Update docs/liquid/liquid-part3.md

docs/liquid/liquid-part3.md

@@ -163,29 +163,46 @@ You can see that it is *much cheaper* to use L-BTC. In fact its so cheap that it
 Each part of the Bitcoin ecosystem has its strengths and weaknesses, and often they overlap in rather confusing ways. I think it would be helpful to compare the various major initiatives. This is NOT about proclaiming *one is better than the other*, as you can see they each have their own strengths:
 
 ## Comparing eCash / Lightning / Liquid / BTC
-|| eCash | Lightning | Liquid | BTC |
+|| Fedimint / eCash | Lightning | Liquid | BTC |
 |-| ------| -------- | -------- | ---- |
 |UTXO Model:| No UTXO. Bearer token | Your UTXO is in a multisig. | You own UTXO in sidechain | You own UTXO in mainchain |
 |Redemption:| Depends on mint | No dependency (but requires fee) | Depends on 3rd party | No dependency |
-|Longevity: | Mint must survive | Channels will close at some point | Federation must survive | UTXO forever |
 |Online:| Must be online to verify eCash token | You must be online to receive. You must stay online (or hire watchtower) to secure channel state | Offline receive | Offline receive |
 |TXN Time:| Instant transactions | Instant transactions | Fixed 2 min transactions | Variable ~10 min transactions |
-|Fees:| No fees | Negligible fees (msat) | "Low" fees (~200 sats) | High fees (~15,000 sats)|
+|Fees:| No fees | Negligible fees (msat) | "Low" fees (~200 sats) | High fees (~12,500 sats)|
 |Liquidity:| No liquidity management | Must manage liquidity (in/out) | No liquidity management | No liquidity management|
 |Privacy:| Mints can aggregate and assemble transaction data | Nodes could aggregate and assemble transaction data | Confidential transactions | Public ledger |
 |Counter-Party Risk: | Must vet each Mint | You choose channel partner | Known federation members | Sovereign |
 | Frac Reserve Possible: | Yes | No | Verifiable Issues | No |
 | Custody Options: | eCash wallet | Single Sig / Hot Wallet | Single Sig / Multi Sig / Hot Wallet / Cold Wallet / Hardware Wallet | Single Sig / Multi Sig / Hot Wallet / Cold Wallet / Hardware Wallet |
-| TX Value Size: | Tied to LN size, but theoretically unlimited | Typical is < 25,000,000 sat | Unlimited | Unlimited |
+| TXN Value Size: | Tied to LN size, but theoretically unlimited | Typical is < 25,000,000 sat | Unlimited | Unlimited |
 | Ideal Exposure Time: | days | weeks | months | years (forever) |
 |Likely Threat:| Debasement or Mint rug | Loss of funds while offline | Federation censorship | Losing keys / non-spendable UTXO for fees
 |Maturity: | 2023-2024 | 2018 | 2018 | 2009
 
 ## Building Your Own Federation
 
+One of the biggest issues facing Liquid users is needing to trust the Federation members[^7]. One of the reasons why projects like Fedimint has gained in popularity is the idea of community-run mints. What if such a thing were possible with Liquid?
+
+Well it is. Its entirely possible to use Elements in a way that connects to your own sidechain - and to configure with your own Peg-in script. 
+
+    A brief sidebar about the name: **Elements** is the name node software and **Liquid** is the name of the chain. I mention this because its clear that Blockstream envisions a separation between the specific network and the software that runs it. Point being, you could create your own sidechain using Elements (maybe Plasma, in keeping with the elemental names?)
+
+The basic process for creating your own sidechain would be:
+
+* Install elements
+* Wipe out sidechain data files
+* Decide on node discovery ports and search methods (modify )
+* 
+* Set your own n-of-m block signing method and set this config files [^8]
+* Set your own n-of-m Peg-in script and set this in config file [^9]
+
 [^1]: BlockStream Green, AQUA, Anser (web wallet), Specter, Marina (web wallet)
 [^2]: Atomic Swaps allow parties to exchange different tokens directly without the need for a 3rd party, eliminating most of the risk of fraud and counterparty default.In fact, Blockstream has a tool to simplify using it.
 [^3]: Please `git clone` the repo and don't rely on the pre-compiled downloads in repo (they are out of date from source)
 [^4]: You can specify to individual wallets in the swap-tool URL connect string by using the `http://user:password@localhost:7041/wallet/walletname` syntax
 [^5]: They are using services like Boltz, which allows you to open Lightning Channels with L-BTC. NOTE: [BTCSessions did a great video/review](https://www.youtube.com/watch?v=5kNMJd-Ts2c) of how to use Liquid as a way to very cheaply onboard from fiat as cheap as possible. Summary is Fiat -> CEX -> BTC -> Liquid -> Boltz -> LN. Obviously if your CEX has a LN withdrawal option you don't need all these steps!)
 [^6]: Right now fee rate is quite low at 30vb/sat, this figure could easily double or triple!
+[^7]: Its worth noting that the Liquid Federation members - as a group - tends to be a collection the most pro-bitcoin focused comanies in the ecosystem. 
+[^8]: [https://elementsproject.org/elements-code-tutorial/block-creation](https://elementsproject.org/elements-code-tutorial/block-creation)
+[^9]: [https://elementsproject.org/elements-code-tutorial/sidechain](https://elementsproject.org/elements-code-tutorial/sidechain)