Lightning Network has stepped up its game and is now allowing users to transact cryptocurrencies on Amazon. Bitcoin [BTC] can now be directly used on the biggest e-commerce website in the world via the lightning network, while Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC] can be used through Coinbase.
Moon, the crypto-payment processing startup, is behind what could be the start of a new mass crypto-adoption movement. The company operates a browser extension that will work on a Lightning Network-enabled wallet, allowing users to transact cryptocurrencies.
Prior to its official release, representatives at Moon announced that 250 beta users had already transacted cryptocurrencies on the e-commerce website via the browser extension. Further, the services of Coinbase, the American crypto giant, was used during the testing phase and will continue to be used over its wider implementation.
Moon’s website stated,
“Shop directly on Amazon.com via Lightning Network or from your Coinbase account with Bitcoin, Litecoin, Ether and Bitcoin Cash.”
Speaking to CoinDesk, Ken Kruger, CEO of Moon, explained how the extension works on the Lightning Network. The extension will generate a QR code with a “lightning invoice,” allowing users to pay for the same via their preferred virtual currency.
Moon is taking care of crypto-to-fiat conversion as well, implying that neither the e-commerce company nor their merchants would directly interact with digital assets. However, Kruger did not specify which partner-company(s) are assisting them in the conversion of crypto-to-fiat and eventually, sending dollars to merchants.
Despite Amazon taking the lion’s share of the global e-commerce market, Kruger plans to expand massively. By next year, this browser extension-lightning network feature will be present on all e-commerce websites, he said. He added,
“We’re integrating with the Visa and Mastercard networks and we get a cut of the interchange fees that merchants pay every time they receive a credit card transaction.”
The acceptance of cryptocurrency on Amazon was in all likelihood, a response to Rakuten, the Japanese e-commerce giant. Rakuten is setting up its own cryptocurrency exchange and had previously indicated the importance of virtual currencies as a mode of payment on online retail websites.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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