What Are Lightning Wallets Doing to Help Onboard New Users?

gepubliceerd op by Coindesk | gepubliceerd op

In today's podcast we zero in on the challenge of "Channel Management", an until-recently-mandatory and manually-managed part of connecting to and utilizing the still-nascent Lightning Network.

A little context: The way Andreas sends a payment to Stephanie through Lightning is either through a direct channel to her or through a route of hops that can eventually reach Stephanie.

If a user is brand new to the Lightning network, how do they go about receiving their first payment? - This question has been answered by both ZAP wallet and Phoenix wallet, using different techniques.

Eclair offers more advanced/technical users a deeper look behind the hood of the inner workings with channel management being a manual operation.

Phoenix wallet offers no channel management to the end user, it is all done under the hood.

The wallet ONLY connects to the ACINQ node, initially through a 'fake channel' and when an incoming payment is detected by ACINQ, the 'routing hint' that was contained in the QR code points to Stephanie's wallet through this fake channel.

Their aim is for users to be able to use their debit card to have bitcoin sent to them on the Lightning Network, even when they have a fresh wallet with no channels.

Once payment has been received by Olympus, it will then open a Turbo channel to the user, with the pushed amount that they have just purchased with their debit card.

Jack Mallers has also stated that in the future Olympus will not only push the amount to the user but will also have some funds on their end of the channel.

POINTS OF INTEREST.Olympus requires KYC/AML.If you are a business using the Olympus service will this mean that when the channel is opened to you, Olympus will open a channel with much higher funds on their end as opposed to if you are only an individual?