Chaumian Mints Distribute Trust Among Bitcoin Users

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The beneath is a direct excerpt of Marty’s Bent Situation #1193: “I’m very bullish on Chaumian Mints.” Join the e-newsletter right here.

Fedimint could provide the Bitcoin stack with an open source, distributed, censorship resistant custody layer for less technical Bitcoin users.

An instance of how the FediMint protocol works.

We have talked about Chaumian Mints on this rag earlier than up to now, particularly MiniMint (constructed on the FediMint protocol), and expressed how bullish we’re on the idea and the advantages it may carry Bitcoiners by way of privateness and scalability. Nicely, we meet right here on this darkish nook of the web once more to reiterate our bullishness on the mission and to offer you freaks with an replace from the folks engaged on the protocol.

Above is a timestamped YouTube video that begins with a keynote speech from Obi Nwosu describing why he believes that FediMint can present the Bitcoin open supply ecosystem with the lacking third pillar of the decentralized stack: custody. The Bitcoin base layer offers an open supply, distributed, censorship resistant, retailer of worth settlement layer. The Lightning Community offers a second layer, distributed, censorship resistant funds layer. FediMint, if profitable, may present the stack with an open supply, distributed, censorship resistant custody layer.

FediMint achieves this by making a Chaumian Mint that makes it straightforward for competent technical leaders in a given group to create a multisignature federation to course of transactions for much less technically competent group members. Federation members do not know who’s getting into or leaving their mint and so they cannot inform who’s transacting inside it. Making it inconceivable to focus on and censor particular people leveraging a mint. These are however a number of of the advantages that include Chaumian Mints.

I extremely advocate you freaks take a look at Obi’s speak and the panel with Eric Sirion and Casey Rodarmor led by Aaron van Wirdum that follows. Very excessive sign over the course of forty minutes.

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