There’s no denying that 2021 was the Lightning Network’s yr. What does the longer term maintain, although? If the target is to onboard the following billion individuals, the community wants work and fine-tuning. To seize the bull by the horns, The Human Rights Foundation and Strike arrange three 1 BTC bounties.
The bounties will go to the primary individual or crew to develop an nameless Lightning tip jar, a tokenless approach to peg BTC to {dollars}, or a privacy-focused pockets that helps some sort of Chaumian e-cash characteristic. In a Twitter Spaces dialog about this system, they named it The Lightning Development Initiative.
A catchy identify that we’ll use any more to check with all of this. This fourth version of Lightning Speed is all in regards to the future. Let’s discover the three concepts and the brand new info that now we have about every of them.
The Lightning Development Initiative In Twitter Spaces
Among the audio system had been 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 befell on December twenty ninth and Bitcoin Magazine hosted it. A Twitter consumer named Gigi summarized it for us.
🚨 A thread summarizing the Lightning Développement Initiative Space ⬇️
3 amazingly fascinating matter associated to the bounties had been mentioned.
I’m so bullish on Lightning⚡ it hurts. Very grateful to have these individuals on our facet ❤️👑
let us take a look at my notes 🧵 pic.twitter.com/PRs9cohPaN
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Bounty #1: An Anonymous Tip Jar
In our sister website Bitcoinist’s report, they described the problem as follows:
“Can you create a Lightning tip jar that doesn’t reveal any information about the parties involved? That’s the first task. How to receive completely anonymous donations. According to Bitcoin Mag, the “goal is to enable anyone to use free and open-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 user.”
In the Lightning Development Initiative’s report, we discovered that this has to do with the 2 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” proper now, the market will ultimately determine what open commonplace they like to make use of. He thinks that at the moment UX is a serious focus for the Lightning neighborhood and we must always make peace with the truth that there can be competitors between options.”
Rockstar identified that this debate round lnurl vs bolt12 could have large implications for the longer term however that he is glad that there is now an energetic dialogue on the matter.
Jack added that opposite to the Bitcoin foremost chain, we are able to considerably afford to fuck up on LN..
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Mallers put forth one other fascinating concept, “contrary to the Bitcoin main chain, we can somewhat afford to f**k up on the Lightning Network. As long as the Bitcoin monetary policy is not threatened then we can freely fiddle on top of the protocol via Lightning.”
BTC worth chart for 01/14/2022 on Bitfinex | Source: BTC/USD on TradingView.com
Bounty #2: Stablecoin On Lightning Without A Token
Bitcoinist described this one as:
“The second challenge seems to be even more difficult, at least on a conceptual level. The HRF and Strike want a wallet that enables “anyone to “peg” an quantity of bitcoin to U.S. {dollars} while not having an alternate or one other token.” That’s proper, and not using a centralized entity. And relying solely on sats and bitcoin.”
Gigi summarizes why the world wants this:
“The goal is to allow people to access dollars without 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 tether market cap is proof of this.”
It serve an vital humanitarian use case. We have to create the muse for this new monetary system.@Chris_Stewart_5 >> possibly it may be accomplished with DLC’s? Not utilizing a token however fairly one thing representing worth publicity (suppose 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 system that facilitated the switch of funds anonymously. A pioneer in cryptocurrency, its purpose was to safe the privateness of people that use the Internet for micropayments. eCash was created by Dr. David Chaum beneath his firm, DigiCash, in 1990.“
So, as soon as once more, anonymity is the precedence. As Alex Gladstein put it when asserting 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 accounts the phrases of safety skilled Brian Trollz, “Bitcoin without privacy is nothing but a surveillance system.”
Bitcoin with out privateness is nothing however a surveillance system.
— Shino (@brian_trollz) January 13, 2022
What does Gigi have for us on this matter? “We need a sort of Chaumian e-cash, extremely easy to use for the Plebs and accessible. Maybe the solution is a federated one, making it harder to regulate.” He then quotes Jack Mallers once more, “There’s going to be a singular standard for the internet of money (Bitcoin). Many will compete on top of BTC so we need “interoperability to the standard.”
Matt: We have to make it very straightforward to make use of as a result of expertise exhibits us that if it is considerably difficult (coinjoins etcc) individuals will not hassle to guard their privateness (goddam fool normies 🤡)
— Gigi ⚡🇨🇵 (@GuerillaV2) December 29, 2021
Conclusion: The Future Is Bright
Developers, groups, firms, anybody can earn the Lighting Development Initiative’s bounties. The non-profit OpenSats will function the choose. They are all open for the entire yr. If by the tip of 2022 nobody has claimed them, the cash will go to the Human Rights Foundation’s Bitcoin Development Fund on January 1st. Which is honest. Especially contemplating they simply gave 425 million Sats to these worthy organizations and people.
For extra info and particulars learn Bitcoinist’s unique report.
Featured Image by Micah Tindell on Unsplash | Charts by TradingView
