Lightning Labs Beta Tests Its First Paid Product: Lightning Loop


Is lightning loop. Yes sure so. Lightning loop is a product that we had lightning lobster developed to make it more efficient to send receive bitcoin on the leading network and the nature of lightning is such that you have amazing speed amazing skill ability and very low fees but there there is a requirement of liquidity. And what that means is if you want to receive funds on lightning you need what we call inbound liquidity to do so and this is more obvious to the average individual but if you WanNa send funds you need funds on the side that you're going to sentence you need the ability to save money in your account as lighting Luke does is it helps people relocate their funds in the network so for example if a lot of people have sent me funds on lightning already and I no longer have that inbound capacity liquidity as we call it I then can no longer keep perceiving those funds so lighting could actually help people by moving their funds from lightning back to the bitcoin. Blockchain Nagas Odio manner so they could keep receiving and and then similarly If you want to send funds online and you can actually refill your channel. Think of it as refilling an account using lightning by swapping funds from the Bitcoin blockchain onto to lightning So in analogy. I sometimes use Luke. Inas be calling you refill. Your channel is kind of like Refilling your prepaid debit card or a couch loop out is a little bit harder. Because we don't usually have that concept but if you had a cash full of cash and you actually did take cash out and then you can continue to receive money in that register. Not so that works. So Relating Louisville product we already had it in Alpha had quite a lot of startups involved Some great folks like fold have been users of it and it's helping. Their businesses is helping them. More effectively center received funds enlightening. And we've gotten a lot of good feedback so far and we announced the Beta with increase limits for people to be able to move their funds in and out of lightening from the decline `Blanche blockchain and would have the limit spin. And what are they now so lightning that were generally today has a limit of around fifteen hundred. US dollars per channel so channels are kind of like accounts on the network people open multiple channels between two participants. Anouk there's also a transaction action limit Which is point zero four to BTC? So it's about three hundred three fifty dollars. Depending upon the Bitcoin of the day loop originally was capped. Ah previously at half. That's about one fifty now. It's up to around three hundred three fifty and that will stay in place while the cats are present on the lightning network more broadly. But there's something called one Bo kind of like jumbo. W that is derived from spongebob. And crash relying co-founder lawlor spongebob. I just missed the whole. Spongebob thing but he's really is about larger channel sizes on lining doing so today. We soldiers limits in place chose to do so for safety and security reasons but with one Bo it will be opt in larger channel sizes so the good news is somebody will unintentionally opening massive channel and not realize what they're doing but if they choose to do so they'll be able to opt in and put more capital until lightning in these channels So with one Bo in the broader network will also increase Luke capacities as well as you mentioned you know the limits so far have been pretty small. Aw but you did talk about some of the companies that are building on them. So what are the typical applications that companies are using lightning for now. Yeah so we've seen this the whole host of startups emerge which has been really incredible Less than two years ago at Lightning Labsi release the Beta version of our implementation of lightning network. There are numerous implementations implementation's there's US you lightning from extreme. There's a clear from a sink so we built ours. We release his Beta. And since then we've seen a whole new crop of startups emerge. I didn't even exist prior to this. Many of them are focused on lightning. I so there are a few categories of these One that I know our head of Operations Desert dickerson loves a UH the rise of the lightning gaming startup so quite a few video game companies have emerged. There's ZD Donner lab. SUSHI's games where they're integrating lightning payments into their video games. So I think that's a really Case we've seen a lightning payment startups where you can buy things with lightning. So we have full bit refill. Fill open node. Helping people is a payment processor. There's not pay where merchants can integrate bitcoin lightning and run their own when sulfur in order to do so. So there's the ability to pay with lightning. There's Latin pizza which is a cool project from fold where you can order pizza with lightning And in some cases as you get back as well then we have the earning with lightning companies. There's a great one called stock. I mean who doesn't want more bitcoin. I won't Bitcoin. The people think of lightning people spending bitcoin. But there's actually huge potential people. Earning Bitcoin as well so stock is a really great start up just on the founder last night where people can complete these tasks if you know Amazon Mechanical Turk and they earn Sushi's on lightning because think about it this way if you wanted to pay people around the world's talk radio different countries to do small tasks and you wanted to do it with you know in the Fiat system. Good luck you know. That's just not going to be possible. So stock is a great way to complete tasks do this micro work and earn on With lightning and then dirk companies like tip in and a variety of products where you can actually two people apple and again earn people can actually make money with lightning a noisy the rise of a lightning financial startup. And they're quite view these as well river financial toll for example and disclosure personally in my personal capacity and adviser they are they integrated. Led lighting where you can deposit and withdraw and you can buy Bitcoin coin with dollars and drugs and lightning or you can deposit and then tell for USD we have which is building a lightning native eight of API We have sparks. which is doing trading zapped which is doing OTC You can transact between USD and lightning A host of those in the way of the wallets under great wines like Breeze Moon Zappa also working at a wallet. There's Lula while Toshi so there's really been just as shoot ecosystem that has emerged in less than two years and This fall we co organize a lightning conference we had I five hundred developers enthusiasts community members in Berlin people came from all around the world every continent and it was incredible to see that in person. It's an to release the ABI tangible and enter this world of lightning where everyone was buying. There was a lightning beer tackling cocktail by. You could buy ice cream hot chocolate. Let all sorts of interesting things would lightning. You could play video games as lightning. There's a letting scooter tesla coil. Where when you painted at actually sparked like ooh yesterday I actually live on Yahoo Finance livestream? Our head of operations said the chickens. Paul you feed this community is their real business. Being built in town moved but there are also these crazy used cases. You're like wait if I if I've got a a few years ago that the technical building was gonNA help us chickens like it happened

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