The following is a direct excerpt from Marty’s Bent Issue #1193: “I am very bullish on Chaumian Mints.” Sign up for the newsletter here.
An example of how the FediMint protocol works.
We’ve talked about Chaumian Mints in the past in this rag, specifically MiniMint (built on top of the FediMint protocol), and expressed how optimistic we are about the concept and the benefits it offers to Bitcoiners privacy and scalability. Well, we meet again here in this dark corner of the internet to reaffirm our sympathy for the project and to provide you geeks with an update from the people working on the protocol.
Above is a timestamped YouTube video beginning with a keynote address, ab Obi Nwosu He describes why he believes FediMint can provide Bitcoin’s open-source ecosystem with the missing third pillar of the decentralized stack: custody. The Bitcoin base layer provides an open-source, distributed, censorship-resistant accounting layer to store value. The Lightning Network provides a second layer, a distributed, censorship-resistant payment layer. If successful, FediMint could provide the stack with an open-source, distributed, censorship-resistant custody layer.
FediMint achieves this by creating a Chaumian Mint that makes it easier for competent technical leaders in a given community to create a multi-signature federation to process transactions for less technically competent community members. Federation members don’t know who enters or leaves their coin, and they can’t tell who does business within it. It is impossible to target and censor specific people using a coin. These are just some of the benefits that come with Chaumian Mints.
I highly recommend you geeks to watch Obi’s talk and the following panel with Eric Sirion and Casey Rodarmor led by Aaron van Wirtum. Very high signal for forty minutes.
