Lightning Loop Alpha Released

As reported, Lightning Loop - a new solution whose main task is to simplify the process of receiving bitcoins in the second level of the Lightning Network
21 March 2019   484

Lightning Labs announced the alpha release of Lightning Loop - a new solution whose main task is to simplify the process of receiving bitcoins in the second level of the Lightning Network.

In the developers' blog, the mechanism of how channels work on the Lightning Network is compared to the pipes through which the money flows: the more money the user sends, the more money he can accept, and vice versa. Despite the fact that money is constantly moving through these pipes, the total amount of funds remains unchanged. Therefore, unlike other payment systems, the Lightning network for receiving funds needs the so-called “incoming capacity”.

The initial release of the new solution is intended to facilitate the acceptance of payments, and for this purpose uses a mechanism called Loop Out. It allows users to increase the bandwidth of receiving funds, unloading their funds from the network, but leaving the channels open.

As an example, the developers describe a situation in which a certain company Backgammon decided to start selling pizza on the Lightning Network. It is doing well, sales are at a high level, but one day the company discovers that its channels capacity are filled, and it is no longer able to accept payments. It is here that Loop Out comes to the rescue - the company transfers funds from its channel to any external Bitcoin wallet or even exchanges them through the exchange for Fiat, after which it can still continue the cycle with the sale of pizza and payment acceptance.

Moreover, when a merchant like Backgammon first joins the Lightning Network, he can use Loop Out to get his initial “incoming capacity”. Thus, new members of the network no longer need to rely on other users who want to open a payment channel with them.

In the next release, the developers intend to add the function Loop In - it will allow users to replenish Lightning channels through on-line transactions from their wallets or exchanges.

A new solution allows you to safely withdraw or deposit bitcoins on the Lightning Network, using non-custodial contracts, that is, during this process, third parties do not have access to user tools. This will make the entire network more efficient, stable and cheap.

The alpha release of the Lightning Network is primarily focused on developers - the solution is available through the command line interface or through the gRPC API. On the client side, the software is open source and operates under the MIT license, the server side can be verified through bitcoin contracts.

There is a limit on the size of the transaction - the maximum amount is 0.01 BTS. In this case, the transactions themselves within the Lightning Network at this stage are carried out without commission (except for online transactions).

Lightning Network Wallet by Breez to be Out For iOs

Solution is based on the lightweight client called Neutrino and it wallet supports Submarine Swaps technology
18 June 2019   148

The Breez payment platform introduced a non-custodial wallet for iPhone that supports the Lightning Network protocol.

The basis of the new product is a lightweight client Neutrino. It is also known that the wallet supports Submarine Swaps technology, which makes it possible to conduct transactions between online addresses and the Lightning Network.

The company's blog says that immediately after installation, the application automatically connects the channel to the so-called Breez hub connected to other Lightning nodes, which allows the user to conduct transactions with any participants in the second-level network. In addition, according to the founder of the company, Ron Scheinfeld, the possibility of a refund is provided in the event of challenging purchases.

In a Lightning economy, people trade money for goods and services. Intermediaries — banks, credit cards, online payment processors, and custodians of any kind — are obsolete. All that remains are the people, trading with each other anywhere, anytime, free to do what each of them thinks is best with their own money. Scale is no longer a concern. Transactions are virtually instantaneous and practically free. The people are free too. Finally.
 

Roy Sheinfeld
Co-Founder and CEO, Breez

The company also noted that within only two months after the release of the version for Android, Breez benefited from "hundreds of users." Currently, the wallet is in beta.

On the eve of the release of the iOS application, the startup managed to attract $ 500,000 from Recruit Strategic Partners and Fulgur Ventures. The funds will be used to develop an application for merchants, allowing them to accept Lightning-payments.