Home - Bitcoin - Lightning Labs Unveils Bitcoin Accessibility for Billions of People-Here’s How

James Carter

May 1, 2023

Lightning Labs Unveils Bitcoin Accessibility for Billions of People-Here’s How

Lightning Labs, a company that specialises in the development of Bitcoin infrastructure, has published an upgrade to Litd, its node management tools, in order to make it simpler for users to interact with the Lightning Network.

Lightning Labs Unveils Bitcoin Accessibility for Billions of People

Michael Levan, the head of product growth at Lightning Labs, stated in a recent blog post that the latest version of Litd includes the addition of automated fee management, custodial accounts, finer-grained LNC permissions, and the Pool Order Board.

“With this most recent release, we are introducing a handful of new features, such as automatic channel fees management in Terminal, custodial off-chain accounts, more control over connection permissions for LNC, and an Order Board for a simpler way to interact with Pool,” the company stated. “These new features include:”

Lightning Labs is one of the most important companies contributing to the development of Bitcoin’s Lightning Network, which is a “layer 2” payment protocol built on top of Bitcoin with the goal of facilitating quick transactions.

To transmit and receive payments on the Lightning Network without the assistance of a third-party custodian, users are required to run a “node” for the Lightning Network. Users who are not very familiar with technology will find that this process is not particularly easy to follow.

When it comes to this, Ltd is where you want to be. The purpose of the tool is to simplify the use of Lightning by abstracting certain aspects of node administration. This will eliminate the need for users to manage nodes directly, which will make the overall experience simpler.

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Lightspark is a Bitcoin tech infrastructure firm that is managed by David Marcus, who was formerly the president of Paypal and is now an entrepreneur. Marcus was also one of the co-creators of Diem, a cryptocurrency that was presented by Meta but never took off since it aroused the suspicions of US officials.

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The most recent release includes a new version of Lightning Terminal, which is the web-based UI for managing nodes and liquidity. This new version of Lightning Terminal now allows automatic channel fee management.

Because of this, the user who is in charge of operating the Lightning node does not need to manually alter the fees anymore. Instead, fees will be adjusted in real-time based on the number of transactions processed by each channel on a weekly basis.

In addition, this upgrade introduces “accounts,” which make it possible for multiple users to share a single Lightning node. As a result, users no longer have to deal with the complexities of liquidity management or node administration.

“Within litd, the users account is a virtual constructs that provides restricted access to an existing lnd node,” Levan explained. An account can have a virtual balance in satoshis that is only accessible off-chain, and it can also have an expiration date.

He went on to say that the update to Litd was done with the intention of increasing the automation of node management and providing improved developer tooling.

Levan also pointed out that the modifications would make it simpler to onboard new users to the network regardless of the level of experience that they possessed.

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Users are confronted with a number of key user experience challenges, one of which is liquidity. In order to get funds, they have to first make sure that a Lightning channel is accessible to them, which might be a hard process.

“This alpha features is another step towards automating node and liquidity management. It is in addition to the existing Autoloop feature, which is an automated option for using Loop to manage liquidity.”

At the beginning of this month, Lightspark presented the Lightning Network with a new platform that is designed to facilitate the process of adding businesses to the network.

Announcing the launch of the new Lightspark Platform on Twitter, the business referred to it as “the first enterprise-grade entry points to the Lightning Network.”