For those familiar with making payments on the blockchain, the biggest challenge these days is how long it can take for transactions to complete. The current average is around 2 minutes, but in some cases—during peak network traffic times—it can take up to SIX HOURS! 😬
The cryptographic protocol widely used on the blockchain is expensive and slow because EVERY computer on the network has to verify EACH transaction.
As a result, the “on-chain” network can only handle around 7 transactions per second 🤦♂️. For comparison, credit card companies can process around 5,000.
The Lightning Network (LN) is a “layer 2” protocol that sits on top of Bitcoin and enables the processing of transactions without the need of every computer to verify the request.
This method enables 1 MILLION transactions per second and can process payments within milliseconds of the initial request.👌
Not only does this make using bitcoin faster and cheaper than credit cards, it also enables microtransactions with SATS (the smallest divisible amount of Bitcoin) that were previously too costly to bother with.
While the Internet doesn’t have a native currency yet, we think there’s a pretty goooood chance that Bitcoin—powered by the Lightning Network—is it.
Alrighty, so now that we understand why the Lightning Network kicks a$$, below are a handful or LN-supported Bitcoin wallets that you can use with WebDeveloper.com.
Check ’em out and have some fun! 🤘🥳🤘
Easily the most popular wallet app around. The Cash App is a robust platform that does more than just Bitcoin transactions, making it even more appealing to a general investing-minded audience. Additionally, they are spearheading the growth of LN by providing a Lightning Developer Kit (LDK) for wallet providers.
They also put together a hilarious video promoting LDK.
Blue wallet is one of the few wallets that support a wide variety of operating systems and devices. Not only is there a desktop and mobile option, but you can even use this wallet on your Apple Watch.
Despite only working on mobile devices, Muun is a simple interface that provides a quick and easy way to get setup in just a minute or two. In addition to having multiple support channels, they also have a solid following on Twitter and are active in their replies.
Strike is interesting. Not only do they offer a chrome extension, but they also have a developer API they recently announced that enables anyone to “build instant, global, superior payment experiences“. They’re also actively hiring, which is typically a good indicator of future development.
If you have any questions or comments, my DMs are open @theMOLITOR 👍