On 4th August, Lightning Lab introduced a new browser-based dashboard Lightning Terminal (LiT) which will be self-hosted. In the initial stage, the company’s main focus is on making easier managing of channels using Loop technology called Lightning Loop. This will give users a visual interface of channels and balances via Loop. The liT goal is to create a system that enables liquidity management comfortable for a web browser.
Lightning Labs believe that bitcoins and lightning cutting edge technology are numerous, and they are focusing to make those technologies more accessible to the masses. Previously for balancing the unbalanced Loops and channel balances, node operators were needed to write codes. LiT provides a way out from them enabling visualized channels, leveraging their preset operation modes for the better decision on action-taking and rebalancing channels in a click.
Desiree Dickerson in an interview said “Lightning is the HTTP to Bitcoin’s TCP/IP protocol. LiT is developing the infrastructure for someone else to build the “killer app” or “the next big thing” as added by Dickerson. She believes their technology to be like an Intel processor as Lightning will be powering the bitcoin world in the future, or as the company is planning.
Lightning technology is not new for the crypto world but new innovations are at the peak. Recently, Zap launched the beta version of Strike App for the public on Android, iPhone and Chrome browser. Along with that Zap will also be joining Visa’s Fast Track program post raising $3.5M funding in the seed round.
Advancement in the Lightning Adaptation
Present function is very complicated as one needs a bitcoin wallet, then a lightning wallet. Post that one needs to process those tokens in the lightning wallet. This complete process is as long as it seems to read. Technologies are being advanced daily to remove the middle man from the process. In the same direction, NiceHash became the very first mining platform who will offer payouts over Lightning. Their large base of Bitcoin users moving small amounts daily is believed to be benefited most from the lightning.
Bitcoin transaction fees are high lately, so this is the time to start using Lightning Network or LN! ⚡️
We now official support LN for all users. You can deposit or withdraw without any fees! Learn how 👇https://t.co/10Wij6zWZr#Bitcoin #LightningNetwork pic.twitter.com/tHmjiWGC3Y— NiceHash (@NiceHashMining) July 24, 2020
MintGox tournament which is a monthly virtual showcase of videogames was sponsored by another Lightning platform, Bitrefill. Participants winning sats-in-game either chased it in Lightning wallets or purchased gift cards from Bitrefill. The company gave 5 million stats in just an hour and a half, processed 13k LN transactions and hosted 100+ Bitcoin rally tournament streamers
Announcing our first ever official MintGox Tournament Sponsor: @bitrefill
Win sats in the Bitcoin Rally Tournament and cash out on https://t.co/7iyXaOaiAT for gift cards from more than 1650 businesses including @Steam, @PlayStation, @Roblox, + @PUBG!
Game on #Bitcoin 🎮 pic.twitter.com/XKGc6Hgu1G
— Magic Internet Gathering (@MintGox) July 29, 2020
With all these advancements in the Lightning, the decision and timing to launch LiT is a smart move.
