New Lightning Desktop App Looks Like a Big Step Forward

The Lightning Network has been heralded as one of the optimal solutions to issues with cryptocurrency scaling. Some have found it difficult to find examples of progress, but the release of a new Lightning Desktop application by Lightning Labs looks to be a big step in the right direction.

Proponents of the Lightning Network are excited to see a solution that enables fast and cheap transactions, which is why the technology is now being developed for a variety of cryptocurrencies.

Earlier in the month, blockchain payment processor CoinGate announced over 4,000 global merchants were now able to accept Bitcoin payments over Lightning.

In a September 15th report from CoinShares, the firm noted how Litecoin was “supremely placed to benefit from early Lightning implementations.”

However, besides these use cases examples, there have been some who question the overall development and progression of the Lightning Network, especially when it comes to tangible products.  

A newly redesigned and released Lightning desktop app seems to suggest development surrounding the Lightning Network is progressing smoothly.

Different From Other Wallets

In a blog post, the Lightning Labs team noted how they previously released a prototype of a desktop application, but pointed out how this release was a “complete rewrite of that code with security, simplicity, and testability in mind.”

The team said the redesigned app is intended to run as a standalone wallet in light client mode on desktop and mobile. Users also have to ability to run their own full nodes.

Focusing on Easy Approachability

The redesign of the desktop app features a minimalist design to convey a sense of approachability while still maintaining security standards.

The team wrote about the “valuable learning experience” to be seen by making Lightning more accessible to novice users to help push the technology past the “enthusiast market segment.”

In the post, the team noted the use of simple English phrases instead of jargon in order to clearly convey messages to users. They also implemented a variety of color and contrast shifts to help people sift through dense information.

Overall, the Lightning Labs team looks to be striking a line between security and usability with their redesigned application. This move seems to be boding well for the progression of the Lightning Network and its usage as a whole.

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Notable Bitcoin Trader and Whale Not Bullish on the Hyperinflation Narrative

Colin Muller

Highly regarded Bitfinex trader and crypto whale J0E007 is not banking on the hyperinflation narrative, which is a highly popular notion in the cryptoasset industry, implying it's a fairy tale.

Screenshot from 2020-05-26 13-23-22.png(source: Bitfinex pulse)

This narrative, exhibited for example here, proposes that the aggressive fiscal and monetary intervention on the part of many central banks around the world will eventually lead to sharp devaluations in the values of many fiat currencies—and most importantly of the U.S. dollar.

Propagation of this concept of rampant fiat inflation in the cryptoasset space is generally tied to predictions of a huge increase in the price and/or market capitalization of Bitcoin and other cryptos, although most focus on the flagship cryptocurrency.

A Little More Complicated

In his post, JOE007 linked to a recent report from Alhambra Investments, an asset management and financial research outfit.

The report details lead analyst Jeffrey Snider’s view that the dollar is not going anywhere in terms of demand, although definitely not by virtue of the competence of the U.S. Federal Reserve in handling the unfolding economic crisis lit by COVID-19.

Conceptually, first, any strong desire to hold expensive dollar liquidity buffers is drawn from serious mistrust of systemic conditions – including the central bank’s place in them. If you thought Jay Powell well prepared in advance with effective countermeasures standing at the ready, buffers of any size need not apply.

Jeffrey P. Snider

In short, Snider contends that the Fed under chair Jay Powell has not responded appropriately to the emerging crisis with “effective countermeasures at the ready”; and this bungling in turn has led to a higher international demand for US dollars in order to sit on a larger and safer cushion of “expensive dollar liquidity buffers.”

A complicated subject, to say the least. The upshot for J0E007 being that the dollar-collapsing narrative may have some big holes in it—removing the keystone of that popular Bitcoin use-case narrative.

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