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This is a value for value post: see the explanation in the footer.
Operational Update:
Just a small note, the system has been running since yesterday and I just fixed a very small error which prevented the system from sending the correct response via Hive in certain circumstances. It mostly means that a few transfers of 0.001 Hive back to people didn't happen.
I don't think this affects more than 2 hive accounts.
One note: if you receive less than 500 sats as a Hive or HBD transfer, the system will not send a 0.001 Hive notification (that's the correct behaviour).
This is ALL Experimental
KeepSats on v4v.app is not a way to hold large amounts of BTC
I have to say this up front, KeepSats on v4v.app is purely a stepping stone feature in advance of @vsc.network introducing a much more comprehensive system which allows "wrapped" BTC on Hive.
When you leave Sats on KeepSats on @v4vapp you are trusting V4V.APP and the Lightning Node behind it. I'm incentivized to be honest by my position in the Hive community but I have to say right now, the prospect of the Lightning node having a problem, being hacked or losing funds does worry me. I've taken strong measures to protect this but I'm in the hands of the developers who created the entire Lighting network to large degree.
I can only run this within the scope of the Hive community because we have reputations and responsibilities toward each other. If anyone abuses this, I will take action to make sure they don't wreck this project.
Limits
I haven't given an explicit limit up to now but I'm going to say that nobody should be storing more than $200 on KeepSats. I would encourage you to store only what you are actually using for real transactions in the real world.
If I find someone trying to store much larger amounts (nobody has right now) I will contact them but ultimately I can and will convert and return as Hive, any excessive amounts of sats being stored.
VSC is the solution we're waiting for
Ultimately I am not interested in running a bank. V4v.app is meant to be run as a bridge, instantly converting and moving into and out of the Lightning Network and Hive. Once VSC is up and running, that's what it will be.
This stage is by definition a temporary bridge to that. In the future I envision being able to hold a very low amount on instant standby (like $50) but the rest being stored by YOUR Hive account and controlled only with Your Hive Active key.
Open API
Behind the scenes on what I've built, is an API which any other app developers can use. I've only just got this working for myself but it is 100% open to use and open source.
Podcasting 2.0
What I plan to be building next is a feature for Podcasting 2.0 but in theory will be of use to any Hive app that wants to handle Sats in and out. This is a technical challenge for me because it does involve aspects of documentation and running a widely used authentication API which I haven't done before. Up to now I'm the only main user from a developer point of view of my work.
Services like @privex are using my existing API to generate a Lightning invoice which some of their customers use to offer Lighting as a payment method to their customers.
New accounts
I'm also working to have a page for creating new Hive accounts, with a small payment of Lighting and this is specifically targeted at the Podcasting 2.0 world.
Value for Value
For the last few months while building @v4vapp I was generously supported by the DHF. Going forward I have a much more modest support which covers direct server costs and a little of my time.
If you appreciate the work I do on and around Hive, you can express this directly: upvoting posts on Hive is great. Also consider a direct donation (there's a Tip button on Hive or a Lightning Address) on all my posts.
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Cool,! The account creation rwith sats will be in demand for shuree!
That API will soon power our P2P system adding SATs to our list 🚀
Great work as always 👏👏👏
It's awesome that you made the API Open for others to use aswell.
I think warning people against storing huge amounts is really nice and thoughtful of you
Kudos!
The app has very good features and well designed, commendable work
This app has become very popular and its features are also very good and we all will try to share it with our friends.
promoting your content on x
#hive #posh
You have really been doing a great job over the past few months and this is actually amazing.
Is this because of its limitations or because there's still a possibility for a sort of breach by let's say hackers?
Well, it depends on how well you the developers have done their jobs, but it's still probably good to keep it on small scale.
I'll put it this way: Lightning is developed by some very clever developers BUT they still call the core software a "beta" version.
Whilst I don't see a catastrophic loss happening, there are known issues within the system which can cost me a lot of sats if communications errors happen at a time of high Bitcoin fees.
I'm running the service, and I am taking a certain amount of considered risk, but I don't want to be holding a lot of sats in trust for others. This really is a stepping stone to @vsc.network which will de-risk this for me.
Another great addition to v4v.app!
🔥🔥🔥!