A new Lightning App developed an easy way how to receive Bitcoin!

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Yesterday, Pierre Rochard presented his new Lightning app. He developed an easier way for Lightning Network users to get inbound capacity in order to receive Bitcoin. The app will join other services which seek the same mission. Two of them are Bitrefill’s “Thor” and “Lightning Loop” from Lightning Labs. 

The problem

Nowadays the most common problem for LN transactions is that the receiver has to have sufficient funds in his LN channel in order to receive a payment. This makes it particularly difficult for new users to start receiving Bitcoin. Now with the new Lighting Power Users app, it will become easier for users to set up a short-lived channel. This is for users who want to accept a payment imminently for a smaller fee.

How to use it?

https://lightningpowerusers.com/home/

In his medium blog, Rochard elaborates on the few steps that a user has to go through in order to make his payment with the Lightning App. You have to go to the Lightning power users website and install Joule. Next, you need to enter your pubkey, if they are already connected with LN Power Users node, but if not, then you have to enter your pubkey@host:port. Then you have to select how much inbound capacity you would like to request. Again, if you are connected with their LN node, you will be granted an inbound capacity for three days for free, however, if you’re not connected, you want additional inbound capacity or you want it to last longer than three days, then they charge a “capacity fee”. Next, you select the chain fee rate.

“When blocks are full and the mempool (tx queue for entering blocks) is backed up, you can pay less and wait longer for the channel opening transaction,” says on the website. After that, just click on Pay with Joule and Confirm.

Decentralization is Rochard’s goal

Rochard refers to earlier days when users had to submit a Google Form which he would later use to manually set up a channel. Now with this new service, this automates the process.

“I think what I want to see is a large variety of ways to do this. If we rely on just LNBIG or other services, then bitcoin’s not as decentralized. So, that’s my goal. To provide a reliable service,”

says Rochard.

Additionally, Pierre thinks that in the future developers will figure out a way how to completely hide the inbound capacity step. He elaborates on one particular approach which would involve iterations on lightning’s autopilot feature, or just a newer computer science technique such as machine learning.

Source:

https://www.coindesk.com/this-new-lightning-app-aims-to-make-getting-paid-easier
https://lightningpowerusers.com/home/
https://medium.com/@pierre_rochard/how-to-request-inbound-capacity-from-lightning-power-users-605799214474

Photo by Philippe Donn from Pexels