Welcome to our first instalment of Freedom Friday, where we put the mutiny in Mutiny Brewing by shining spotlight on freedom technology.
Embracing freedom technologies contributes positively to society by promoting individual autonomy, innovation, competition, and democratic values. It is essential for individuals to take responsibility for their digital footprint and actively seek ways to protect their privacy in today's increasingly interconnected and digital world.
Today, we're diving into the world of payments. As we move to digital payments we increasing find ourselves in a society where people dont transact directly with each other. Instead each transaction is via an intermediary. This shift raises important questions about privacy, security, and control over our financial data.
Bitcoin eliminates the need for a central authority like banks in transactions. It uses blockchain technology to maintain a secure and transparent ledger of all transactions. However, there are some limitations in its current form: transaction fees can range from around $1 up to dozens depending on network congestion; privacy may be compromised as transaction data is publicly available; and final settlement for transactions takes approximately 10 minutes due to block confirmation times. These factors make Bitcoin less suitable for everyday transactions compared to traditional payment methods.
The Bitcoin Lightning Network is a second-layer solution built on top of the Bitcoin blockchain that enables faster and more efficient transactions by creating off-chain channels between users. These channels allow multiple transactions between two parties without updating the blockchain until they decide to close the channel. The network consists of interconnected channels that enable transactions to be routed through multiple channels until they reach their destination instantly. However, there are limitations such as liquidity availability, channel size, and both parties needing to be online at the same time. As a result, many users rely on large custodians to manage payment channels for ease of use, essentially swapping one intermediary for another.
This brings us to Cashu. Based on chaumian eCash it brings cash like privacy to Bitcoin held by a custodian. Just like bank notes, the provider doesn't have a view into your wallet, can't take your ecash, and can't stop you from transacting with others. Cashu allows, instant, cheap, reliable and private digital transactions. Watch this space.
Here is Cashu creator calle 👁️⚡👁️ (npub12rv…85vg) explaining this developing protocol.
https://youtu.be/cit4-edRl70?si=uUfPE2hPsc_tseCt
Learn more at https://cashu.space/
Mutiny Brewing
npub1u9…ufgah
2024-05-17 02:03:27
Author Public Key
npub1u9lf5xrrt7qdguhxkjw6jy8jgnew6aph4mrt7gnls5yjqekk0f4suufgahPublished at
2024-05-17 02:03:27Event JSON
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"content": "Welcome to our first instalment of Freedom Friday, where we put the mutiny in Mutiny Brewing by shining spotlight on freedom technology. \n\nEmbracing freedom technologies contributes positively to society by promoting individual autonomy, innovation, competition, and democratic values. It is essential for individuals to take responsibility for their digital footprint and actively seek ways to protect their privacy in today's increasingly interconnected and digital world.\n\nToday, we're diving into the world of payments. As we move to digital payments we increasing find ourselves in a society where people dont transact directly with each other. Instead each transaction is via an intermediary. This shift raises important questions about privacy, security, and control over our financial data. \n\nBitcoin eliminates the need for a central authority like banks in transactions. It uses blockchain technology to maintain a secure and transparent ledger of all transactions. However, there are some limitations in its current form: transaction fees can range from around $1 up to dozens depending on network congestion; privacy may be compromised as transaction data is publicly available; and final settlement for transactions takes approximately 10 minutes due to block confirmation times. These factors make Bitcoin less suitable for everyday transactions compared to traditional payment methods.\n\nThe Bitcoin Lightning Network is a second-layer solution built on top of the Bitcoin blockchain that enables faster and more efficient transactions by creating off-chain channels between users. These channels allow multiple transactions between two parties without updating the blockchain until they decide to close the channel. The network consists of interconnected channels that enable transactions to be routed through multiple channels until they reach their destination instantly. However, there are limitations such as liquidity availability, channel size, and both parties needing to be online at the same time. As a result, many users rely on large custodians to manage payment channels for ease of use, essentially swapping one intermediary for another.\n\nThis brings us to Cashu. Based on chaumian eCash it brings cash like privacy to Bitcoin held by a custodian. Just like bank notes, the provider doesn't have a view into your wallet, can't take your ecash, and can't stop you from transacting with others. Cashu allows, instant, cheap, reliable and private digital transactions. Watch this space.\n\nHere is Cashu creator nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg explaining this developing protocol.\nhttps://youtu.be/cit4-edRl70?si=uUfPE2hPsc_tseCt\n\nLearn more at https://cashu.space/",
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