World Wide Web Consortium is Actively Working On Lightning Network-Enabled Bitcoin Payments

  • The Word Wide Web Consortium (W3C) is planning to add Lightning Network-enabled Bitcoin (BTC) payments to its API for web browsers.
  • The Lightning Network (LN) is still in its early stages of development, and it will take time before it works effectively, bitcoin developers said.

The World Wide Web Consortium (W3C), an international body focused on developing standards and protocols for the internet, has reportedly been working on making it easier for users to make payments from web browsers.

W3C is also creating an API that will support bitcoin (BTC) payments made via the Lightning Network (LN) (a second layer solution to enable faster bitcoin transactions). The international standards organization aims to enable LN support for bitcoin payments in the most commonly used browsers including Google Chrome, Firefox, and Microsoft Edge.

Having More Payment Options

Although the W3C is not focused on improving a specific payment method such as credit cards, Apply Pay, or cryptocurrencies, the consortium does want to give software developers more options including using the LN to make BTC payments.

Notably, the W3C’s Web Payments Working Group has been actively recruiting bitcoin developers so that they can help add LN support for BTC transactions to the consortium’s API.

According to the W3C, its API might soon support cryptocurrency payments made via the LN as its developers appear to have made substantial progress in integrating the second-layer payment network into web browsers.

Dr. Christian Decker, a well-known Lightning Network developer, sent out an email in August to other programmers to inform them about the second-layer payment network’s ongoing development.

Bitcoin And Lightning May Work "Without Any Major Roadblocks"

Decker, who currently works as an engineer at blockchain technology firm, Blockstream, wrote: "All in all, we should be able to get bitcoin and lightning working with the [specification] without any major roadblocks."

As a member of the Web Payments Working Group, Decker thinks it is important that modern web-based payment systems support cryptocurrency transactions. He told Coindesk

This is exciting because switching between traditional payments and bitcoins and lightning payments could basically be a single click and make it easier for merchants to accept bitcoin alongside these traditional methods.

Dr. Christian Decker

Blockchain-Based Currencies Must Be Included In Modern Payments Systems

As CryptoGlobe reported in August, Shitcoin.com CEO Andreas Brekken had said the Lightning Network is currently “impractical even for highly technical users.” After testing the LN to make BTC payments, Brekken found that its software had many glitches and there was a very high rate of transaction failure.

However, it appears that progress is being made to improve the LN, and an increasing number of people now consider cryptocurrencies to be a legitimate payment method. Ian Jacobs, the payments activity head at the W3C, noted:

The architecture is designed to enable new payment methods to be used on the web. That should include blockchain-based payment methods.

Ian Jacobs

As CryptoGlobe covered, Pierre Rochard, an experienced software engineer, revealed that he had been working on a software program called Neutrino that allows users to make LN-enabled BTC payments from Microsoft Excel.

Rochard also informed his followers on Twitter that Neutrino was in its early stages of development, and it would take more time before it starts working effectively.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance