Big Vertcoin news: LitBox
Today, some big news came out that's largely flown under the radar (as Vertcoin tends to do lately), but I personally think the significance of this cannot be understated. I for one am very excited about this potential:
James Lovejoy, Lead Developer for Vertcoin, has announced that the team are working on a hardware that will run as a standalone device for running a Lightning LIT Node, which will really change the game of Lightning Network and atomic swaps.
It will allow pretty much anybody to create a node and open channels. Connecting to your router and only interfaced through a Web UI.
It will allow multiple devices (ie, phone, computer) to be used to interact with this device as a wallet - essentially acting as a server that your phone will connect with whenever you'd like to transact.
It will handle any coin that supports LIT implementation of Lightning Network.
It will store full nodes for specified coins.
It's being dubbed as a device that will allow you to "be your own bank", essentially making it a lot easier to do these kind of things securely, without being a tech genius.
Interesting to note that they are aiming to have a Minimum Viable product ready by the end of Q2, 2018. That is less than 5 months away!
I'm looking forward to hearing more information about this product, but from what I see right now, I think they'll be getting my money.
The following images are taken from the announcement, as communicated on the official vertcoin twitter:
Awesome to see the community getting excited about Vertcoins upcoming projects! I am with the marketing team, and we couldn't be more excited to continue building the best currency ecosystem out there for everyone to
use!
Need to get an official vertcoin Steem account going. The occasional blog posts that end up on medium should go here instead, and who knows might even be able to generate some income to fund the project whilst at the same time raising awareness to a pretty big audience here.
I notice you're new here, I'm happy to help if needed - @farqueue2 on discord
Yeah, marketing is going through a lengthy process of re-structuring in anticipation of all things coming 2018. Medium is a good platform for us, but yes it would be interesting to join Steem. I'll drop you a message soon on Discord :)
the current fear is that some could be classified as "money transfer svcs/devices"
maybe so - but it's just another case of technology advancing faster than laws and society.
ethically and morally there is absolutely nothing wrong with people running their own money transfer services - it just goes against the grain because the banks start to struggle to justify their existance.
It's no difference to Supermarkets opening Deli's and bakeries on premise and taking some of the local business out of the equation - this time it's just the other way around.
all very good points!
The Lightning Network and Atomic swaps were already the convincer for me to be buying the dip, but this is pretty amazing piece of news. Surprised I've had to read it here, rather than in a 'news' site. Thanks for the heads up. Me want!
That's why I've made this post - try and do my bit to spread some of the news so more people realise not only how good Vertcoin is, but also the team behind Vertcoin...
I was super excited when I saw this information on Twitter..
I'm little informed on this Lightning technology. Is it just expanding the bitcoin based network? If so, the Steem is more eco friendly, not consuming huge amount of electricity for extra blockchain security.
Well there's a couple of aspects to it.
One is that it reduces the need for transactions to be processed on chain. ie I can take 1 BTC from the chain, and you and I can use that BTC to transact back and forth repeatedly, and it only goes back onto the chain when we "close" our channel, with the resultant BTC balance reported back to the block chain.
The other is atomic swaps. Being able to transact between coins that are part of the lightening network, ie. Sending btc and receiving LTC back, without the need for any exchange.
The two technologies combined basically means you can go into a cafe that only takes BTC, and still be able to transact even if you only hold VTC
Of course that's the very simplified version of how it works..
I hope it will be compatible with Steem blockchain.
Well that would be up to the developers of the Steem block chain to make it compatible.
I haven't heard anything to suggest that this is planned.
There's around half a dozen coins I know if that are confirmed to have already made the necessary preparations
The design of the future
For future viewers: price of bitcoin at the moment of posting is 8184.60USD
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STOPThis looks really cool. I'm going to go look at the git. I wonder if this little device is going to cost a lot though. Widespread adoption is difficult when technology can cost more than the value. Seems like a great investment for a business, but perhaps not yet something the average home could benefit having. If I'm missing something, please enlighten me.
And what coins are already compatible?