The lightning lab has released its alpha version of their Bitcoin wallet for lightning network. They released it on Wednesday 20th June.
The application developer of Lightning Labs Tankred Hase has told within the last 24 hours the wallet saw about 2000 downloads both for Android and iOS. The idea of bringing the new Bitcoin wallet is to make it quicker to use for the user than before.
In their blog, Lightning Labs has invited all the user who wishes to test the alpha version of the wallet. The person will have to request on their website to be a tester of the wallet. Lightning labs have said they have received about 2000 requests to test the new wallet.
The newly launched bitcoin wallet is a non-custodial wallet; this means the user can have control over their private keys. They can send payment worth $1500 instantly. While the wallet is in testing, they have capped the transaction to one-sixth of Bitcoin.
Advertisement
The Autopilot setting of the wallet is presently dependent on three full nodes of the cluster for sending Bitcoin. The tech-savvy client can set up a manual function to create their payment channels connecting to two nodes.
The application developer, Hase, has also stated that in the future pressure on the lightning Labs will be reduced as soon as Bitcoin Core is updated to Neutrino protocol. This will help the user to connect to the external node.
In the future, the company is planning to launch the Lightning Loop that will help the user to receive payments quickly.
Lightning Labs uses the protocol layer that influences the smart contracts & blockchain technology to make transaction cheaper and faster for anyone living in any corner of the world. Through the presentation of the Bitcoin Wallet, the company has also started its first monetization strategy.
They are planning to help the merchants and other individuals who need to do frequent transactions with their monetization services. Recently the company has also teamed with another Fintech startup Square.
Advertisement
On the presentation of the new wallet, Hase has said they intend to provide infrastructure for the merchants and other apps to integrate with it.
