pull down to refresh
0 sats \ 1 reply \ @ynniv OP 31 May \ parent \ on: Bitcoin Deposits: A Zero UTXO Trust-Minimized Lightning Wallet lightning
Cashu is an L2 that's independent of Lightning. It succeeds primarily on UX (though there seem to be some cracks there as well) and privacy (which seems quite solid). In a way this proposal is an attempt to make a less trusted, more scalable eCash while avoiding some of the pitfalls of FediMint. Though I'm not sure it's incompatible with Cashu-the-protocol either.
ELI5 game theory:
- people trust established auditors
- auditors trust operators who follow the rules and have a trusted party of last resort
- operators need a reputable partner
- most available reputable partners will be honest from self-interest
- you need to collude with your partner in order to steal funds
- if you stop operating, your partner will force close
- if your partner force closes without reason, they lose reputation
- if the channel force closes the managed funds +20% will be reallocated to a new operator
- if you want out, you pay other vaults that auditors trust to take your deposits
Are you waiting for a better design, a more detailed document, working code, or a running instance?
I had a problem (frictionless onboarding), I gamed a solution, made a spec, made an implementation, made a new document based on what I learned, and here we are.
I'm not asking anyone for anything other than poking real holes in it
GENESIS