The company Lightning Labs has announced the alpha release of Lightning Loop new solution, whose main task will be to make easier the process of acceptance of bitcoins in the network of the second level Lightning Network.
Announcing the alpha release of Lightning Loop, a non-custodial service that makes it easier to receive #bitcoin on Lightning.
With Loop, users can get inbound capacity and withdraw from Lightning while keeping channels open. 🔁
Read more and try it out: https://t.co/KoAXDm9JFl
Lightning Labs⚡ I (@lightning) March 20, 2019
Team blog the mechanism of the channels in the network Lightning Network is compared with pipes involving money: the more money a user sends, the more money he can make, and Vice versa. Despite the fact that money constantly moving through these tubes, the total amount of funds is unchanged. Therefore, unlike other payment systems, the network Lightning for transferring funds needed in the so-called “incoming vessel.”
The initial release of the new solution aims to facilitate the acceptance of payments, and for this purpose uses a mechanism called Loop Out. It allows users to increase the throughput of receiving funds unloading their tools from the network, but leaving the channels open.
As an example, the developers describe a situation in which a company’s Backgammon’decided to start to sell online Lightning Network pizza. She is doing well, sales are at a high level, but one day the company discovers that its channels are clogged to the eyeballs, and make the payments she was no longer able to. Here comes to the aid of Loop Out – company transfers funds from your channel to any external bitcoin wallet or even exchange them through the exchange for Fiat, and then may continue the cycle by selling pizza and accepting payments.
Moreover, when the merchant like Backgammon’s first joins the network, Lightning Network, he can use Loop Out to get its initial “incoming vessel.” Thus new members of the network no longer need to rely on other users who want to access them payment channel.
In the next release the developers intend to add a feature In the Loop – it will allow users to recharge Lightning channels through onchan transactions from their wallets or exchanges.
So, I say to Lightning Labs, the new solution allows you to safely withdraw or Deposit bitcoins to the network, Lightning Network, using neoscopelidae contracts, that is, during this process, third parties to the user tools have no access. It will make the entire network more efficient, stable and cheap.
Alpha release Lightning Network focused primarily on developers – the solution is available through the command line interface or through APIs gRPC. Client-side software is open source, and is licensed by MIT, the server side can be verified through the bitcoin contracts.
Also in this release a limit on the transaction size – the maximum amount is 0.01 PTS. In this transaction within the network, Lightning Network in this phase are carried out without a fee (except oncein transactions).
We will remind, earlier in March, Bitfury Group has signed a partnership with payment processing HadePay, through which the payment network Lightning Network will be available for merchants from US, Canada and the EU.