@brainoflondon has made every Hive account into a Bitcoin Lightning wallet.
In this video I discuss some of the bigger picture of what is happening between the integration of Hive and Lightning. We are seeing the evolution to the point where transactions could be (if someone wanted) could be sent over Lightning to another Hive user.
Here is the article linked in the video:
https://leofinance.io/@brianoflondon/lightning-addresses-for-everyone-on-hive
▶️ 3Speak
Wow, this is crazy, and having our Hive accounts as Bitcoin Lightning wallets opens new possibilities and ways of earning. Greater usability through the human names instead of a list of chars which should show another great capability of the Hive blockchain.
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Yes it sure sounds crazy.... The Hive Blockchain is indeed flexible. Developments and expansions are rolling out.
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The development is pushing Hive further out.
That is the organic nature of things.
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It does open up an entirely new arena. I just put up a post that outlines how this can be used to access 44 million merchants that Visa services.
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good integration makes the #Hive block chain with other digital wallets such as Lightning, the more options we have for collaboration, the better it is for all Cryptocurrency users.
if it's open-source I will love to expand my knowledge on it, as I see something popping in my head when I think of it. Though not clear but it's something. Making another use case for hive.
Anyone can use what @brianoflondon built. In fact, he is looking for others to duplicate it and run their own lightning node. He wants to get 5 or 6 people running them so there are options.
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Cool to know let me scan through. I pick an interesting on this one particularly.
Building bridges, that's what's up.
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All for you.
The first question most developers ask is what does @belemo need?
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It's not a layer 2 for hive, it can never be, all you have now is a bridge via one person who is operating a wallet and a bitcoin node and willing to be the market maker.
A layer 2 has to tied to the base chain in a way that there is no native token and eliminate the double-spend problem, something lightning can only do on bitcoin due to the way the node network is set up, as it's constantly checking HTLCs and status of balances, and you have the base chain for final settlement
That's why there is no such thing is layer 2 outside bitcoin, everything else is a remora chain
Also Hive is NOT fee less, you're paying for it through the inflation to the witnesses, it's just obfuscating the fee through the constant dilution of the supply
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It’s only the beginning. Not gonna happen overnight but this is definitely the direction. That and the podcasting 2.0 using the Hive chain is going to be long term a game changer.
I think it's good to add more ways in and out of the system. So I think it's a net plus for the system and it just converts BTC into Hive without us needing to do anything complex underneath.
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It’s a game changer🙌
If u aren’t familiar check out the weekly podcast from @podcastindex …there will be a day Hive is a major home to podcasting and so much more. The future is bright indeed.
That is the other project of @brianoflondon. He is now building two that can really have a major impact.
@podping is going to be enormous when the podcasting industry figures it out.
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Agreed 🙌
This is huge. What it does is it allows Hive to benefit from all the advancement Lightning makes. Plus it offers a tremendous use case for HBD.
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Interesting feature. I voted the proposal a few minutes ago and also created my QR and shared it on twitter. I like this type of stuff cuz it show that blockchain technology has basically unlimited use cases. And we're just a decade into it...
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It is good to enhance use cases. We will see how all this evolves.
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I'm excited
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With Hive being already extremely fast, is this something that is necessary for the future in terms of scaling?
It goes beyond that. I think its important for expansion.
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I don't really think it's about scaling but more as a way to connect Hive with BTC. I don't think many people would tip Hive but they could tip something like BTC.
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Yes exactly. It can help content creators and provide them another reward system.
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It’s much bigger then scaling. This is a huge game changer. Now we can move value via lightening but this opens up podcasting 2.0 and might be the move that brings hive to brand new level. There’s a weekly podcast about this. Follow @podcastindex
I personally think this is going to blow away any other project here. Like in a good way. Could be the road to Hive being on exchanges in my opinion also. Unfortunately HBD is going to be a negative given the war on so called pegged or stable coins that aren’t fully backed. With lightening now and these new projects we really don’t need HBD and it’s risk anymore. The day will come HBD is a after thought and Hive is the one hive token that matters. The risks of HBD are real and I wish we’d fork it outta existence. Turn it into equal value of Hive and never look back. Not truly backed “ stable coins” are going to suffer the next year or two. We should get ahead of the target 🎯 and move on.
Ok, I understand your fear about HBD, but still, with only 10 % debt, the risk is very low, at the moment!
To start, HBD is not on the radar. Secondly, we are seeing an expansion in it meaning giving it store of value. Finally, we see the fact that we have safeguards in place to protect against that.
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I would love to be wrong. But I respectfully think ur wrong. On HBD.
I’m a huge supporter of our community. Hive i believe has much room to grow. I just don’t feel same for HBD.
It’s all love and respect here. I just think HBD will fail. I don’t want it 2. I just think it will be a problem down the line. So I don’t hold it and turn it into Hive or Monero when my HBD hits $30 or $40 area. Again I’m not coming with any bad attitude. I’d love to be wrong
No it has nothing to do with scaling. It is about reach. Hive is now tapped into the Lightning network which expands the reach of the ecosystem. Some can take their HIVE or HBD and send it as payment anywhere Lightning Network payments are accepted.
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where is the lightning address stored?!
@brianoflondon can explain that.
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I have try it and it's awesome. I replaced his username with mine and see my dragon photo. Truly epic wallet !
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Great to see it working out. We are now expanding the capabilities.
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So BTC sent to Hive blockchain converts into Hive and Hive to lightning converts back to BTC, seems like a cool feature, but will it also take Leo and other tokens conversions?
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No.
Satoshi send via lightning go to the node that is set up by @brianoflondon and it converts the BTC to Hive or HBD.
Then it sends to your Hive wallet.
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Thanks @taskmaster4450le for the explanation.
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With this in place we no longer need HBD. I know many will disagree but regardless we can agree on what my fellow NA producer has done here. Cheers to @brainoflondon 🍻
This is so much bigger then many realize. Good work spotlighting it here 👍
How is this the case? Tapping into Lightning does not solve collateral, derivative, or investing issues.
Hell it doesnt even truly solve the payment system. It is one factor but not a complete solution.
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Though I don't completely understand the nature of this integration, one thing is sure. This is something good for all Hivers.
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So the value proposition here as I'm seeing it is that this allows Hive to interface with businesses that already accept Bitcoin lightning network payments. As you say, it would make more sense just to pay the vendor directly using Hive, but that presents its own set of problems for the vendor, even if they were to set up a Hive wallet to receive coins, because it's relatively difficult to interface with fiat via Hive right now, especially in the US.
Summary:
In this video, Task discusses a recent post made by Brian of London regarding the integration of the Lightning Network with Hive. He explains that the Lightning Network allows for the efficient and inexpensive sending of Satoshis (Bitcoin) and that Brian has been working on linking the Lightning Network to Hive. Task highlights that one drawback of the Lightning Network is the requirement of being online 24/7 to receive Satoshis, unlike Hive where rewards are accumulated upon logging in. Brian has set up a Lightning node to convert Satoshis to Hive using a middleware he developed. The post also discusses the ability to make any Hive account a Lightning address, simplifying the complex wallet addresses associated with Bitcoin. Task underscores that the integration of Hive and the Lightning Network creates a bridge between the two ecosystems, allowing for the exchange of Hive and Satoshis.
Detailed Article:
Task starts the video by mentioning a recent post by Brian of London concerning the integration of the Lightning Network with Hive. He emphasizes that while he is not a technical expert, he grasps the basic concept behind Brian's work after following him for some time. The Lightning Network, known for its efficiency in sending Satoshis, is now being connected to Hive through Brian's efforts.
One key point Task discusses is the drawback of the Lightning Network, which necessitates being online constantly to receive Satoshis. In contrast, Hive allows for rewards accumulation upon logging in, making it more user-friendly for the average person who may not wish to deal with the technicalities of setting up a Lightning node. Brian's solution involves running Satoshis through his Lightning node, converting them to Hive, and transferring them into users' wallets using a middleware he developed.
Task highlights the innovative aspect of Brian's work, which enables any Hive account to become a Lightning address. This simplification is crucial as Bitcoin and Ethereum wallet addresses comprise complex strings of numbers and letters, making them difficult to remember and use in everyday social media interactions.
Moreover, Task delves into the significance of linking the Hive ecosystem with the Lightning Network. This integration not only simplifies the process of handling cryptocurrency but also opens up the possibility of two-way conversions between Hive and Satoshis. While Task acknowledges that sending Hive through the Lightning Network might not seem practical compared to using Hive directly, he appreciates the expanded reach and interoperability that this integration offers.
In conclusion, Task underscores the significance of this development as it establishes a bridge between Hive and the Lightning Network, showcasing the growing interconnectedness and versatility within the cryptocurrency space. He closes the video by expressing optimism about the future implications of such integrations and encourages viewers to stay tuned for more updates.