The mainnet version of the first Lightning Network Wallet app is now available on Android. It was released on May 31, 2018 on the Google Play Store.
The man behind the project is Anton Kumaigorodski, a programmer focused on the crypto field. He currently has 4 applications listed on the Google Play Store.
Anton didn’t go after fancy. Both the application and its website have a light but fully functional development. Something to thank, especially from people without large hardware resources.Screenshot of the LN Wallet Website: Simple but fully functional
The Lightning Network Wallet, which is currently only available for Android, incorporates a fully operational Lightning node, supporting both on-chain Bitcoin and off-chain Lightning Network transactions.
During the previous months, Mr Kumaigorodski launched a Testnet Version of his Lightning Network Wallet. The results were satisfactory enough for a mainnet release.
The developer did not hesitate to add a bit of his philosophy to the product description:
This lite SPV wallet fulfills Satoshi’s Original Vision as witnessed here: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2013-April/002417.html by implementing an off-chain payment layer known today as Lighting Network.
In addition to being a digital gold, Bitcoin now also becomes a cash which is suitable for small and frequent payments”.
This description seems to be a response to the arguments put forward by the defenders of Bitcoin Cash.
Bitcoin Cash is a Bitcoin fork born in 2017. Its main proponent, Mr Roger Ver, argues that Bitcoin Cash is more loyal to Satoshi’s Original Vision and that his fork is better than Bitcoin in providing faster, cheaper transaction rates.
Lightning Network Wallet Also Aims for Security
Since efforts to create LN as a second-layer solution began, concerns about security were quick to appear. However, Mr Kumaigorodski has made sure to develop a wallet with the highest possible security.
First, the availability of the wallet’s source code for public consultation provides confidence in the developer community.
Another fundamental aspect is that the wallet itself stores the information without the use of third parties:
This most importantly means that your money is stored right on your phone and nowhere else which gives you a ultimate censorship resistance: no one can ‘freeze your account’ or cancel your transactions, but at the same time this makes you the only one responsible for securing your funds.”
To avoid the loss of bitcoins in case of damage or loss of the mobile phone, it is enough to remember the mnemonic key to restore the funds.
The developer is extremely confident in his product, mentioning that a failure on the part of the user is more likely to happen than a malfunction of the wallet code:
Thankfully, this wallet is designed in such a way that money won’t be lost no matter what if you do everything right”
Lightning Network: A Better Future for Cryptos
The use of Lighting Network represents an excellent opportunity for the massive adoption of cryptocurrencies.
The most important thing to take into consideration by many is fees. A transaction over LN may have a fee of less than 1 satoshi, or $0.00007
In this way, a virtually free transaction would make Bitcoin a very attractive option, even more than traditional FIAT alternatives.
The other important advantage is in relation to the waiting time and network congestion. With LN, transactions are virtually instantaneous:
This approach allows for INFINITE scaling while not harming decentralization along the way”