For an average person, everything around Bitcoin is abracadabra. But when you start talking about the second layer on the mainchain, it gets really difficult. The Lightning Network is developing at a blazing pace, and yet the knowledge on the subject is still minimal.
Those who have more knowledge have been saying for some time now that the second layer on top of the bitcoin blockchain will take care of everything that the bitcoin blockchain itself cannot do, such as performing transactions between parties quickly and cheap.
Without elaborating on what bitcoin Lightning is and how it works, we made a list of developments that are already being used as a second layer on the bitcoin blockchain.
The game Lightnite has added a new dimension to their game and the Bitcoin ecosystem. The light version of Fortnite focuses on the Lightning Network for micropayments.
With Lightnite, gamers can earn rewards in BTC through the Lightning Network. But gamers can also trade various unique items in the game. NFT stands for non-fungible tokens. This is nothing new in the world of Ethereum. Companies like Enjin have been working on this for quite some time. Perhaps the best known example is the concept of the CryptoKitties.
Sphinx is a chat service that runs entirely through Bitcoin’s decentralized and peer-to-peer payment network. Here
They have developed an app that you can link to your own node. This allows you to chat end-to-end, which means that the messages are encrypted. You can also make video calls via Jitsi and perhaps best of all, you can pay bits of Bitcoin in this chat.
Here you can download the app (IOS and Android), you can also use it without having your own node. You do need an invite code. This can be requested in the Telegram channel that is created for questions and problems.
Strike allows you to make payments from your bank card via the Lightning Network. It’s like an app that allows you to communicate with your dollars with a Lightning node.
The advantage is that as a shop owner you don’t have to have a bank account. And yet customers can pay from a bank account. The payment is not settled by the bank, but via Lighting.
Stike.me is a follow-up to what you can do with Strike. You can open up some kind of donation/tippin line to which you can transfer Lightning Network bills.
You can do this from any compatible wallet that exists. Payments are then automatically converted on-the-fly to cash, and that ends up in the recipient’s account.
Customers who want to participate in a new economy, apart from the current financial system, but have difficulty receiving volatile currencies;
With LN Markets, traders can instantly access Bitcoin markets, post margin and claim P&L instantly in a trust-minimized environment.
After funding a lightning channel with LN Markets, traders’ funds are connected to LN Markets and ready to enter a position.
When submitting an order, a trader agrees to transfer a margin to LN Markets. A lightning invoice is sent to the trader and the lightning payment confirms the order.
- Non-custodial: traders keep ownership over their funds
- Auditable: channels' balances can be audited by both parties at all times
- Connected: funds are streamed instantly for payments (margin & P&L)
Tippin.me is a new form of showing appreciation for a fun tweet or message with a little reward through the Bitcoin Lightning Network. It's a great example of the capabilities of the Lightning Network. Because the fees are so extremely low, it is easy to send a few cents.
Tippin is seen as a lightning application (a lapp) or an application on the lightning network. You can create an account by linking tippin.me to your twitter account. Next you can install a browser extension on Chrome or Firefox with which you can open Tweets or Tippin buttons and tip via QR code. To be able to tip, you can also use an app on your phone that supports Lightning Network.
Lightning Publisher for WordPress, a plug-in that can turn anyone into their own publisher by allowing them to collect payments when they share their writing or other blog content on a WordPress system. After an author powers up the LApp, readers will be able to preview an article on the blog, then can choose to access the full content by making a Lightning micropayment, which will be sent to the creator’s Lightning Charge server.