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@BittyCent21
@TomerStrolight
@DataPorterHeidi
Yep…
@_joerodgers
Chaumian Ecash takes bitcoin off chain in a nutty way.
It took me a while to wrap my head around it but it is really simple. TLDR, you send sats to an Ecash mint or bank wallet and then you can issue notes redeemable in predetermined amounts.
For simplicity’s sake, 1 sat would redeem 1 Ecash token, but you could make them whatever denomination you want. These notes are bearer’s instruments meaning anyone can redeem them.
Tradeoffs
As with all things bitcoin related, there are tradeoffs. You will see speed and privacy being the big positives and custodial rugs being the negative tradeoff.
Custodial Risk
Right now, Ecash Mints are custodial, but you could run your own. We are so early that right now there are no great ways to ensure proof of reserves or that the mint will not simply take the sats and run. For some, that is a deal breaker.
Privacy
Transactions happen off-chain away from prying eyes and mint accounts are ethical (KYC-free).
Speed
Since this is happening on its own server, things happen very quickly and are only dependent on internet connectivity, whereas you might encounter issues on lightning if you’re dealing with poorly managed channels.
What Now?
Right now our friends at
@fedibtc are developing a flavor of ecash banking which I am excited to see develop but if you want to roll up your sleeves and give Ecash a try then you must give @CashuBTC a try.
@CashuBTC is being developed by @callebtc and you can access a web wallet NOW. This is SUPER early in development and you should ONLY use very small amounts of sats when using the wallet.
Head over to http://wallet.cashu.me and read the instructions. You need to connect to a mint, so add the default one in the UX, see my screenshot.
From there you can fund your wallet by creating a Lightning Invoice and sending sats. Then you are able to create an Ecash token.
Ecash tokens are pretty dope, they are just a string of text. You can send them over any channel you want here’s one you can grab, well whoever is the fastest can grab it.
Here’s a link to redeem the tokens, notice it takes you right to the
@CashuBTC
wallet:
69 keks:https://wallet.cashu.me/?token=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
I don’t know what the future holds, but I am bullish on Ecash. Things are going to get weird and I am here for it.
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It’s So Early 