Federated Chaumian Mints Provide A Way For Bitcoin Users To Distribute Trust

The beneath is simply a nonstop excerpt of Marty's Bent Issue #1193: "I americium precise bullish connected Chaumian Mints." Sign up for the newsletter here.

An illustration of however the FediMint protocol works.

We've talked astir Chaumian Mints successful this rag earlier successful the past, specifically MiniMint (built connected the FediMint protocol), and expressed however bullish we are connected the conception and the benefits it could bring Bitcoiners successful presumption of privateness and scalability. Well, we conscionable present successful this acheronian country of the net again to reiterate our bullishness connected the task and to supply you freaks with an update from the radical moving connected the protocol.

Above is simply a timestamped YouTube video that begins with a keynote code from Obi Nwosu describing wherefore helium believes that FediMint tin supply the Bitcoin unfastened root ecosystem with the missing 3rd pillar of the decentralized stack: custody. The Bitcoin basal furniture provides an unfastened source, distributed, censorship resistant, store of worth colony layer. The Lightning Network provides a 2nd layer, distributed, censorship resistant payments layer. FediMint, if successful, could supply the stack with an unfastened source, distributed, censorship resistant custody layer.

FediMint achieves this by creating a Chaumian Mint that makes it casual for competent method leaders successful a fixed assemblage to make a multisignature federation to process transactions for little technically competent assemblage members. Federation members don't cognize who is entering oregon leaving their mint and they can't archer who is transacting wrong it. Making it intolerable to people and censor circumstantial individuals leveraging a mint. These are but a fewer of the benefits that travel with Chaumian Mints.

I highly urge you freaks cheque retired Obi's speech and the sheet with Eric Sirion and Casey Rodarmor led by Aaron van Wirdum that follows. Very precocious awesome implicit the people of forty minutes.