npub1nc…fylhl on Nostr: I meant to tag you in my main post this inspired, still figuring out mobile Nostr ...
I meant to tag you in my main post this inspired, still figuring out mobile Nostr clients.
I understand the issuer holds the on-chain funds, but what I had visualised was notes that can be easily proven to be worth what is printed on them. So using time-locked transactions, and possibly multisig, you could have a paper note that essentially has proof of reserves via a generated identifier, and works entirely without electricity to exchange bitcoin physically without trust.
You could see the identifier, and you still have to trust the L2 software, but beyond that you would know for sure the paper is worth 1mBTC for instance. At least until expiry, which is required for the former to work.
I have not thought it all the way through but it seems possible and is what excited me as a thought experiment at least. Real physical bitcoin when there's no Internet or electricity.
Sorry for long reply 😆
I understand the issuer holds the on-chain funds, but what I had visualised was notes that can be easily proven to be worth what is printed on them. So using time-locked transactions, and possibly multisig, you could have a paper note that essentially has proof of reserves via a generated identifier, and works entirely without electricity to exchange bitcoin physically without trust.
You could see the identifier, and you still have to trust the L2 software, but beyond that you would know for sure the paper is worth 1mBTC for instance. At least until expiry, which is required for the former to work.
I have not thought it all the way through but it seems possible and is what excited me as a thought experiment at least. Real physical bitcoin when there's no Internet or electricity.
Sorry for long reply 😆