Monday, April 22, 2019

Twitter To Enable Users Send & Receive Bitcoin Tips Over Lightning Network

Soon, Twitter users will be able to send and receive Bitcoin tips over the lightning network. The latter is the effort of Tippin, a platform that provides a custodial wallet for storing cryptocurrencies. Tippin intends to add a Tip button on Twitter with the help of a Chrome Extension, according to a media report on February 10.

Tippin is Developing a Bitcoin Tipping Extension for Chrome

Based on reports, Tippin is developing an extension for the Chrome web browser which will allow Twitter users to send and receive tips in Bitcoin. It is also revealed that the payments will take advantage of the Lightning network which allows for low cost and faster transactions. That being the case, these donations will be delivered on time with low fees levied.

Furthermore, the new feature is in its beta stage and one of its features include a Bitcoin tip button that was designed using HTML. Sergio Abril, a software developer who spoke with Sludgefeed revealed that the planned extension may be launched by the end of this month. He added that when it is released, the focus will be to get the user feedback.

Abril also said:

The sooner [Tippin is introduced,] the better; as soon as [it’s] relatively stable.

Twitter User Says Tips Will Improve Quality of Content on Twitter

A Twitter user, Amjad Masad made a tweet on February 5 stating that: “Imagine a world where you can tip people with satoshis. I bet content quality will go up. @jack make it happen!”.  Jack Dorsey, Twitter’s CEO retweeted Masad’s message and responded that he loves the idea. As at Press time, the CEO’s message has received over 4,000 likes and 700 retweets.

Other users who also responded suggested that the Like button should be replaced with a Tip button. Another also said the tipping feature is already available with the use of the XRPtipbot. The latter allows users of Discord, Twitter, and Reddit to send and receive tips. However, a $5 limitation has been set in order to prevent money laundering.

Tippin to Use Lightning Network to Facilitate Payments

The Bitcoin Lightning network, on the other hand, which Tippin intends to employ, is a second layer on the Blockchain. Here, a  free channel on the network can be kept open for hours, days, weeks, while two parties transact. When the transaction is complete, the channel is then closed before its details are recorded on the Blockchain.

Therefore, this is believed to make transactions faster since there are no intermediaries and transactions are not stored on Blockchain immediately. JP Thor, a Bitcoin analyst also pointed out that sending payments over the network is faster than Visa. In line with that, a channel on the lightning network is able to handle 250 transactions per second.

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