I’m trying to find answers for myself to the previously mentioned questions around @Cashu.
Who will operate the mint? Without KYC. It won’t be run by a regulated entity
- Mints already exist - it seems this in itself isn’t such a big problem
How should a mint be selected in the wallet?
- The application can choose a default, but that leads to centralization and additional vulnerabilities.
- Select automatically based on defined parameters? Once the scoring is known, it will likely be attackable.
- The least bad option today seems to be to set some default mint (for example minibits) and allow easy switching. At least experienced users could consider which mint they use. When they then onboard someone, by sending their first cashu token to a friend they also set the first mint for them.
What if a given mint stops working?
- If it’s planned, tokens can be automatically moved to another mint. However, the user needs to at least open the app.
What if users don’t respond to notifications?
- People will lose their funds ⚠️
What if the mint does a rug pull?
- People will lose their funds ⚠️
From this, it follows to me that cashu is a great tool for onboarding new users. However, they should move their funds at the first opportunity or above a certain amount to a sovereign solution. Is that simply on-chain? Or is it better to experiment with Ark, Spark? Or Bitkit/Phoenix?
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