Bitcoin’s dominant scaling system continues to grow despite a formidable bear market.
CoinDesk
Galoy Brings U.S. Dollars To Bitcoin’s Lightning Network
In addition to its new bitcoin-backed U.S. dollar balance on Lightning, Galoy also announced a $ 4 million raise.
Galoy Inc., the team behind the wallet of El Salvador’s Bitcoin circular economy Bitcoin Beach, is adding a new feature to that infrastructure: bitcoin-backed synthetic U.S. dollars.
Often seen as a need among citizens of developing countries, a representation of the U.S. dollar backed by BTC promises to enable anyone to hedge against the daily volatility of bitcoin. While it can be argued that bitcoin is the better currency and could be used as such in daily transactions, some see value in saving in BTC and spending in USD –– and Galoy’s new product feature, Stablesats, allows users to do that all on Bitcoin.
Private Island In The Bahamas Seeks Bitcoin Lightning Wallet Provider Partnership
Chub Cay, an island in the Bahamas, is actively looking for a Lightning Network wallet provider to launch a bitcoin standard to pioneer financial inclusion.
- Chub Cay is an island located in the Bahamas and is currently looking for a Bitcoin Lightning Network wallet provider to partner with.
- Chub Cay Resort and Marina conducted an internal survey showing over 50% of its employees want at least some of their paychecks in bitcoin.
- The lack of banks and financial education in the area make using traditional banking systems inefficient and at certain times, impossible.
Baseball Club Perth Heat To Enhance Fan Experience With Lightning Network
The move marks a new fan-tailored approach by the club under a Bitcoin Standard as it seeks to capitalize on BTC and Lightning.
Australian Baseball League’s most successful club, the Perth Heat, will integrate Bitcoin’s Lightning Network to its operations in a bid to improve the fans’ experience interacting with the team, according to a press release sent to Bitcoin Magazine.
The move, fruit of a partnership with Lightning infrastructure firm IBEX, will bring Lightning-enabled point-of-sale terminals to Perth Heat’s Empire Ballpark and enable novel engagement opportunities to enrich fans’ experience in and out of the stadium.
OpenNode, Lemon Cash To Onboard 1 Million Argentines To Bitcoin Lightning Network
The cryptocurrency exchange and digital wallet provider Lemon Cash is partnering with OpenNode to enable Bitcoin Lightning payments for its 1 million customers.
- OpenNode partners with Lemon Cash to bring the Lightning Network to over one million Argentines.
- Lemon Cash is a LATAM fintech company well-known for its digital wallet and cryptocurrency exchange which will begin supporting Lightning.
- Argentina has seen a 12-month rolling period of over 60% inflation and ranks 10th globally in adoption of cryptocurrencies, by country.
BOLT 12 And LNURL: What Is The Future For Bitcoin’s Lightning Network?
BOLT 12 and LNURL seem to accomplish the same things for users of the Bitcoin Lightning Network. But what are the technical differences?
What is BOLT 12? Well, it is a lot of different features and moving pieces put together to accomplish multiple different things — static QR codes, modular invoices, privacy for the person receiving the payment.
But what is the whole package? It’s a way to have a single QR code, an “offer,” allow you to grab invoices from a node in a privacy preserving way, while also allowing for things like requesting that a remote node pay your invoice.
Japan’s Largest Bitcoin Lightning Community Partners With Top Tokyo Real Estate Firm
Japan’s largest Lightning Network community Diamond Hands is partnering with a top real estate firm in Tokyo for a joint-research project to further adoption.
- The largest Lightning community in Japan, Diamond Hands, is partnering with one of the largest real estate firms, Open House Group, in Tokyo for a joint-research project.
- Open House will research leveraging the Bitcoin Lightning Network for real estate transactions in the region.
- The real estate company will also look to build out infrastructure practices for businesses in the area looking to adopt the Lightning Network.
Bitcoin Lightning Network Hackathon By BOLT FUN Begins June 16
Shock The Web 2 is BOLT FUN’s follow up to its debut Bitcoin Lightning Network hackathon held this past March, meant to on-board new builders into the ecosystem.
- BOLT FUN is hosting its second virtual Lightning Network hackathon beginning on Thursday, June 16.
- The event known as Shock The Web 2 is meant to on-board new builders into the Bitcoin Lightning Network ecosystem.
- The event will last four days with notable industry speakers and thought leaders and will offer up to $ 2,600 in prizes.
Ethereum’s Wrapped Bitcoin Set to Eclipse Lightning Network Capacity
Since the project launched a little over six months ago, Wrapped Bitcoin (WBTC) has roughly $ 5.9 million or 558 BTC locked into the system. At the rate WBTC’s token contract is climbing, the project is close to surpassing the Lightning Network’s capacity in the near future.
Also read: The ”Wrapped Bitcoin” Project Has Now Officially Launched on Ethereum
Lightning Network’s Antifraud Methods Inferior to Nakamoto Consensus, Research Shows
The Lightning Network, the touted scaling solution for the BTC chain, has recently seen its capacity decrease significantly and the beta project is still best suited for a cliche of technically savvy users. Now according to an analysis by Bitmex Research, the Lightning Network’s nodes have taken 2.2 BTC in “justice transactions” even though the connections might not be dishonest.
Also read: Looking Beyond the Lightning Network Hype: Everyday Users Experience Issues
Fold App Enables Bitcoin Lightning Payments at Whole Foods, Starbucks
The payments feature will facilitate in-store or online purchases at blue chip retailers including Starbucks, Whole Foods, AMC, Home Depot, and Southwest Airlines.
CoinDesk
Electrum Wallet Is Adding Support for Bitcoin’s Lightning Network
The popular wallet service Electrum is soon to add official support for bitcoin’s lightning network, its founder has told CoinDesk.
CoinDesk
Casa Launches Lightning Node Mobile App for Bitcoin Newbies
Casa’s new wallet aims to help aspiring cypherpunks graduate from getting their first bitcoin to running their own lightning node.
CoinDesk
What’s the Deal With the Lightning Network?
Remember that layer two scaling solution they promised for Bitcoin back in the day? Does anyone know what happened to it? It feels like we’ve been waiting for a finished Lightning Network longer than Mt. Gox victims have been awaiting restitution. For now, Lightning is accessible to users with the skills to navigate its quirks and complexities, but for beginners, LN can be bewildering – and its challenges don’t end there.
Also read: Bitcoin Trades for a Premium in Hong Kong During Protests
Startups Debut First Protocol for Issuing Tokens via Bitcoin’s Lightning Network
The first protocol for issuing tokens via bitcoin’s lightning network is aimed to rival ethereum’s ERC-20. But that’s a tall order.
CoinDesk
Watchtowers Are Coming to Lightning
“The Eye of Sauron casts its gaze upon the Lightning Network.”
This is how Lightning Labs CTO Olaoluwa Osuntokun (aka, roasbeef) has heralded the coming of Watchtowers to the Lightning Network. Though comparing the technical feature to the demonic gaze of Tolkien’s primary antagonist sounds disconcerting, the analogy holds up on the surface: Watchtowers, as the name implies, will keep an eye on Lightning Network channels and potential bad actors.
Can Bitcoin’s Lightning Network Power Payments in a Japanese Bar?
A bar in Japan is teaming up with a locally-based lightning startup to let customers pay using the experimental payments network.
CoinDesk
Hyperloop: A New Concept by Lightning Aiming to Solve Liquidity Problems
About two months ago, Lightning Labs released Lightning Loop, a service that allows users to fill or empty Lightning channels without closing them, thus reducing on-chain fees. The service, developed by Lightning Labs developers Alex Bosworth and Bryan Vu, was created to help users manage their liquidity.
The Loop service, says Bosworth, is helpful for managing liquidity because “it sidesteps the liquidity problem for Lightning, which is that you can’t do flow rebalancing. If you run out of channel capacity in one direction, there’s no possibility that you can get more in a totally self contained, only-Lightning world. You need to go outside in order to rebalance.”
Op Ed: Lightning Network Consensus Is a Marketplace and That’s Okay!
To Bitcoin or Not to Bitcoin
During the “scaling debate” before the SegWit2X user-activated soft fork (UASF), Bitcoin businesses were getting their first bitter taste of Bitcoin’s censorship resistance. They wanted change to be easier. They wanted their influence to be effective. They wanted to take shortcuts. Unfortunately for them, Bitcoin was created to resist control. Entities that seek to position themselves against Bitcoin are choosing a path of perpetual hypocrisy and frustration.
BlueWallet Brings Lightning Network to Apple Smartwatch With New App
Popular Bitcoin and Lightning Network wallet BlueWallet has released a smartwatch-compatible version of their wallet app, the first attempt to bring Lightning support to the Apple hardware.
The developers announced this new app on Twitter, briefly describing some of its functionality. Giving users the same utility as BlueWallet’s mobile iteration, the new app packs plenty of use on such a small device.
I'm living in the Future 😎
Takes 5-10 seconds to prepare a lightning invoice on my watch
Immensely cool work from @bluewalletio @nvcoelho pic.twitter.com/4ftOVL7dKD
— JP [ ₿ ⚡️] (@jpthor__) May 6, 2019
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