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"The cryptocommunity has much to celebrate this month after the popular peer-to-peer crypto exchange HodlHodl announced Lightning Network integration. Now, crypto traders can seamlessly buy and sell Bitcoin at reduced rates via this off-chain protocol. The move places HodlHodl in an exclusive class of Lightning exchanges currently in operation globally.
News of the integration came via a June 5th, medium post. In the post, the company detailed their experiences with the second layer protocol, and how its functionality would integrate into the current platform. Due to the fact that the Lightning Network is still in its Beta testing stages, HodlHodl decided on a different approach..."
The Lightning Network is laying the ground for bitcoin to take the next giant leap in its evolution. Instead of just being an asset for HODLers’, bitcoin now has the speed and economy to become a universal currency. We stand before the threshold of mass adoption.
The only thing holding bitcoin back is the UX. Raw technical possibility is not the same thing as an attractive, engaging, useful experience for all users.
But UX is a small term that hides great complexity. It implies many issues for which there are many solutions, each with advantages and disadvantages that different users will value in different ways.
For all their differences, we can assume that all users want at least one thing: simple functionality. Any viable solution must do its job simply and efficiently, so the complex technology has to operate seamlessly in the background. Perhaps the best measure of a UX is the gap between the utility it delivers and the complexity it manages to hide.
Here we take a look at the various challenges that remain in implementing the Lightning Network as a global payment solution for bitcoin and the different ways existing and impending technologies can overcome them.
"Over the last couple of months, the Lightning Network attracted a lot of attention and many people made their first payments. We are all eager to find the products and services that allow us to learn about and experiment with Lightning. Wallets are at the forefront in this search.
As of today, you can make non-custodial Lightning payments using Muun. It requires zero channel configuration: all you need to do is make sure you have bitcoins in your wallet and scan the Lightning invoice you want to pay. Muun will automatically recognize it as an off-chain invoice and guide you all the way through the payment.
Underneath a super easy payment flow, a submarine swap is occurring. Submarine swaps allow users holding on-chain bitcoins to pay off-chain invoices through a swap provider. The swap provider doesn’t have custody of your funds at any moment..."
"The highly anticipated non-custodial Boltz exchange is now live. This Lightning Network enabled platform is a next-generation exchange that offers clients the ability to trade crypto without the need of an account. The exchange represents a break from the current trend of exchanges requiring more customer information. Additionally, the platform is open-source.
Boltz represents an evolution in crypto exchanges. The platform is easy to use and integrates the Lightning Network directly into its protocol. Users can take advantage of Lightning Network features such as submarine swaps. Submarine swaps are cross chain exchanges. Currently, you can submarine swap BTC and LTC on this platform..."
The Bitcoin Lightning Network scaling protocol has passed a fresh landmark of 8000 nodes as a new solution launches to increase its mainstream usage.
"Lightning, which continues to advance its presence as Bitcoin’s foremost scaling solution, hosted 8016 nodes at press time April 16 according to monitoring resource 1ML.com, up 8 percent over the month.
The network now has a total payment capacity of 1062 BTC ($5.37 million), having reached an all-time high of 1080 BTC earlier this month.
Designed to allow off-chain Bitcoin transactions which are almost instant and free, Lightning has come on leaps and bounds since it debuted on the Bitcoin mainnet at the start of 2018.."
"New announcements around Bitcoin’s Lightning Network have been coming almost nonstop lately, with new exchanges, wallets and other services popping up seemingly every day.
Perhaps the most unique attribute of Breez is that it doesn’t include an on-chain bitcoin wallet. In other words, it’s all Lightning.
“Lightning only,” Breez CEO Roy Sheinfeld confirmed in an interview with Bitcoin Magazine. “This is one of the elements that simplifies the user experience.”
Sheinfeld pointed to the fact that no bitcoin wallet management is necessary and users have a single balance — rather than both an on-chain and a Lightning balance — as examples of this simplification.
Although on-chain funds cannot be stored in Breez, the app includes the ability to move funds from traditional, on-chain bitcoin wallets to the Lightning-based Breez via Submarine Swaps, which were popularized by Lightning Labs Infrastructure Lead Alex Bosworth.."