Not much: ZEBEDEE contributes to the open source development of the Bitcoin Lightning network

ZEBEDEE, a crypto startup focused on payment solutions using the fast Lightning Network, has launched a new initiative to contribute code and open-source products to the Layer 2 protocol built on top of Bitcoin.

Dubbed No Big Deal (NBD), the new nonprofit project has already resulted in several products and code repositories available to anyone who wants to build on the Lightning Network.

As ZEBEDEE co-founder and CTO Andre Neves noted, NBD is not about selling or endorsing products or services. Instead, it’s about the startup writing code and giving it to the world so anyone can take any part of it and use it – or tweak it however they want – to create their own products.

“We’ve essentially created a full suite of tools for the modern sovereign individual, from the client you’d use to set up a node, to the wallet you’d use to self-manage your funds,” Neves said in a statement. “It’s important for us to have something real, concrete and useful to show before we talk about it, so it’s been a while to come. But that’s okay, really.

ZEBEDEE and the Open Bitcoin Wallet

The first wave of NBD products includes the Open Bitcoin Wallet (OBW) – a non-custodial Bitcoin Lightning wallet – and revolves around the new concept of hosted channels, which removes the need for Bitcoin to be locked into a Lightning channel for payments to be able to move.

“The focus on Hosted Channels for this first wave of releases is because we believe it is one of the most promising methods for scaling Bitcoin via Lightning Network to the masses in a sovereign way, while maintaining an easy UX,” Neves said. Decrypt.

According to the CTO of ZEBEDEE, one of the notorious issues with onboarding users to the Lightning Network in a non-custodial fashion is that they cannot receive or send funds until they have enough incoming and outgoing cash.

This barrier to entry represents quite a technical challenge, repelling many unsophisticated users.

“With Hosted Channels, a non-custodial Lightning Wallet (e.g. OBW) can be set up in seconds by requesting a Hosted Channel from an LSP (Lightning Service Provider). This is a trusted configuration, but only temporarily. Once users have earned enough Bitcoin through these hosted channels, they can open normal Lightning channels,” Neves said.

He explained that in the current model, each time a Lightning channel is opened, there is an on-chain fee associated with it and one has to wait for a transaction to be included in a block. With hosted channels, a language service provider can provide liquidity “upfront, without having to freeze funds/pay fees, just to be able to route payments to and from this new user.”

“The goal is to make onboarding easier and reduce capital requirements for new users, while providing a clear path to transition from this hybrid model to a fully non-custodial model,” Neves added.

As for what makes the Open Bitcoin Wallet unique, Neves said “it’s one of the only Bitcoin and Lightning Network wallets to support the full suite of LNURL protocols,” which serve as a method of communication between Lightning wallets. and external applications and third party services.

According to Neves, “this means requesting to open the Lightning channel via the LNURL channel, this means paying for static Lightning QR codes via LNURL Pay, connecting with Lightning via LNURL Auth (a rapidly growing authentication method for apps and services), as well as support for opting out of services via LNURL Withdraw.

Additionally, OBW supports native sending to email-like Lightning addresses (e.g., send 100 sats to [email protected]) regardless of vendor, as well as extensive coin control management to enable segregation of UTXOs for privacy-conscious users. .

Spin a Lightning Node

The first batch of NBD products also includes a CoreLightning (CLN) plugin that allows a node operator to run and serve hosted channels for wallets like OBW, but the developers said they are already planning to other areas of open source development, not necessarily focused on Lightning Channels or hosted.

“NBD is cyberpunk. NBD writes code. We will continue to publish software, ideas, protocols, research on the development of Bitcoin and Lightning Network. That being said, without giving too much away, we think technologies like Drivechains and Spacechains have a lot of merit, along with adjacent protocols that deal with decentralizing information sharing such as Nostr,” Neves said. Decrypt.

Importantly, he added, “the team’s goal is not to focus on creating generic merchant tools for general trading, but really to demystify the idea behind being a modern individual and sovereign over Bitcoin”.

Stay up to date with crypto news, get daily updates in your inbox.

Source link