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 how is it locked? the server won't redeem it without a signature and the npub or can't spend it without a signature from the nsec 
 P2pk 
 so it's an on-chain utxo then?

there's the mint, and there's you

this isn't a blockchain protocol 
 https://github.com/cashubtc/nuts/blob/main/11.md 
 "The spending condition is enforced by the mint." = trust me bro

if it were a worthwhile amount to steal, i just have to persuade you to sign on the message hash and done 
 This is a custodial solution. There is always a level of trust in a custodial system. This is an improvement to everyone using custodial WoS or Alby.  If you want to maintain full custody run your own lightning node (and/or mint)