Archive March 2019

Instamyna: A LN Game Which Lets You Experience Mining Without the Mining Rig

The post Instamyna: A LN Game Which Lets You Experience Mining Without the Mining Rig appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
Have you ever wanted to experience mining but have not had the time or resource to start? Have you also interested in Lightning Network Games (LN Games)? Instamyna is a new LN game from iCE3X which allows you to experience Mining without your First Mining Rig.

Play Instamyna

Pick a Winning Contract Now

It takes too much effort to mine
We have plenty of articles on the iCE3X Blog where you can learn about Cryptocurrency Mining. From the many in-depth articles that we have on the subject, we can infer that Mining is a complicated topic. As a result of this, there is a lot to learn about when you want to start mining Cryptocurrencies. From using the right hardware to build your mining rig to even choosing the correct cryptocurrency to mine makes it difficult to get started. But what if you didn’t need any of that to have a feel of the Mining experience?
So we don’t need a rig?
As part of our launch of Lightning Network games, we have released Instamyna. Instamyna is a mining experience where you can take advantage of the Lightning Network to back a mining contract and see if it will be profitable. Just like if you were actually mining but without the fuss.
How to play Instamyna
Rather than tell you how to play, how about we show you. The video below will show you exactly how to play Instamyna step by step. If you do not have access to a Lightning Network wallet, we recommend Bluewallet.

More Games are Coming
This is not the end. We are working on more games to be released in the coming months. They are all based around the Lightning Network and we will let you know as we make them live. What games have you been playing on the Lightning Network? What sort of games do you want to see?
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Lightning Network Games on iCE3X

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With the Lightning Network growing in popularity by the day, we are releasing a set of Lightning Network Games on iCE3X! Now everyone is able to play games while trying out the Bitcoin Lightning Network!

Lightning Network Games?

If you’re wondering what a Lightning Network game is, you’re not alone. The lightning network is still new but has been seeing rapid developments over time. Games on the lightning network let you send Satoshis to the game wallet so that you can play! Jack Dorsey, CEO of Twitter, also got involved with the Lightning Network recently in February of 2019 as he joined the #LNTrustChain!

Love these experiments. Lessons here that go beyond finance and currency. https://t.co/Pj9KDbRabJ— jack (@jack) February 5, 2019

Many Lightning Network games offer gambling games, where someone wins a large value and everyone else loses. We have decided to use games that are less money oriented and more fun. In our games, your score earns you satoshis so make sure to get your aim down!

We believe that the Bitcoin Lightning Network drastically reduces barriers of entry for gamers and game developers looking for a permissionless payment network that supports instant, low-cost micro-transactions, Koala Studios

How Do I Play?

Playing games on the lightning network is easy! In order to use the lightning network, you’ll need to get yourself a Lightning Wallet. If you’re on iOS or Android, we’d recommend using BlueWallet as you’re ready to start transacting as soon as you download the app!

All you have to do once you’ve downloaded BlueWallet is click the ‘Receive’ button, and send the invoice for however many satoshis to a friend. If you’ve already got Bitcoins, you can send the satoshis from your main wallet to your Lightning Wallet and start playing straight away!

We have a video demonstrating all the steps required to start playing games on iCE3X below:

What other lightning network games do you want to see next on iCE3X? Let us know your thoughts in the comments below!

Play Now

Lightning Network Games

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Privacy Coins: What are They?

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Privacy coins occupy a much-needed niche within the cryptocurrency space. Many of the early cryptocurrency adopters consider privacy coins to be essential. Many people incorrectly refer to Bitcoin as anonymous, though due to the blockchain, it’s inherently public. The minute a Bitcoin (BTC) address is linking to a user, their whole transaction history is essentially public. Privacy coins work to solve this problem by integrating many different privacy-oriented techniques.
Monero (XMR)
Monero (XMR) is one of the most popular privacy coins available on the cryptocurrency markets. It does this by randomly generating a one time address for the destination of each transaction on the network. This essentially breaks the link between a specific transaction and a user’s public address. This ensures the security of your public address as it doesn’t grant any access to your balance or transaction history. As well as this, XMR transactions go through coin mixers in order to add an extra layer of security.
Secret keys are used in order to ensure the recipient is able to scan the Monero Blockchain, identifying the one-time address associated to an account. As a result, these keys give access to the full transaction history and account balance to any trusted third parties.
Though Monero (XMR) offers an effective solution to the privacy dilemma, there is a downside. The additional data that needs to be kept in order to keep everything anonymous comes at the cost of scalability. This could compromise adoption in the long run.
Regardless, Monero (XMR) still dominates the cryptocurrency market as the top privacy coin by market cap. Plus, as it’s one of the most mature privacy coin options available, it has strong community backing.
ZCash (ZEC)
Contrary to Monero, ZCash (ZEC) has support for several different transaction types, allowing people to choose between transparency and privacy when transacting.
All ZCash transactions that take place are kept on the Blockchain. However, all data involving the address itself as well as the amount transacted is encrypted. Essentially, this hides all sensitive data from being publicly available. ZCash uses cryptographic zero-knowledge proofs (zk-SNARKs) to ensure that none of the above properties are broken. If all is good, the transaction went as intended. zk-SNARKs are in place to ensure that all information is able to be verified as valid without revealing any if the information.
However, the downside to the implementation of zero-knowledge proofs is the need for a special key. If discovered, it could potentially compromise the whole ZCash network. Be that as it may, there are many efforts in place in order to minimize any risk of this happening. Though, inherently, it means users must trust these efforts to be adequately fulfilled.
Another feature ZCash shares with Monero, is view keys. ZCash provides special view keys that allow users to disclose their transaction history with any third parties they trust.
Dash (DASH)
Originally known as ‘Digital Cash’, Dash (DASH) works on improving on elements of the original Bitcoin (BTC) in order to bring more properties of cash to the cryptocurrency space. Privacy is one of these features. Dash gives users a platform that offers privacy and security for their transactions, including the possibility of transacting at almost instant speeds with very low fees.
Dash achieves anonymity when transacting by mixing coins with others (a similar technique Monero uses), making it difficult to identify the origin or destination of any transaction by just looking at the blockchain. Thus, Dash achieves anonymity by implementing a level of obscurity. Balances of wallets aren’t hidden much as they are often split between multiple addresses.
The downside to this, however, is the fact that users essentially disclose their identity to any masternodes mixing their coins. Thus, in order to mitigate the effects of this, coins should be mixed several times.
Beam (BEAM)
BEAM is a new cryptocurrency that launched in January this year. In addition to this, Beam is one of the first cryptocurrency to launch with full implementation of the MimbleWimble protocol. Similar to ZCash, it also uses zero-knowledge proofs in order to verify transactions without disclosing any sensitive information.
As Beam is a new cryptocurrency, it has the potential to provide solutions to problems that were found after it’s competitors entered the crypto space. For example, the way in which Beam uses network protocols to ensure privacy. They need to be sure that someone simply observing network traffic can’t compromise their privacy. Also, the way the blockchain is able to function by storing far less information than what is ‘normal’ for privacy coins.
Similar to ZCash and Monero, Beam uses ‘Auditor keys’. These are private keys that users can give out to allow third parties to view their balances and transaction history.
Conclusion
With all of the cryptocurrencies on the market, you would have thought there’d be far more options for privacy. While there are many altcoins out there that claim to offer privacy solutions, many of them are too new to be sure of. The coins listed above all have strong market caps and a community behind them who actively transacts each of these cryptocurrencies.
Have you used a privacy coin before? If so, which one? Let us know your thoughts in the comments below! Would you like to see specific Privacy Coin on iCE3X exchange platform?
The post Privacy Coins: What are They? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

7 Fun and Creative Use Cases For the Lightning Network

7 Fun and Creative Use Cases For the Lightning Network

The post 7 Fun and Creative Use Cases For the Lightning Network appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
Since Lightning Labs released beta version 0.4 of the Lightning Network Daemon (LND); the Bitcoin Lightning Network has been growing at lightning fast speeds and has seen implementation into many different use cases. According to data from 1ML, a Lightning Network analytics startup company, the number of channels, nodes and the total network capacity in BTC increased by around 16% in the last 30 days alone.
Use Cases
So what can you do with the Lightning Network? This article will be taking a look at 7 creative and fun different use cases the Lightning network is currently powering.
Lightning Vending Machines
One of the earliest and most commonly known use cases in this regard would be the famous Bitcoin candy machine. Back in May 2018, software developer David Knezic demonstrated this technology on Twitter.

Just finished my Bitcoin-enabled candy dispenser 🍬 pic.twitter.com/pU2xJdBIyx
— David Knezić (@davidknezic) May 27, 2018

A while later, he also demonstrated how it works:

How it works: The dispenser is USB enabled using an Arduino Micro. It’s controlled by a Raspberry Pi that runs the “sweetbit” utility. It listens for incoming transactions through https://t.co/ngvWD3oCfL and dispenses candy relative to the amount of BTC. https://t.co/AnG9e0jHXZ pic.twitter.com/ox0M7WIrOj
— David Knezić (@davidknezic) May 27, 2018

The first iteration of his candy dispenser used Bitcoin payments, but that was far too slow for an application like this. Thus, he decided to upgrade his set up in order to accept payments on the Lightning Network. In June 2018, he released his prototype:

Level up! 🆙
My candy dispenser now accepts Bitcoin through the #LightningNetwork. See it in action! pic.twitter.com/xq71uI7zXI
— David Knezić (@davidknezic) June 11, 2018

Following this, the candy dispenser was demonstrated by Coin Center to members of the U.S Congress on January 21st. Currently, it’s undergoing development in preparation for a small production run.
Online Games
Nowadays, more and more games are starting to accept Bitcoin payments over the Lightning Network. Some of these include Pokemon, Roulette, and Duck Hunt.
CTO and Co-Founder of Bitcoin OpenNode, a crypto payment processor, Joao Almeida created Poketoshi, a service that allows users to play the original Nintendo game Pokemon on the Lightning Network.
The game is hosted on a live stream, in this case, it’s hosted on Twitch. From there, users enter commands into the Twitch chat that control a Lightning-powered virtual game controller. All commands cost 10 satoshis and the lightning payments are made possible using the OpenNode payment processor.

pic.twitter.com/8KzX6LYX04
— João Almeida (@joaodealmeida94) June 19, 2018

In addition to this, Rui Gomes, another open node employee launched his own game, Lightning Spin. This game or Lightning app (lApp) allows players to bet from 1,000 satoshis to 500,000 satoshis each round.

I'm officially launching Lightning Spin, a fun bitcoin gambling game that lives on top of the @lightning network.
Spin the wheel and multiply your satoshis, with instant deposits and withdrawals ⚡️https://t.co/sDriH0vXro
— Rui Gomes (@ruigomeseu) June 27, 2018

Earlier this month (5th of February) new startup Koala Studios launched their very first Lightning Network game called Lightning Chess. This game essentially allows users to wager satoshis against their opponents and out skill them to secure a win.

in-game UI is SLEEK. pic.twitter.com/1VNPmp5pvG
— Marty Bent (@MartyBent) February 5, 2019

Ordering Food Online
Another Lightning Network innovation that surfaced this month is Lightning Pizza. On February 13th, Fold, a crypto startup launched their website allowing anyone in the U.S to order dominos pizza and pay for it using Bitcoin on the Lightning Network.

You can now buy Domino’s Pizza via the Lightning Network for *5% off* from anywhere in the US with <$0.01 fees, instant transactions and ~30 min delivery. Get it while it’s hot at https://t.co/3tn7O9eexo 🍕⚡️ pic.twitter.com/zvco9xU7mC
— Lightning Pizza (@LN_Pizza) February 13, 2019

To emphasize, here’s a testimonial from one of many happy customers:

So @ln_pizza is pretty awesome. Works flawlessly and instant. Now I’ve bought stickers, a shirt, sweatshirt and now pizza with layer two magic internet money. What an excited time to be alive! ⚡️ #bitcoin #LightningNetwork @Blockstream @lightning @bluewalletio @dominos pic.twitter.com/WDnTP91eOG
— Justin Filson (@JustinFilson) February 14, 2019

Paying for Cab Journeys
According to an article by CryptoGlobe in December 2018, Dave Jenkins, a black taxi driver in London was carrying a small point-of-sale terminal in the back of his cab. Accordingly, he was enabling people to buy bitcoin in his cab, or pay for their journey using bitcoin. Apparently, this touch screen device “can process cash-based transactions in exchange for bitcoins in real time, then print a paper receipt, much like a credit card reader at your local coffee shop.”
You can’t get a lot easier than that, can you? If you try and mess about registering with Coinbase or Bitstamp or whatever, you know all these different things, it’s a lot of aggravation to send off your passport blah blah blah. Even a lot of bitcoin ATMs—they want your phone number and all that.
Just 10 days ago (February 18th); it was reported that the ‘crypto cabbie’ Dave Jenkins started using FastBitcoins in order to accept payments for any cab journeys using the Bitcoin Lightning Network. In light of this, Dave Jenkins said:
There’s no two ways about it, Bitcoin doesn’t scale to be used as a day-to-day currency. Even if you could put a cab journey or a cup of coffee on a blockchain for all time, why would you really want to? You need the Lightning Network and I am a big fan of its potential.
Sending Tips on Social Media Platforms
Another Lightning Network use case would be Tippin, a service that launched this month. Sergio Abril, Spanish video game designer made an extension for Google Chrome and an Add-on for Firefox that allows users to tip people on twitter. In short, it works by adding a ‘Tippin’ button to every tweet that shows up on your feed, allowing you to send someone satoshis if they entertain or enlighten you with a tweet.
Another key point is that this project originally started out as a personal hobby of the same name, with the aim of increasing adoption and awareness of the growing Bitcoin Lightning Network. Then, On February 6th, Abril sent out this teaser:

🤔 What if you had a Chrome extension that inserts a https://t.co/ZnASkDvUDU button in every Tweet?#LightningNetwork #LightningTorch pic.twitter.com/nU0h1AUm8m
— Tippin⚡️ (@tippin_me) February 6, 2019

A week later, he released Tippin to the public allowing everyone to send and recieve tips via the Lightning Network. On the 20th of February, CEO of twitter Jack Dorsey chimed in on what he thought about this new project:

This is excellent ⁦@tippin_me⁩ ⚡️ https://t.co/FifrgwBOTp
— jack (@jack) February 20, 2019

In addition to this, Abril is planning on adding support for other social media platforms in the future.
Purchasing Art Online
An interesting use case for the Lightning Network is micro auctions. Specifically, the least expensive artwork in history. It was sold in December 2018 for one millisatoshi to the lowest bidder in a ‘micro auction’. At the time, it was worth around $0.000000037.
To enumerate, the artist, Cryptograffiti demonstrated the creation of his artwork in a tweet:

black swan is here! watch the vid to try and catch him…#cryptoart #bitcoinart pic.twitter.com/7BfcDeyNJ3
— cryptograffiti (@cryptograffiti) December 19, 2018

He also decided to explain what motivated him to create this artwork and auction it off for a single millisatoshi:

I created black swan for two reasons:
1. poke fun at MSM's focus on Bitcoin's price, and not the groundbreaking technology being built
2. help spread awareness about the lightning network
The promise of micropayments was instrumental in my becoming an artist in the space. 2/6
— cryptograffiti (@cryptograffiti) December 19, 2018

Similarly, a more recent case of this is the story of a 9 year old Boy, Dennis, who wanted to buy a Nintendo Switch. Accordingly, his dad told him he had to work for the money and earn it himself, and set him up a WordPress website called Lightning Pictures. Powered by OpenNode, users can buy Dennis’ art using the Lightning Network. Once you’ve paid; the drawing you requested via Lightning will be emailed to you.
Currently, Dennis offers two options to his customers. They can either get a Quick Sketch for 29,000 satoshis (~$1.19) or a Awesome Picture for 290,000 satoshis (~$11.92).

Feeding Animals Across the Globe(?)
The Lightning Network is used for many creative things involving live streams. For example, in this use case we have the feeding of animals. PolloFeed, a ‘Bitcoin Lightning Powered Chicken Feeder’. PolloFeed gives users the ability to use the Lightning Network in order to pay to remotely feed some chickens.
Now, people can send money via the Lightning Network and instantly see it go to use. What better way to spend satoshis than to feed chickens across the globe?

Thank you all! ~ 100 orders yesterday
POLLO FEED will only continue to improve over time as we look to:
* Expand the pollofeed fam (~5 more chickies)* Scale server to handle afternoon traffic demand* implement real time video pic.twitter.com/2zXyosCMkB
— pollo feed (@pollofeed) February 23, 2019

Conlcusion
The Lightning Network is one of the most exciting innovations to enter the cryptocurrency space in a while. Thus, I believe that in time, it will develop and grow, eventually becoming far greater than what it is now. For now, all these use cases are just people testing the waters and figuring out this new technology.
All things considered, what do you think about the Lightning Network? Are you running your own full node? Let us know your thoughts in the comments below!
The post 7 Fun and Creative Use Cases For the Lightning Network appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

Do Women Have Better Crypto Intuition Than Men?

The post Do Women Have Better Crypto Intuition Than Men? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
Over the last few years, we’ve seen a dramatic number of milestones achieved by the blockchain and cryptocurrency space. People from all over the world, both male and female, have made ground-breaking innovations in the industry. In the spirit of international women’s day, we’ve decided to show just how amazing you all are.
Women and Cryptocurrency
Fault statistics aside, recent research has shown us that of all the people currently active in the crypto and blockchain space, only around 5% of these people are female. Who would have thought, that a tech-oriented, coding world such as the cryptocurrency space would have a majority of males? Yeah, it’s no surprise the only time you hear about women and cryptocurrency is women’s day. The industry is highly saturated with males. Thus, the fact that women don’t feel as confident to enter this amazing industry doesn’t exactly set a positive precedent for this ‘disruptive’ technology.
This large gap in diversity makes plenty of sense for the crypto space. After all, women take up a whopping 75% of all of the world’s purchasing choices. Women have been proven to be the greater consumer-based activists throughout the ages.
In light of this, pushing for more inclusion of women into the crypto industry could pose to be a great help, positively transforming the crypto landscape.
An interesting revelation that came out of this wave of research studies finds that in certain situations, women actually make for much better cryptocurrency traders.
A Mother Knows Best
According to a report by BuySellHodl (A cryptocurrency prediction app); women seem to have far better intuition as to when Bitcoin is set to rise or fall. After a series of matches on BuySellHodl; it was found that the first and the biggest winners were in fact, women.
A more significant statistic found during this case study was the fact that women’s prediction rates were higher than men on average. Women were able to make correct bitcoin predictions 58% of the times they made estimations. Men on the other hand only had a success rate of 51%. This is a contrast to the 9% of men who said the same about themselves.
Stronger Bullish Sentiment in Women than Men
In a test to see who would give someone a recommendation to buy Bitcoin, women came out on top once again. Women lead by 7% as 68% of women were more likely to recommend someone to buy bitcoin. Men were slightly more skeptical, with only 61% recommending bitcoin to friends and family. On average, they placed an end of price prediction for Bitcoin (BTC) in 2019 at $8,389.
When looking at women already involved in the crypto space, most of them identified Bitcoin (BTC) as their cryptocurrency of choice. 61% of females chose BTC as their currency of choice. Men, on the other hand, had their eyes set on a wider range of cryptocurrencies. Only 48% of men listed Bitcoin as being in their top 3 cryptocurrencies. The rest had various altcoins on their radar.
There are a plethora of women with deep involvement in the cryptocurrency space. Many of them are already working to level out the playing field. All while inspiring other women to take the leap and enter the crypto space. These more savvy and adaptable women are clear proof that they are a crucial addition to a male-heavy industry.
Crypto Super Women
In the spirit of women’s day, we will talk about a few ‘Crypto Super Women’ in the industry. If anyone was going to even out the playing field, leading more women into the world of cryptocurrency and blockchain technology, it’d most likely be Perianne Boring. Despite her surname, she is a dedicated advocate for getting women more involved in crypto and blockchain tech.
Boring is currently working as President and Founder of the Chamber of Digital Commerce. She founded a leadership team with an interesting ratio of male to female members (split 50-50). This is a very interesting initiative we will see evolve as time goes by.
In addition to Perianne Boring, we also have the proverbial vanguard of this revolution. This is Amber Baldet, the former executive of the Blockchain Center of Excellence within JP Morgan. Rather than sticking with the multinational financial institution, she moved on, forging her own path with a crypto-based venture of her own called Clovyr.
Much like her counterpart, Perianne, Amber has managed to earn a much-appreciated rep as a highly empowering individual. She encourages her female peers to step into the cryptocurrency space also. She states:
Many projects welcome women with open arms, but repeatedly positioning the entire space as unwelcoming causes a negative feedback loop that dissuades people from getting involved.
Women’s Day
The cryptocurrency space definitely has room to improve. As today is International Women’s Day; I thought it’d be best to shed light on a topic that could be the answer. The empowerment of any minority groups in any industry is always a key method of bettering the industry, making it more dynamic.
IWD is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating gender parity
Will this year’s international women’s day help to inspire more women to step into the cryptocurrency industry? After all, there is no set rule that says only men can learn about cryptocurrency and invest. Let us know your thoughts in the comments below, and of course, Happy International Women’s day!
The post Do Women Have Better Crypto Intuition Than Men? appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

Ledger Cryptocurrency Hardware Wallet GIVEAWAY | MAR 2019 | iCE3X

Ledger Cryptocurrency Hardware Wallet GIVEAWAY | MAR 2019 | iCE3X

The post Ledger Cryptocurrency Hardware Wallet GIVEAWAY | MAR 2019 | iCE3X appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
It is time again for another Ledger giveaway!  The iCE3X Crypto Wallet Giveaway allow participants the chance to get their hands on a brand new LEDGER Nano S cryptocurrency hardware wallet. We are offering the Ledger Nano S as the first prize for the lucky draw in our giveaway (which has an approximate value of R2000.00). The competition is running from 1 March 2019 and will finish on 30 March 2019 at 12 am GMT+2. The Ledger Giveaway for March 2019 is running now!!!
Your Online Security
Online security is very important and most noteworthy when it comes to your cryptocurrency.
As everyone knows you should never store your cryptocurrency on an exchange or custodial wallet, but rather in a wallet that you control the private keys for.
The Ledger Nano S is one of the latest “next generation” hardware wallets on offer by the French company, Ledger. It is also the best combination of security and ease of use for storing your cryptocurrency securely.
7 Ways to enter the Ledger Nano S Competition
LEDGER Crypto Wallet Giveaway | March 2019

How To Enter the Ledger Giveaway for March 2019
There are 7 different ways to enter the crypto wallet giveaway. Firstly you can simply enter using the entry widget in this post and get as many extra entries as you like. Remember to share your affiliate link and tag us on social media, or else you can not be eligible!
You MUST share your affiliate link and tag us in the post for your entry to be considered.

Especially relevant is to find your affiliate code here: https://ice3x.com/account/affiliates
Tag us on social media when you share your affiliate link using: @ICE3X
Like the iCE3X Facebook page https://www.facebook.com/ICE3X

Example of a post:
Trade cryptocurrency in #SouthAfrica with me on @ICE3X exchange here https://ice3x.co.za/cryptoninja Cryptocurrency: #ADA #BTC #BCH #ETH #LTC #DASH #ZEC  #DOGE #XMR
If you use the above example, please also remember to change the affiliate link, to your link on the exchange which you can also find here https://ice3x.com/account/affiliates. Learn more about the affiliate program and the commission structure on the exchange here: https://ice3x.co.za/affiliate/
Congratulations to the Winners of the February 2018 Competition:
Our lucky 1st prize winner for the February 2018 giveaway is Paul Naude. You can also see the list of TFDP winners below:

Rules for the Crypto Wallet GIVEAWAY

You can enter our Crypto Wallet GIVEAWAY as many times as you like. In fact, you should set a daily reminder 
Please share your affiliate link as a status update/comment. Furthermore, you have to tag us (@ICE3X) for your entry to be considered for the Ledger Giveaway March 2019.

The post Ledger Cryptocurrency Hardware Wallet GIVEAWAY | MAR 2019 | iCE3X appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.

Bluewallet: Zero Configuration Lightning Payments on Android and iOS

Bluewallet: Zero Configuration Lightning Payments on Android and iOS

The post Bluewallet: Zero Configuration Lightning Payments on Android and iOS appeared first on Cryptocurrency exchange: buy/sell/trade bitcoin & altcoins | iCE3X.
With the Lightning Network growing in popularity recently, many people have been unsure what the best Lightning wallet is. In this post, we will be taking a look at Bluewallet, one of the easiest and most efficient lightning wallets available on the market!
Lightning Wallets
The Lightning Network is a 2nd layer scaling solution that promises instant transactions as well as extremely low fees. Though, it does come at a cost. The lightning network is still in its infancy. As a result, it’s highly complex, and for any users who aren’t tech-savvy, it could be a little too much to grasp.
The ‘Be your own bank’ philosophy of Bitcoin (BTC) aligns completely with the Lightning Network. Users are required to run their own lightning node in order to open and manage state channels with other nodes on the network (which is what makes a network). This also maintains liquidity in channels. Essentially, running your own node will entail you doing hard ‘node operator’ work passively. This is the cost when cutting out 3rd party financial institutions.
Bluewallet takes a different approach to this situation. Blue wallet hides the complexity of running a lightning node under the hood of the application, taking over the work of the hub operator. The result of this is a smooth experience, allowing anyone, even those who are barely crypto literate to transact with lightning payments. They call this LndHub, an opensource layer around LND.
How Does it Work

Essentially, users send their bitcoins over to a dedicated top-up address. From there, the balance is added to their account on the LndHub. Next, the user is able to use their new balance to pay any Lightning invoices they receive. It’s important to realize that while this process seems straight forward, it’s highly complex.
What’s going on in actuality, is LndHub actually pays the invoice, thus, deducting the user’s balance. When a user wants to receive a Lightning payment via invoice; LndHub is the one creating the invoice and receiving the coins on one of its own channels.

1) create wallet 2) new wallet instantly created 3) manage funds 4) send BTC to top-up address 5) after 3 confirmations your lightning balance can be transacted 6) start transacting on the lightning network!
Be that as it may, this system does have drawbacks. Essentially, users transfer their funds in custody to a 3rd party. While this isn’t always a bad thing, we all know that ‘trusted’ 3rd parties usually end up being security holes, courtesy of Nick Szabo. Regardless, trust is reduced to the lowest it can possibly go while still carrying its duties. Conversely, Lightning is supposed to be used for everyday purchases and transactions. How much does the average user carry around in their pocket for daily expenditures? Maybe around $50? This is why the tradeoff is somewhat fair in exchange for usability.
Of course, an on-chain Bitcoin private keys should always be in the user’s full control.
Not your keys, not your coins.
You can think if normal Bitcoin (BTC) assets like your savings account. Lighting on the other hand, is like your current account. Thus, Bitcoin is your store of value, Lightning is your every-day spending wallet.
BlueWallet Summary
The Lightning Network is new, and the amount of wallets that support it is highly limited at the moment. Infact, this is actually why Bluewallet was started initially. When speaking to Igor Korsakov, co-founder of Bluewallet, he said:
At the time, high fees were everywhere, and at the time, Bread wallet (which I was using) was lacking crucial features such as segwit etc. Thus, we decided to put our coding experience to use and develop our own wallet. Initially it was just a Bitcoin wallet, but once the Lightning Network released, we knew we had to implement it. From there, Bluewallet just took off, we even got 1300 downloads in a single day!
Pros:

An improved user experience, allowing more users to join the cryptocurrency space with an easy to use wallet.
A complete removal of all technicalities such as opening and maintaining a channel, as well as incoming and outgoing liquidity
Far better chances of successful payment routing
Receiving payments is highly efficient. With Lnd and LndHub being 100% online, there is no need for any Watchtowers.
If a self-hosted LndHub is set up the lightning experience can then extend to many new users.

Cons:

User’s funds are held by a 3rd party (though they are only small amounts for everyday spending). However, many of the risks associated with this are mitigated by the open-sourcing of LndHub.
Minor centralization of the network
Somewhat less private. Operators of any hub know who paid whom. A benefit, however, is that trust is minimized due to the hub not knowing who is on the sending end, and who is on the receiving end, nor can they see what is being paid for. Again, LndHub is opensource due to people needing extra security.

Feel free to give the Bluewallet mobile app a try for yourself! In addition to this, if you’re a programmer and want to check under the hood for yourself, you can check the GitHub for LndHub and Bluewallet for yourself! Both are opensource and MIT licensed. Let us know what you think of Bluewallet in the comments below!
Useful Links:

http://lndhub.io
http://lndhub.io/about
https://bluewallet.io
https://itunes.apple.com/us/app/bluewallet-bitcoin-wallet/id1376878040
https://play.google.com/store/apps/details?id=io.bluewallet.bluewallet
https://github.com/BlueWallet/lndhub
https://github.com/BlueWallet/Bluewallet

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