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Fedimint, (12) a protocol launched for the purpose of enabling community custody and private transactions, leverages this technology. A primary thesis of Fedimint is that there exists a gap in the market between self- custodial solutions and centralized 3rd party custodial solutions. While many do trust 3rd parties, 2022 was a banner year for demonstrating precisely how this misplaced trust can become horribly consequential. (13) On the other hand, few outside of the community of Bitcoin advocates seem to want to spend the time learning how to self-custody their assets. If we don’t trust 3rd parties, but we also don’t want to expend the effort to be knowledgeable enough to trust ourselves – what can we do? We can trust our communities.
Interesting so far.