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Bitcoin [BTC] lightning network application available on Android’s Play Store

Vinod KA



Bitcoin Lightning Network application on Andriod - ACINQ’s Eclair wallet
Source: Flickr

The lightning network is a peer-to-peer system that functions as a second layer payment protocol that operates on a blockchain, mostly Bitcoin and allows micropayments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties. It is believed to be a solution to the Bitcoin scalability problem and enables instant transactions between participating nodes.

On March 15, 2018, the Lightning Labs announced lnd 0.4 beta, the first beta release of the lightning software implementation. This was followed by a second implementation known as éclair which was released last week. A third one known as c-lightning is expected to be released very soon.

The Lightning Network has gained its first user mobile application in the form of ACINQ’s Eclair wallet which came out on the 4th of April. The application is now available in Playstore on the Android platform and can be run on devices that have Android version 5.0 and above.

A description written by ACINQ reads:

“Lightning channels are outbound only: you can pay with LN but you cannot receive or forward payments with this wallet. For the complete LN experience, run a full Eclair Node.”

The above mentioned lines are stated as the limitations of the Eclair wallet. The description also includes instructions regarding opening a Lightning Network channel, sending a Lightning Network payment and closing a channel.

Since the mass adoption of SegWit in February and March this year, Lightning network’s pace of development has quickened.

The people on social media reacted by encouraging ACINQ to release an equivalent for iOS to which commentators responded by saying that it could be no easy task due to coding requirements.

The LNmainnet incorporates 1337 public nodes and 3811 open channels at press time. In future, LN is expected to allow all Bitcoin users to send transactions instantly with a fee that amounts to fractions of a US cent.

Several questions were raised on Twitter regarding this.

Jordan Fayter, a Twitteratti commented:

“What are your thoughts on the Eclair wallet for android phones? Can you see it being a good lightning network wallet? I’ve tried 5 or more transactions with it and have done some research on the app, company and software.”

Another Twitterer commented:

“I have built an (unlaunched) social app called Approachable for iOS and Android. Looking to add Apple Pay, Google Pay and, eventually, Lightning Network. Marketing is the challenge for this type of app. Looking at starting with tips.”

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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.


SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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