A Japanese team-up sparks payment innovation

E-vehicle drivers may soon be able to pay with digital currencies for charging the car
13 March 2018   605

One of the largest power providers in Japan, Chubu Electric Power Co. has announced today the launch of a proof-of-concept of a novel protocol. The idea behind the protocol is to cut costs for bitcoin users with Lightning platform. The PoC lets a customer with an e-vehicle to pay for charging their means of transport using Lightning network. The provider already posted a demo video of how a Lightning payment is sent to an e-vehicle charger with the latter turning on upon the payment reception and starting the charge-up.

The test is part of the company's "market research" into how bitcoin could power its IoT needs though it [company] doesn't yet have any official plans to accept Lightning payments from customers. Since the electricity charge is small, [Lightning's] necessary to reduce the fees for using public blockchains.

 

Hidehiro Ichikawa

Senior manager, Chubu Electric Power Co.

The electric company partnered with a local Bitcoin and IoT startup Nayuta. The startup specializes in Lightning network payments. The demo test was conducted on a closed test network with dummy bitcoins, and it was a success. Nayuta representative suggested such payments be established at ordinary parking lots so that users can use Lightning bitcoin payments to charge their car. Currently, Nayuta is occupied with making sure its software is compatible with Lightning Network other 3 implementations.

This test is a signal of something larger - an enterprise interest in using bitcoin to deliver IoT payments in a cost-effective manner with Lightning. For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution.

 

Kenichi Kurimoto

CEO, Nayuta

Bitcoin Diamond is to deploy its own Lightning Network

The Bitcoin Diamond Foundation is going to deploy its own Lightning Network on July 31 to adapt to high-frequency transactions
22 May 2018   951

As more exchanges keep delisting anonymous cryptocurrencies (Coincheck with Monero, Dash, Zcash; Telegram in Russia) Bitcoin Diamond is going to adapt to high-frequency transactions and adopt Lightning Network. The goal of the foundation is to design an ecosystem with built-in economical and high-frequency real-time payment.

As Bitcoin has very high fees and low transfer speed, Bitcoin Diamond team has set out to look for a better environment. The main idea of Lightning Network is to put a bulk of transactions outside of blockchain while smart contracts are busy refining the off-chain transaction channels. As a result, blockchain just confirms the final transaction results.

Thus, in order to further improve the ecosystem, comply to regulations and be approved by the community, Bitcoin Diamond version of Lightning Network is set to be deployed on July 31 following the developers' assessment and community testing. At the moment of publication, Bitcoin Diamond market indicators are as follows:

Average price 3.58 USD
Market cap 550,950,860 USD
Volume (24H) 1,406,640 USD