The event will be hosted at theBunkers Yaba:
279 Herbert Macaulay Way | Yaba, Lagos | Map
Join us on our Seventh Bitcoin Socratic Seminar! A special thank you to our sponsor Btrust for food and refreshments.
MC: Tobe
Ecash is a digital payment system, developed by David Chaum in 1983, that uses cryptographic techniques to ensure secure and private payments.
Users deposit bitcoin, and in return, they receive bitcoin-backed ecash tokens.
Users can then spend and receive these ecash tokens, which remain anonymous and unlinkable to their identity, enabling private payments within the bitcoin ecosystem
User initiates a conversion request with their mint or federation.
The mint or federation verifies the validity of the ecash tokens. Upon verification, the mint or federation invalidates these tokens, ensuring they cannot be reused. This step prevents double-spending
Bitcoin transfer - Once the tokens are verified and invalidated, the mint sends an equivalent amount of bitcoin to the user
When a user sends an ecash token to another user, the wallet verifies the mint’s signature to confirm the token’s authenticity. The mint then checks its database to ensure the token has not been previously spent. If the token is valid, it is invalidated and replaced with a new token, which is then issued to the recipient. This cycle of invalidating the old token and issuing a new one prevents double spending while maintaining user privacy and security is called Swap.
Faster Payments Simplified Processing Consistent speed Enhanced privacy