Lightning Spin Lets You Gamble Your Satoshis via LN

  • Lightning Spin is the roulette version of 2012's Satoshi Dice, only that this time you use the Lightning Network to gamble your precious Satoshis.
  • At press time, 417 players have spun the roulette over 21,000 times, and more than 8.93 BTC has been wagered.

Back in 2012, libertarian blogger and Bitcoin enthusiast Erik Voorhees had launched BTC's new killer app: Satoshi Dice. At the time, gambling with cryptocurrencies seemed like a novel idea which had very little impact on Bitcoin, so it quickly became a fun activity which legitimized and popularized the use of bitcoin. At its peak, Satoshi Dice clogged the Bitcoin blockchain with huge numbers of transactions and raised some of the first concerns in regards to scalability (much like CryptoKitties caused congestion on Ethereum's blockchain).

Nevertheless, the BTC gambling game was one of the first popular uses of cryptocurrency and it helped spark the imagination of other blockchain developers. Satoshi Dice was influential for its simplistic yet brilliant concept, and it also served as a lesson for enthusiasts of the technology.

Six years later, Lightning Spin reignites the spark of crypto gambling and makes it run with the speed of Lightning.

Part of demonstrating the capabilities of the Lightning Network, as well as testing its limits, involves developing small applications which allow Bitcoin enthusiasts to get a glimpse of the future.

Unlike its spiritual predecessors, Lightning Spin doesn't operate on the blockchain and solely relies on the second layer scaling solution. Therefore, it can't clog the network and there is no way the application will have scalability issues.

The game was created and launched by Lightning enthusiast Lui Gomes, and the release caught the attention of Blockstream CSO Samson Mow and Bitcoin maximalist Armin van Bitcoin. Given this kind of publicity, it's expected that lots of BTC holders will go and get their gambling fix.

Spinning the Roulette

There are three different approaches to Lightning Spin, and the boldness of your wager can help you double, triple, or even quintuple the amount of Satoshis you're betting. The minimum amount you must put on the line is 1000 Satoshis (0.001 BTC), and the current maximum threshold is set at 100 Satoshis (0.1 BTC).

There really isn't much to the game except for the thrill of gambling your precious bitcoin through a revolutionary layer two scaling solution. In the true Bitcoin spirit, the roulette system is transparent and allows users to check their individual spin result just to be sure that they aren't being cheated. The "Provably Fair" tab features a server seed hash, and a client seed which confirm that the system is being fair and running under the promised rules.

At press time, 417 players have spun the roulette 21,000 times, and have wagered 8.93 BTC. The numbers aren't bad at all considering the fact that only a few days have passed since the official release of the gambling game.

If Lightning Spin gets wildly popular it will be interesting to see how it's going to resist gambling regulations from certain states around the world. We already have a history of Satoshi Dice shutting down service in the USA to avoid legal issues and time will tell whether or not popular gambling websites report this unexpected competition to authorities. Although simple, Lightning Spin showcases the exciting potential of the Lightning Network.

Weekly Newsletter

Waves Price Jumps Nearly 26% Thanks to Upcoming Release of 'Major Update’

The price of Waves (WAVES) has surged by nearly 26% this weekend, thanks to the upcoming release of a “major update” that’s set to let developers launch decentralized applications (dapps) and non-fungible tokens (NFTs) on its blockchain.

According to a recently published Medium article, the team behind Waves is set to release the Node 1.0 update in a few days. With it will come a new programming language called RIDE, which is set to enable the implementation of decentralized applications on the Waves blockchain.

The Medium post describes RIDE as follows:

RIDE was written specifically for execution in a blockchain environment and designed for building applications that will form the next generation of the internet.

The programing language is also set to introduce the ability to perform mathematical calculations using the blockchain. Per Waves’ team, one of the cases for this could be the launch of algorithmic stablecoins.

Moreover, the update will start letting users of Waves’ decentralized cryptocurrency exchange (DEX) start paying for trading fees with coins other than the WAVES token. Initially, other options appear to be bitcoin or ether.

The post also reveals non-fungible tokens (NFTs) are going to be added to Waves. These tokens are non-reissuable, and could open the cryptocurrency’s blockchain to more use cases, like gaming and digital tokenization.

The upcoming release of the update has seen investors bet on Waves, as the price of the WAVES token has risen nearly 26% in the last 24-hour period, going from $1.78 to $2.22 at press time. The cryptocurrency’s market cap is at $222.3 million.

Waves' price performance in the last 24 hours

Notably, WAVES is one of the few cryptocurrencies that hasn’t seen its price surge so far this year. In the last 6 months, it has dropped over 23%, even if we take into account its recent jump.

Late last year, the WAVES token was surging and bucking the bearish trend. As investors put their money on it initially, its drop could be seen as traders taking profits from the token and putting them into BTC, which has been recovering this year.

In May, Waves’ developers revealed they were focusing on making their decentralized exchange a standalone trading-focused product.