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Bitcoins / Breaking News / Wallets

Lightning Networks Wallet May Bring More Customers To Bitcoin

Yesterday, (4th of April) the Lightning Networks new Wallet, designed in the shadow of ACINQ’s Éclair Wallet launched on the Google Play Store.

As we know, the Lightning Network won’t be able to advertise the new wallet on the Play Store any more, so I guess we are doing them a favour with this article.

ACINQ tweeted the news of the launch yesterday evening-

According to the comments, it is compatible for use with Android 5.0 and above but, as the source code for the app is in Java, it is unlikely a similar launch will happen on the iOS platform any time soon.

According to Bitcoinist:

“The Eclair Wallet is a next generation, Lightning-ready Bitcoin wallet. It can be used as a regular Bitcoin wallet and can also connect to the Lightning Network for cheap and instant payments.”

So, the applications for this wallet are not only that it is Bitcoin ready, it is linked to the Lightning Network which offers faster transfer rates at a cheaper cost.

Lightning is a decentralised network that enables high volumes of transactions to occur at high speeds due to the way it writes onto the blockchain using two-party ledger entries, according to their website specifically:

“This is similar to how one makes many legal contracts with others, but one does not go to court every time a contract is made. By making the transactions and scripts parseable, the smart-contract can be enforced on-blockchain. Only in the event of non-cooperation is the court involved – but with the blockchain, the result is deterministic.”

This enhanced speed and security will offer customers a more fulfilling experience, meaning that hopefully more users jump on board. Through its backwards compatibility with Android 5.0, which was initially launched in 2014, the wallet is going to be available to a vast number of users. In turn, meaning that more people will be given the opportunity to start using a Bitcoin wallet.

The low-cost promise from the Lightning Network also ensures that people are able to make transfers through their wallets of all shapes and sizes, so those who only want to trade small amounts (or large amounts) are not discriminated against.

In short, this is offering Android users a new way of holding and transferring their Bitcoins, its one step closer to making cryptocurrencies more adoptive and more attractive to the general public, that can only be a good thing.

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As a key writer for Crypto Daily, Nathan’s role entails the creation of cutting edge news articles, reviews, press releases and general content creation. Nathan’s stories strive to include the most up-to-date cryptocurrency news and affairs, contributing to Crypto Daily’s growing network. Nathans previous experience as a researcher, working on University standard projects means he has a wealth of experience in writing, from academic thesis publication to independent research projects. By applying these research skills to Crypto Daily, we can ensure the content creation team really do know what they are talking about.