September 30, 2022

Lightning Speed 004: What’s The Lightning Development Initiative?

6 min read

There’s no denying that 2021 was the Lightning Network’s year. What does the future hold, though? If the goal is to onboard the next billion people, the network requires work and fine-tuning. To get the bull by the horns, The Human Rights Foundation and Strike established three 1 BTC bounties.

The bounties will go to the very first individual or team to develop a confidential Lightning suggestion jar, a tokenless way to peg BTC to dollars, or a privacy-focused wallet that supports some kind of Chaumian e-cash feature. In a Twitter Spaces conversation about the program, they called it The Lightning Development Initiative.

An appealing name that we’ll use from now on to refer to all of this. This 4th edition of Lightning Speed is all about the future. Let’s check out the 3 concepts and the new info that we have about each of them.

The Lightning Development Initiative In Twitter Spaces

Among the speakers were Strike’s Jack Mallers, The Human Rights Foundation’s Alex Gladstein, Bitcoin Magazine’s Christian Keroles AKA CK Snarks, and Tales From The Crypt’s Matt Odell. It occurred on December 29th and Bitcoin Magazine hosted it. A Twitter user called Gigi summarized it for us.

🚨 < img src ="" alt="" class= "wp-smiley "style=" height: 1em; max-height: ⬇

1em;”/ > A thread summing up the Lightning Développement Initiative Space< img src =" "alt =" ⬇" class =" wp-smiley" design="

height: 1em; max-height: 1em;”/ > 3 incredibly intriguing subject related to the bounties were talked about. I ' m so bullish on Lightning< img src=" "alt=" ⚡" class=" wp-smiley "design =" height: 1em; max-height: 1em;"/ > it harms. Very grateful to have these people on our side< img src="" alt=" ❤" class=" wp-smiley" design=" height: 1em; max-height: 1em;"/ >< img src="" alt="" class=" wp-smiley" design=" height: 1em; max-height: 1em;"/ >

let'' s 🧵 take a look at my notes< img src="" alt="" class=" wp-smiley—" style=" height: 1em; max-height: 1em;"/ >– Gigi< img src="" alt=" ⚡" class=" wp-smiley" style=" height: 1em; max-height: 1em;"/ >< img src="" alt ="" class =" wp-smiley"

design= “height: 1em; max-height: 1em

;”/ >( @GuerillaV2 )December 29, 2021 Bounty # 1: An Anonymous Tip Jar In our sister site Bitcoinist’s report

, they explained the obstacle as follows: “Can you develop a Lightning idea container that does not expose any info about the celebrations involved? That’s the first task. How to get entirely anonymous donations. According to Bitcoin Mag, the “objective is to enable anyone to use free and open-source software application (FOSS) to print a QR code that can be used for getting Lightning payments independently. Notably, “The QR code should not reveal the public secret or IP address of the user.”

In the Lightning Development Initiative’s report, we learned that this involves the two competing procedures, Bolt12 and lnurl. Jack Mallers “explained the absolute requirement for interoperability on the Lightning Network which despite the fact that lnurl might not be “ideal” today, the marketplace will ultimately decide what open standard they prefer to use. He thinks that currently UX is a major focus for the Lightning neighborhood and we should make peace with the reality that there will be competition in between options.”

Rockstar mentioned that this debate around lnurl vs bolt12 will have substantial ramifications for the future but that he'' s grateful that there'' s now an active conversation on the matter.

Jack included that contrary to the Bitcoin primary chain, we can somewhat manage to screw up on LN.

—– Gigi ⚡🇨🇵 < img src=" "alt="" class=" wp-smiley "design=" height: 1em; max-height: 1em;"/ > (@GuerillaV2) December 29, 2021 Mallers put

forth another intriguing concept,” contrary to the Bitcoin primary chain, we can somewhat pay for to f ** k up on the Lightning Network. As long as the Bitcoin monetary policy is not threatened then we can easily fiddle on top of the procedure via Lightning.” BTC cost chart for 01/14/2022 on Bitfinex |

Source: BTC/USD on Bounty # 2: Stablecoin On Lightning Without A Token Bitcoinist

described this one as: “The second difficulty appears to be much more difficult, a minimum of on a conceptual level. The HRF and Strike desire a wallet that makes it possible for “anyone to “peg” an amount of bitcoin to U.S. dollars without requiring an exchange or another token.” That’s right, without a central entity. And relying just on sats and bitcoin.”

Gigi summarizes why the world needs this:

” The goal is to permit people to gain access to dollars without a single point of failure. Further down the line, as Bitcoin ends up being less volatile, these individuals can use btc, but till then there’s huge demand for holding value in dollars. The tether market cap is proof of this.”

It serve an important humanitarian use case. We need to create the structure for this brand-new financial system.@Chris_Stewart_5 >> > > maybe it can be done with DLC'' s? Not using a token but rather something representing price exposure (believe Eurodollar system). (oracles?)

The END.

—– Gigi ⚡🇨🇵 < img src="" alt=" "class= "wp-smiley" design=" height: 1em; max-height: 1em;"/ >( @GuerillaV2) December 29, 2021 Bounty # 3: A Chaumian E-Cash Feature To start with, Investopedia defines Chaumian e-cash as:” eCash was a digital-based system that helped with the transfer of funds anonymously. A pioneer in cryptocurrency, its objective was to secure the personal privacy of individuals that utilize the Internet for micropayments. eCash was developed by Dr. David Chaum under his company, DigiCash, in 1990. “So, as soon as again, anonymity is the concern. As Alex Gladstein put it when announcing the bounties, they’re “for the first open-source, non-custodial, non-KYC Lightning wallets to ship features requested by dissidents worldwide.” Also, consider the words of security specialist Brian Trollz, “Bitcoin without privacy is absolutely nothing however a surveillance system.”

Bitcoin without personal privacy is nothing however a monitoring system.

—– Shino (@brian_trollz) January 13, 2022

What does Gigi have for us on this topic? “We require a sort of Chaumian e-cash, extremely easy to utilize for the Plebs and accessible. Possibly the service is a federated one, making it harder to manage.” He then prices quote Jack Mallers again, “There’s going to be a singular requirement for the internet of money (Bitcoin). Numerous will compete on top of BTC so we need “interoperability to the standard.”

Matt: We need to make it really simple to use since experience shows us that if it'' s rather challenging (coinjoins etcc) individuals won'' t trouble to safeguard their personal privacy (goddam moron normies 🤡< img

— src=”×72/1f921.png” alt=”” class=” wp-smiley” design=” height: 1em; max-height: 1em;”/ >)– Gigi< img src="" alt=" ⚡" class= "wp-smiley" style=" height: 1em; max-height: 1em;"/ >< img src="" alt="" class=" wp-smiley" style=" height: 1em; max-height: 1em; "/ >( @GuerillaV2) December 29, 2021 Conclusion: The Future Is Bright Developers, teams, business, anyone can make the Lighting Development Initiative’s bounties. The non-profit OpenSats will function as the judge. They are all open for the entire year. If by the end of 2022 nobody has declared them, the cash will go to the Human Rights Foundation’s Bitcoin Development Fund on January 1st. Which is fair. Particularly considering they simply offered 425 million Sats to these worthwhile organizations and individuals. For more information and information check out Bitcoinist’s original report. Included Image by Micah Tindell

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