jb55 on Nostr: Running lightning nodes is too complicated for 99% of people To do non-custodial ...
Running lightning nodes is too complicated for 99% of people
To do non-custodial lightning on your phone it needs to be online when you receive the payment and requires an initial onchain tx to receive.
This is terrible ux, so you are forced to use custodial solutions like wallet of satoshi, and privacy is terrible.
fedimint is a third option: the mint can provide a lightning address for receiving and sending out zaps even when you’re offline. This is private, temporary custody.
When the phone comes online it can choose to sweep fedimint funds into its non-custodial phone wallet (a future non-custodial ⚡️ wallet in damus as an example). In the UI this would be simplified as your custodied and non-custodied balanced summed to your total balance.
Damus’ fedimint would be federated with other guardians such as mutiny, so I can’t unilaterally rug the custodied balance. This is implemented as a multisig bitcoin wallet behind the scenes.
The use case is killing non-private lightning custodians who can unilaterally rug you.
To do non-custodial lightning on your phone it needs to be online when you receive the payment and requires an initial onchain tx to receive.
This is terrible ux, so you are forced to use custodial solutions like wallet of satoshi, and privacy is terrible.
fedimint is a third option: the mint can provide a lightning address for receiving and sending out zaps even when you’re offline. This is private, temporary custody.
When the phone comes online it can choose to sweep fedimint funds into its non-custodial phone wallet (a future non-custodial ⚡️ wallet in damus as an example). In the UI this would be simplified as your custodied and non-custodied balanced summed to your total balance.
Damus’ fedimint would be federated with other guardians such as mutiny, so I can’t unilaterally rug the custodied balance. This is implemented as a multisig bitcoin wallet behind the scenes.
The use case is killing non-private lightning custodians who can unilaterally rug you.
quoting note12yd…8n9mI don't get the big use case or larger product market fit