Tuesday, 26 May 2020

Offline Payment Via Bitcoin Lightning Now Possible

At the ongoing 2-day Lightning Conference in Berlin Germany, a developer announced a maiden project that makes it easy for Bitcoin lightning wallet users to receive payment offline.

The project dubbed Lightning Rod, was unveiled by a developer from Breez, a mobile application both on iOS and Android permitting fast, simple and safe Bitcoin payment through lightning.

The developer, according to sources, was on stage at the conference to project the idea to the audience. Lightning wallet users, through the innovation, can now receive payments via lightning without being online.

For those willing to receive lightning payments when offline, wallet providers like Acinq, Lightning Labs, Breez and others are to serve as routing node to the recipients, an explanation on Reddit has shown.

When receivers are offline, the wallet providers will use a hodl-invoice that permits the routing nodes to delay payment until the invoice expires, and then send alert to the wallet.

Anytime the recipients come online, they receive alert, then open up their wallets to get the fund. Once the invoice has not expired, recipients are notified by their wallet provider and complete the transaction.

The innovation gives users the advantage of receiving lightning payment when they are offline without any form of risk whatsoever.

Normally to perfect transactions between two people using Lightning, the two nodes must be available online. This, according to those behind Lightning Rod, is a big restriction, especially when one of the two are not online.

Lightning Rod protocol solves this problem by making use of an intermediate node that is always available and can easily, without any hindrance, send payment to recipient without the need for payer or payee to be online at the same time.

One Disadvantage
Recipients of the lightning payment may not receive the funds if they failed to be available before the invoice expires.

Receiver won’t get the fund if the wallet route that does not include a Lightning Rod node.

Despite, this is an innovation capable of disrupting the Bitcoin lightning space and the entire crypto space.

source: newslogical.com
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