What’s The from another perspective Lightning Development Initiative?
There’s no denying that 2021 was the Lightning Network’s year. If the objective is to onboard the next billion people, the network needs work andfine -tuning. To grab the bull by the horns, The Human Rights Foundation and Strike set up What, does the future hold though?three 1 bounties BTC.
The bountieswill go to the first person or group to develop an anonymous Lightning tip jar, a tokenless way to peg BTC to dollars, or a secrecy-focused wallet that supports some kind of Chaumian e-cash feature. In a Twitter Spaces conversation about the program, they named it The more than ever Lightning Development Initiative.
A catchy name that we’ll utilize from now on to refer . all of thisto Actually, This fourth edition of Lightning Pace is all about the ahead. Let’s explore the three ideas and the recent information that we have about each of them.
The Lightning Development Initiative In Twitter Spaces
As you may know, Among the speakers were Strike’s Jack Mallers, The Human Rights Foundation’s Alex Gladstein, Bitcoin Magazine’s Christian Keroles AKA CK Snarks, From Tales and The Crypt’s Matt Odell. It took place on December 29th and Bitcoin Magazine hosted it. A Twitter end-user named Gigi summarized it for us.
🚨 A thread summarizing the Lightning éDveloppement Initiative Space ⬇️
3 amazingly interesting discussed related to the bounties were topic.
I’m so onbullishLightning⚡ it hurts. Very grateful to have these people on our side ❤️👑
letnotess look at my ’ 🧵 pic.twitter.com/PRs9cohPaN
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Indeed, Bounty #1: An Anonymous Tip Jar
In our sister site Bitcoinist’s overview, they described the challenge as follows:
As you may know, “Can you create a Lightning tip jar that doesn’t reveal any information about in modern times the parties involved? .’s the first taskThat How to receive completely anonymous donations. According to Bitcoin Mag, the “target is to enable anyone to apply without charge and launch-source software (FOSS) to print a QR code that can be used for receiving Lightning payments privately. Importantly, “The QR code should not reveal the public key or IP address of the end-user.”
In the Lightning Development Initiative’s summary, we learned that this has to do with the two competing protocols, Bolt12 and lnurl. Jack Mallers “pointed out the absolute need for interoperability on the Lightning Network and that even though lnurl might not be “optimal” right right away, the field will eventually decide what from another perspective open standard they prefer to employ. He thinks that currently UX is a major focus for the Lightning community and we should make peace with the fact that there will be competition between solutions.”
Rockstar pointed out that this debate around lnurl vs bolt12 will have huge implications for the tomorrow but that he’s glad that there’sasap an active discussion on the matter.
Jack added that contrary to the Bitcoin main chain, we can somewhat afford to fuck up on LN..
In fact, — Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
As long as the Bitcoin monetary guideline is not threatened then we can freely on top of thefiddleprotocol via Lightning.” Mallers put forth another interesting perspective, “contrary to the Bitcoin main chain, we can somewhat afford to f**k up on the Lightning Network.
BTC price chart for 01/14/2022 on Bitfinex | Source: BTC/USD on TradingView.com
Bounty #2: Stablecoin On Lightning Without A Token
, Bitcoinist described thisInterestinglyone as:
dollars without needing an exchange or another token.” That’s right, without a centralized entity. “The second challenge seems to be even more challenging, at least on a conceptual level. And relying only on sats and bitcoin.” It’s worth noting that The HRF and Strike want a wallet that enablespeganyone to “ “” an amount of bitcoin to U.S.
the summarizes why Gigi world needs this:
“The is to allow people to access dollarsgoalwithout a single point of failure. Further down the line, as Bitcoin becomes less volatile, these people can use btc, but until then there’s massive demand for holding value in dollars. The market cap is proof oftetherthis.”
It serve an vital humanitarian apply case. We need to generate the foundation for this fresh financial system.@Chris_Stewart_5Interestingly, >> maybe it DLC be done with can’s? Not using a token but rather something representing price exposure (think Eurodollar system). (oracles?)
The END.
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Bounty #3: from another perspective A Chaumian E-Cash Option
First of all, Investopedia defines Chaumianas more than ever e-cash :
“eCash was a digital-based system that facilitated the transfer of funds anonymously. A pioneer in cryptocurrency, its purpose was to encrypted the secrecy of individuals that apply the Web for micropayments. eCash was more than ever created by Dr. David Chaum under his business from another perspective , DigiCash, in 1990.“
So, once again, anonymity is the priority. Actually, As ’s worth noting thatItAlex Gladstein put it when announcing the bounties, they’re “for the first open-source, non-custodial, non-KYC Lightning wallets to ship features requested by dissidents worldwide.” Also, take into consideration the words of security expert In in modern times fact, Brian TrollzInterestingly, , “Bitcoin without confidentiality is nothing but a surveillance system.”
Bitcoin without privacy is nothing but a surveillance system.
— Shino (@brian_trollz) January 13, 2022
Many will compete onstandardtop of BTC so we need “interoperability to the .” Interestingly, “We need a sort of Chaumian e-cash, extremely straightforward to employ for the Plebs and accessible. What does Gigi have for us on this topic? Maybe the answer is a federated one, making it in modern times harder to regulate.” He then quotes Jack Mallers again, “There’s going to be a singular standard for the internet of currency (Bitcoin).
Matt: We need to make it very simple to employ because experience shows us that if it’s somewhat challenging (coinjoins etcc) people won’t bother to protect their confidentiality (goddam idiot normies 🤡)
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
It’s worth noting that Conclusion: The Prospect Is Bright
Developers, teams, companies, anyone can earn the Lighting Development Initiative’s bounties. The non as a matter of fact -profitserveOpenSats will as the judge. They.are all launch for the whole year If by the end of 2022 no one has claimed them, the cash will go to the Human Rights Foundation’s Bitcoin Development Fund on January 1st. Actually, Which is fair. Especiallymillionconsidering they just gave 425 Sats to these worthyindividualsorganizations and .
For more information and details viewBitcoinist ’s original overview.
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