixes ecash, as we can create real banks wirh real assets in their treasury. IMHO the current Proof of Liabilities mechanism calle cooked up is better then a KPMG bank audit.
So not only better banks, without fractional reserve banking and more user privacy, but also a greater pluralism of banks which are natively connected via LN, settling accounts and making payments between themselves and any other LN enabled system. Banks can also be more community driven (coops, credit unions, micro lending) and use ecash mints to keep a ledger of internal transactions which can be settled on LN (maybe in future onchain too). Fedimint is trying something similar using a federated signing and community social recovery but that is a whole different thing that uses ecash in only a small part of the system.
re: custodial
So let us say you were to interact with my mint, a mint I operate and that you opt-in to using, yes you are risking loss of funds (rug pull) and must accept that inherent trust assumption. That is where I place 'custodial' in context of ecash mints. The mint operator(s) are custodian of your access to the mint logic to mint/melt your ecash, but they are not custodian of your seed or privkey. In all implementations of cashu I have seen there is a bip39 compliant seed for recovery. Users of a mint can at any time request to 'melt' their ecash and be sent the equivalent satoshis via lightning (as long as it is not rugging). There is more freedom of entry & exit, even just to 'pass through' ecash mints, but you can not avoid the trust assumption. I would love to see a NUT implementation of some form an 'escape hatch' for users with a mint that has gone offline (rug or not), something akin to a bip39 recovery of funds but that is still in development and potentially impossible in current design of 'keep the mint stupid'.
If instead you had a mint, and I had a mint, well then we are not getting any benefit of ecash as our direct interactions would be via LN. The same if we just operated our respective nodes and opened a channel or relayed a payment. What if instead I sent satoshis to one mint, got ecash from it, used that ecash to pay a LN invoice from a different mint, getting new ecash from this new mint and then exited to satoshis in a new LN wallet? might be a feature.
ecash is exciting, because of Bitcoin and LN, but not something we should onboard 8 billion humans onto next week. It is something within the tool box of Bitcoiners that are interested in communities, localised economies, ethical banking, privacy and scaling afficionados.
If you want to consider it banking 3.0, I won't hold you against it but I think ecash has potential for a lot more than just that. Such as payment as identity systems or micropayments for machine to machine services, zaps on nostr and who knows what else gets cooked up in the R&D kitchen of an open sourced protocol.
*meow*
If the majority of your use of ecash is to pay LN invoices from one mint, and your are the only user of that mint, then your anonimity is the same as LN wallet to LN wallet.
If your wallet is custodial, your IP address is leaked to server and if you do not connect to your own node then more privacy is leaking.
If an ecash mint has several users, and several of them funding the mint via LN, when you make a LN payment from the mint (paying ecash to the mint) then your privacy is greater than in the above model of one user in the mint.
features:
be your own bank (custodial)
be the bank for your community/family
proof of liabilities
blind signatures are awesome
offline sending & reception of sats
LN money warehouses
payment as identity
just to name a few...
Look at it as a different cryptographic tech stack, which can be based on Bitcoin and use LN for connecting mints. Chaumian ecash existed before Bitcoin, and doesn't fix Bitcoin. Bitcoin fixes the ecash model and LN allows mints to pay LN invoices but also multi-mint swaps
have a read of cashu.space JSKitty
depends
will you trust me as well? do I get pets and cuddles?
enlighten me then foolpy
what other freedom tech allows you to be your own bank out of the box, and base your economy on any unit your community desire, with cryptographic validation and proof of liabilities?
I'll be by the window waiting
Iām running an Alby Hub node, which I like. Maybe I could get into ecash. Why not just use LNURLw?
well fundamentally LN and ecash mints are very different, so yes you could use LNURLw but your node needs to be online, have liquidity, and have a synced node.
With ecash you can do payments offline, without the channel liquidity dilemma, no onchain utxo. You risk doublespend of the ecash whilst online, there is a certain about of trust you have to have in the sender when you accept an offline payment.
I would recommend looking into the documentation on cashu.space and watching calles talks and podcasts about it