A New Micropayments Protocol May Change the Way Industries Use Bitcoin

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The cryptocurrency industry is constantly looking for ways to revolutionize crypto payments. One of the latest in line to do so is Lightning Labs. Parent of the Lightning Network which provides fast and cheap cryptocurrency micro-payments, LN has introduced a new protocol that may court companies to add cryptos to their line of payment options.

It’s a new and revolutionary protocol that might forever change the way publishers use Bitcoin. With interest in crypto legislation at an all time high right now, Lightning Labs’ solution may even speed it up.

Currently Searching for Users

The Silicon Valley Bitcoin startup just recently introduced the new proposal. It is supposed to make it easier for companies such as online casinos to automate BTC payments. In the past, Bitcoin’s major problem wasn’t spending opportunities – it was lack of users. This, however, might change, if companies start adopting the LN protocol.

Although it’s still in the early stages, the company is already using it for their Loop service. Of course, it’s not 100% complete. This is just a proposal to court publishers into the idea of micropayments. As soon as there are parties interested, Lightning Labs will work overnight to deliver the ‘goods’.

It’s still too early to see how demand will manifest. Bitcoin casinos and other businesses already have a way to integrate crypto payment processing in a proprietary way. An open-source Lightning tool with LSAT called Boltwall is already live. It’s a Bitcoin paywall for content, although there hasn’t been much use for it – no one has asked for such a solution. It’s just a showcase for the protocol’s features.

Other tools and services are also available to sites that use Bitcoin payments. Major media outlets such as Forbes are experimenting with crypto payments. Interest in Bitcoin is high, but as we mentioned earlier, there is a serious lack of spenders.

Make Payments Without Entering Your Details

Lightning Labs’ new protocol will allow people to pay using cryptocurrency without entering their details. Sites that use it won’t ask for your email or credit card information. Instead, the new LSAT protocol gives users a receipt every time they buy products via the Lightning Network. This receipt can be used in the future again for the same purpose – paying for the same service, for example.

It effectively simplifies Bitcoin payments and makes them more attractive to businesses. Traditional outlets might find it hard to accept the new type of fluid membership. However, businesses such as publishers and the Bitcoin gaming industry have a lot to gain.

The new LSAT protocol will also speed up cryptocurrency payments and bring them closer to the user. It’s a revolutionary new technology that may forever change the way we see and use Bitcoin. Developers are working non-stop to release new tools that will push the protocol forward. For now, Lightning Labs has just announced it and is courting companies with the solution.

Although it’ll take time with the ongoing COVID-19 global outbreak, we believe that companies will be interested in it.

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April 1, 2020: • No Comments

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