The following is a direct excerpt from Marty’s Bent Number 1266: “A seal of Fedimint appears out of the wild.” Subscribe to the newsletter here.
Earlier this week, Eric Sirion announced the official launch of the first public token (a testnet) for Fedimint, the open source protocol that allows people to easily create their own Chaumian Mints on top of the LNP/BP stack. This is a very exciting thing to see because it means that the developers of the protocol are making material progress and it looks like there is a mainnet ready for the public.
I had the pleasure of giving the label version a spin.
Although this only runs on signet and the functionalities are quite limited – you can join a mint, receive ecash signet tokens that represent sats, and send those ecash tokens – it was an experience of magic force user. How easy and quick it was to join mint and receive Sirion tap seats using the Fluttermint mobile app was pretty amazing. If this experience can be replicated on the mainnet, it is not hard to see how these federated mints can become popular in a relatively short period of time.
This was especially evident on the receiving side of things. I created a QR bill on my phone and then had my laptop camera scan the QR code on the faucet page and the tokens arrived in my wallet almost instantly. Again, it remains to be seen whether this experience will be the same when the protocol is ready for wider adoption across the mainnet, but this is a very promising start for the protocol.
We’ll keep you posted on how Fedimint’s development progresses.