Vertcoin delivers Lightning Network to the masses
The Lightning Network, widely considered the greatest potential leap in transactional performance via distributed ledger technology, is taking a giant step forward today with the announcement of updates to Vertcoin’s Litbox project, now consisting of a suite of user-friendly tools dubbed Crypto App, Crypto Card, Crypto Box, Crypto Address, and Crypto Terminal.
UTXO blockchain networks have transactional speed limitations due to the nature of their structure, preventing them from achieving VISA-like speeds and requiring relatively costly transaction fees. With the LIT Lightning Network — an open-source project currently being primarily developed by the MIT-DCI team that is also the driving force behind much of Vertcoin’s development — working at full capacity, this problem would cease to exist. This network acts as a payment channel for coins like Bitcoin, Litecoin, and Vertcoin, sending value back and forth between users in an instant without the hindrance of slow confirmation times and large mining fees.
But the Lightning network also has its limitations; one being the need for a broad, widespread, always-on network. The other being that up until now, it hasn’t been all that user-friendly, is not easy for the average user to set up, and from time to time, can be pretty buggy (remember, these are early days).
The Vertcoin team set out to address these issues with what has been called the Litbox, now the Crypto Box. This simple “plug and play” device would act as a LIT Lightning Network node and would appear, on the user side, to behave very much like a standard bank account — minus the centralized powers manipulating currency in the background. This box takes care of all of those complicated processes that can intimidate casual users, managing lightning as well as standard on-chain transactions, and using a mobile phone interface to make the experience accessible.
Not only does this make lightning and on-chain transactions much easier, the box also acts as a full node and a lightning node, adding security and further decentralizing the network for increased security, performance, and stability.
Users can load up the RFID Crypto Card to spend crypto at payment terminals. From this point, it behaves much like any other debit card. The Crypto Box acts like a wallet, similar to your standard bank account, with a receiving address that stores coins and allows sending and receiving transactions to be performed with a paired mobile phone using the Crypto App.
With Vertcoin’s Crypto App and Crypto Card, the whole process ends up looking an awful lot like the current bank card and account system, just without the need for fiat money, or banks, for that matter. It enables a level of user-friendliness that could usher in a new wave of interest and utility in cryptocurrency as a store of value and importantly, also as a means of virtually instantaneous financial transaction with fees in the single digit satoshi range, equivalent to tiny fractions of a penny. It’s worth keeping a close eye on this project.
You can find more information about this project at https://vertcoin.org/.