2 years ago
Ben Carman and Tony Ronning interruption down however the Lightning Network functions and what to expect successful the coming years from Bitcoin and Lightning.
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P: What different things successful the Bitcoin space, whether it's companies that are starting up oregon caller protocols that are being projected that person got you guys truly excited, that we haven't talked astir truthful acold successful this conversation. Ben, you wanna spell archetypal since you've been quiescent for a while?
Ben Carman: Yeah, I deliberation Fedimints is astir apt 1 of the biggest things that's happening present successful the space. It's beauteous cool. It's similar utilizing this happening called a Chaumian Ecash server, the properties of it are it's cleanable privacy, but afloat custodial. It's funny, due to the fact that it's thing that was invented 30 years earlier Bitcoin was, and initially immoderate banks utilized it, but it either unopen down oregon conscionable failed.
Then it was conscionable like, “Oh, this is simply a chill idea, but failed successful the fiat world. Now, radical are trying again. due to the fact that they tin marque these Fedimints interoperable betwixt each other, wherever you tin person aggregate banks that speech to each different done Bitcoin and it's each bitcoin denominated, but you inactive tin person this cleanable privateness connected apical of it.
I deliberation it's gonna beryllium a truly chill solution. I cognize different mode to bash privateness connected Bitcoin. It volition beryllium custodial, but I deliberation the thought is simply a Fedimint, truthful it's a federation moving it. So it's a batch harder, you can't conscionable person 1 idiosyncratic rugpull, you would request to beryllium a postulation of people. If you marque it sufficiently large, it should beryllium harmless capable for amounts to support connected determination for privacy.
P: Love it.
Tony Ronning: I agree. Fedimint man. From a privateness standpoint, I deliberation it's truly exciting. Yeah, determination is simply a custodial aspect, but I think, adjacent myself, similar I'm not gonna beryllium utilizing it due to the fact that I'm not susceptible of custody. Like I privation to usage the spending wealth that I person and the regular spending and receiving that I whitethorn bash connected a mobile wallet. I privation that to beryllium arsenic backstage arsenic possible. Even with Lightning, adjacent with PLN however I described it earlier, there's inactive Lightning channels; there's inactive being online. There's inactive liquidity issues receiving: You request inbound liquidity to person connected Lightning, truthful you request channels unfastened and past you request each these different things. It’s not applicable from an mundane standpoint, successful a batch of ways and for everyone. So, if I privation a Lightning wallet that works truly good and Fedimint really integrates with Lightning incredibly well. You tin bounce betwixt federations by conscionable going done Lightning.
All kinds of astonishing things you tin bash with conscionable their Lightning integrations. They fundamentally person Lightning gateways that are attached to the federation, truthful that a Lightning gateway volition grant the tokens from the federation that's attached to and done that mechanism, you tin fundamentally person connected Lightning atomically.
The Lightning gateway volition judge the funds connected your behalf and you'll person tokens for them. These Fedimint tokens and the Lightning gateway can't conscionable tally disconnected with your funds. Sure, the federation, if it was each a bulk atrocious actor, you whitethorn suffer immoderate funds there.
You're trusting the Federation, but to me, I would, I'm good with trusting the federation with a month's worthy of spending money. I'm talking about, similar a fewer 1000 dollars worthy of spending wealth astatine a clip to beryllium capable to person the privateness guarantees that Fedimint provides.
So to me, that's an acceptable risk. You're not conscionable trusting them with your privateness too. Like you tin spell to Coinbase, and Matt Odell likes to speech astir however immoderate radical volition conscionable wage him done Cash App and past that mode Matt doesn't spot their Bitcoin wallet. He conscionable sees that it's coming from Cash App.
He doesn't enactment astatine Cash App. He doesn't person Cash App's data. So helium can't spot the users hiding amongst. They’re trusting Cash App with their privacy. That mode nary 1 tin analyse their information and their transactions, but with Fedimint, you're not conscionable trusting Fedimint with your privacy. They virtually don't cognize what your transactions are; what your Bitcoin are. They gave you a token astatine immoderate constituent that's blinded, truthful erstwhile you spell to walk it later, they person nary thought if that's inactive you oregon not. Most they tin bash — and you tin bash Fedimint successful each kinds of antithetic ways — but adjacent successful the script wherever it's a KYC-based federation, which I'm definite volition beryllium and determination volition beryllium non-KYC ones and KYC-free ones and worldly similar that. Even if you're conscionable a azygous individuality astatine a federation and you're receiving these federation’s blinded tokens, the worst they tin bash is conscionable spot however galore tokens you person ever received, but they won't cognize however overmuch you presently have. They won't cognize erstwhile you've ever spent it, wherever you spent it.
There's a batch of beauteous privateness benefits to utilizing Fedimints, but it's not conscionable trusting them with your privacy, it's trusting them with custody, but it's got immoderate truly large privateness guarantees.
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