Thursday, October 10, 2021

DropBit Adds Lightning Network Support

DropBit, a bitcoin wallet and payment service provided by CoinNinja, allows you to send bitcoin to people who don’t own any. Now, it’s using Lightning Network to beef up its self-stylized role as the Venmo for bitcoin.

Revealed exclusively to Bitcoin Magazine ahead of a public announcement, the DropBit app has built out its own integration for the Lightning Network. As part of the app’s 3.0 update, this Lightning Network compatibility will allow users to send Lightning payments to folks who aren’t using the secondary network yet (or Bitcoin at all). DropBit will roll out the new integration on a case-by-case basis with its beta program in the coming months.

How It Works

To bring the Lightning Network to its service, DropBit opens up a channel for user B and deposits the funds user A sent them into the channel. As in the case of on-chain bitcoin drops on the app, once the new user verifies their information, they can claim their bitcoin.

“The DropBit wallet is about sending frequent, smaller Bitcoin transactions in the easiest way possible,” Kyle Stalzer, head of product at CoinNinja, told Bitcoin Magazine. “You don’t need a long abstract wallet address — you simply need someone’s phone number or Twitter handle to send — even if the recipient has never owned bitcoin previously.”

This ease of onboarding should be made even easier with added Lightning functionality.

“Adding Lightning Network support makes these small sends more economically viable,” Stalzer said. “You can send bitcoin for next to no fee with Lightning, a critical piece on the value proposition of using bitcoin as a transactional currency.” 

When you send someone bitcoin on DropBit, they’ll receive an alert regarding your payment and, once they sign up for the service, the payment will automatically be deposited into their wallet once it is activated.

With the 3.0 release, DropBit is now SegWit-enabled. It also modified its seed phrase scheme.

While DropBit’s Lightning Wallet isn’t available for use just yet, you’ll be able to see the UI and UX in this release. DropBit will begin by unlocking the Lightning Network features for select participants in a beta program before taking it fully public (you can tweet at them on Twitter if you’d like to test it out).

The post DropBit Adds Lightning Network Support appeared first on Bitcoin Magazine.

Via: DropBit Adds Lightning Network Support

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange