A bitcoin-based payment system, DropBit by CoinNinja, is adding support of Lightning Network to boost its role as the Venmo for bitcoin. It helps in sending bitcoin to the people who don’t have any.
According to the recent news, the application by DropBit integrated with Lightning Network as the 3.0 app update. In the next couple of months, DropBit will bring out new integrations with its beta program when required.
There is a mechanism of bringing up the Lightning Network to the app service. A channel by DropBit is open up for consumer B and deposits the funds. Consumer A despatched the funds into the channel. In the on-chain bitcoin drop case, after verifying the information of the new user, they can easily request for the digital currency in bitcoin.
CoinNinja’s head, Kyle Stalzer, said that the DropBit is making small and fast bitcoin transactions securely. There is no need for a long abstract wallet address. A user needs to have the phone number of any person and Twitter handle to send. It is also possible for the recipient who has never had bitcoin.
Lightning Network service help in minimizing the exchange fees, as well as unblock the bitcoin. A user can make instant transactions at a less price by using Lightning Network. This service allows off-chain exchanges of trades and digital currencies. It is essential to conduct atomic swaps for boosting cryptocurrency trade without any third-party. Lightning provides an exchange channel to the two peers to send or receive the payments from each other. It helps in providing more flexibility in the trade with low-fee micro-payments.
Stalzer also said that it is beneficial to add the support of the Lightning network to make the sending of bitcoin crypto more economical. When a user sends payment in bitcoin to someone by DropBit, the receiver will get a notification. After signing into the account, the payment will automatically deposit into the receiver’s wallet.
With the release of a new update, i.e., 3.0, DropBit is officially SegWit-enabled. It changed the seed phrase scheme. Currently, the DropBit wallet with Lightning service is unavailable, but, only UI and UX of the application are released. In the beta program of DropBit, it will unlock the features of Lightning for limited participants before releasing it to the public.