calle 👁️⚡👁️ on Nostr: This article by conduition gives an excellent introduction to Ecash: Chaumian Ecash ...
This article by conduition (npub1l6u…zvtg) gives an excellent introduction to Ecash:
Chaumian Ecash implementations backed by Bitcoin are kicking up a lot of developer activity today, and for good reason: By reviving a well-studied technology we can offer ordinary people a new wave of usability improvements, making Bitcoin-powered payment systems more approachable to businesses and customers alike.
An Ecash mint issues Ecash notes in various denominations, which can be redeemed later at the mint for some fungible commodity or service (such as Bitcoin). This is conceptually very similar to the physical banks of ye olden days, which accepted deposits of some fungible asset like silver or gold, and issued physical cash (paper notes or metal coins) of various denominations in return, which could be used to reclaim the equivalent amount of the physical asset.
In the case of a Bitcoin-backed Ecash mint, the mint accepts Bitcoin deposits, and issues Ecash notes which can be redeemed for Bitcoin at a future time, for as long as the mint remains solvent and operating.
The basic principles of an Ecash mint are:
- Authenticity - The Ecash mint can be certain the Ecash notes it creates cannot be forged by others, so that when a depositor redeems a note, the mint is safe against fraudulent withdrawals.
- Fungibility - Depositors can be certain the Ecash notes they receive are anonymous and fungible. Instead of the mint giving a depositor a bearer token (which would have to be recognizable by the mint later when redeemed), the depositor cooperates with the mint to blind the Ecash notes they receive through a clever cryptographic protocol called blind signatures.
https://conduition.io/cryptography/ecash-dlc/
Chaumian Ecash implementations backed by Bitcoin are kicking up a lot of developer activity today, and for good reason: By reviving a well-studied technology we can offer ordinary people a new wave of usability improvements, making Bitcoin-powered payment systems more approachable to businesses and customers alike.
An Ecash mint issues Ecash notes in various denominations, which can be redeemed later at the mint for some fungible commodity or service (such as Bitcoin). This is conceptually very similar to the physical banks of ye olden days, which accepted deposits of some fungible asset like silver or gold, and issued physical cash (paper notes or metal coins) of various denominations in return, which could be used to reclaim the equivalent amount of the physical asset.
In the case of a Bitcoin-backed Ecash mint, the mint accepts Bitcoin deposits, and issues Ecash notes which can be redeemed for Bitcoin at a future time, for as long as the mint remains solvent and operating.
The basic principles of an Ecash mint are:
- Authenticity - The Ecash mint can be certain the Ecash notes it creates cannot be forged by others, so that when a depositor redeems a note, the mint is safe against fraudulent withdrawals.
- Fungibility - Depositors can be certain the Ecash notes they receive are anonymous and fungible. Instead of the mint giving a depositor a bearer token (which would have to be recognizable by the mint later when redeemed), the depositor cooperates with the mint to blind the Ecash notes they receive through a clever cryptographic protocol called blind signatures.
https://conduition.io/cryptography/ecash-dlc/