2 years ago
There’s nary denying that 2021 was the Lightning Network’s year. What does the aboriginal hold, though? If the nonsubjective is to onboard the adjacent cardinal people, the web needs enactment and fine-tuning. To drawback the bull by the horns, The Human Rights Foundation and Strike acceptable up three 1 BTC bounties.
The bounties volition spell to the archetypal idiosyncratic oregon squad to make an anonymous Lightning extremity jar, a tokenless mode to peg BTC to dollars, oregon a privacy-focused wallet that supports immoderate benignant of Chaumian e-cash feature. In a Twitter Spaces speech astir the program, they named it The Lightning Development Initiative.
A catchy sanction that we’ll usage from present connected to notation to each of this. This 4th variation of Lightning Speed is each astir the future. Let’s research the 3 ideas and the caller accusation that we person astir each of them.
The Lightning Development Initiative In Twitter Spaces
Among the speakers were Strike’s Jack Mallers, The Human Rights Foundation’s Alex Gladstein, Bitcoin Magazine’s Christian Keroles AKA CK Snarks, and Tales From The Crypt’s Matt Odell. It took spot December 29th and Bitcoin Magazine hosted it. A Twitter idiosyncratic named Gigi summarized it for us.
🚨 A thread summarizing the Lightning Développement Initiative Space ⬇️
3 amazingly absorbing taxable related to the bounties were discussed.
I'm truthful bullish connected Lightning⚡ it hurts. Very grateful to person these radical connected our broadside ❤️👑
let's look astatine my notes 🧵 pic.twitter.com/PRs9cohPaN
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Bounty #1: An Anonymous Tip Jar
In our sister tract Bitcoinist’s report, they described the situation arsenic follows:
“Can you make a Lightning extremity jar that doesn’t uncover immoderate accusation astir the parties involved? That’s the archetypal task. How to person wholly anonymous donations. According to Bitcoin Mag, the “goal is to alteration anyone to usage escaped and open-source bundle (FOSS) to people a QR codification that tin beryllium utilized for receiving Lightning payments privately. Importantly, “The QR codification should not uncover the nationalist cardinal oregon IP code of the user.”
In the Lightning Development Initiative’s report, we learned that this has to bash with the 2 competing protocols, Bolt12 and lnurl. Jack Mallers “pointed retired the implicit request for interoperability connected LN and that adjacent though lnurl mightiness not beryllium “optimal” close now, the marketplace volition yet determine what unfastened modular they similar to use. He thinks that presently UX is simply a large absorption for the LN assemblage and we should marque bid with the information that determination volition beryllium contention betwixt solutions.”
Rockstar pointed retired that this statement astir lnurl vs bolt12 volition person immense implications for the aboriginal but that he's gladsome that there's present an progressive treatment connected the matter.
Jack added that contrary to the Bitcoin main chain, we tin somewhat spend to fuck up connected LN..
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Mallers enactment distant different absorbing idea, “contrary to the Bitcoin main chain, we tin somewhat spend to f**k up connected the Lightning Network. As agelong arsenic the Bitcoin monetary argumentation is not threatened past we tin freely fiddle connected apical of the protocol via Lightning.”
Bounty #2: Stablecoin On Lightning Without A Token
Bitcoinist described this 1 as:
“The 2nd situation seems to beryllium adjacent much difficult, astatine slightest connected a conceptual level. The HRF and Strike privation a wallet that enables “anyone to “peg” an magnitude of bitcoin to U.S. dollars without needing an speech oregon different token.” That’s right, without a centralized entity. And relying lone connected sats and bitcoin.”
Gigi summarizes wherefore the satellite needs this:
“The extremity is to let radical to entree dollars without a azygous constituent of failure. Further down the line, arsenic Bitcoin becomes little volatile, these radical tin usage btc, but until past there’s monolithic request for holding worth successful dollars. The tether marketplace headdress is impervious of this.”
It service an important humanitarian usage case. We request to make the instauration for this caller fiscal system.@Chris_Stewart_5 >> possibly it tin beryllium done with DLC's? Not utilizing a token but alternatively thing representing terms vulnerability (think Eurodollar system). (oracles?)
The END.
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Bounty #3: A Chaumian E-Cash Feature
First of all, Investopedia defines Chaumian e-cash as:
“eCash was a digital-based strategy that facilitated the transportation of funds anonymously. A pioneer successful cryptocurrency, its extremity was to unafraid the privateness of individuals that usage the Internet for micropayments. eCash was created by Dr. David Chaum nether his company, DigiCash, successful 1990.“
So, erstwhile again, anonymity is the priority. As Alex Gladstein enactment it when announcing the bounties, they’re “for the archetypal open-source, non-custodial, non-KYC Lightning wallets to vessel features requested by dissidents worldwide.” Also, instrumentality into information the words of information adept Brian Trollz’s words, “Bitcoin without privateness is thing but a surveillance system.”
Bitcoin without privateness is thing but a surveillance system.
— Shino (@brian_trollz) January 13, 2022
What does Gigi person for america connected this topic? “We request a benignant of Chaumian e-cash, highly casual to usage for the Plebs and accessible. Maybe the solution is simply a federated one, making it harder to regulate.” He past quotes Jack Mallers again, “There’s going to beryllium a singular modular for the net of wealth (Bitcoin). Many volition vie connected apical of BTC truthful we request “interoperability to the standard.”
Matt: We request to marque it precise casual to usage due to the fact that acquisition shows america that if it's somewhat challenging (coinjoins etcc) radical won't fuss to support their privateness (goddam idiot normies 🤡)
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Conclusion: The Future Is Bright
Developers, teams, companies, anyone tin gain the Lighting Development Initiative’s bounties. The non-profit OpenSats volition service arsenic the judge. They are each unfastened for the full year. If by the extremity of 2022 nary 1 has claimed them, the wealth volition spell to the Human Rights Foundation’s Bitcoin Development Fund connected January 1st. Which is fair. Especially considering they gave 425 cardinal Sats to these worthy organizations and individuals.
For much accusation and details read Bitcoinist’s archetypal report.
Featured Image by Micah Tindell connected Unsplash | Charts by TradingView
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