I have realised that not enough people know what I've actually built... so lets try to point this out simply.
This is a value for value post: see the explanation in the footer.
BTC Lightning Network
I've written a lot about this, a huge amount really. For now lets just say it's the part of the BTC world which is getting lots of attention and money because you can't innovate much on BTC core.
The primary reason I think it matters for Hive, is that it is becoming an on and off ramp for crypto in small amounts just at the time when centralised exchanges are being crushed by US regulators or blowing up.
Hive / Lightning Bridge
Right now the bridge operates on amounts from 1,000 Sats to 500,000 Sats. That's about 0.25 HBD to 120 HBD. Pretty useful amounts.
Hive to Lightning - v4v.app
Lightning is denominated in sats which are 1/21,000,000,000th of a Bitcoin. Lightning is sent and received via one time invoices which are long text strings which look like this:
lnbc30u1p3lg67cpp5sax6e9an3ej76zckk2lvvzwkq4wahupah75pdgt9xjjldl6gs6tqdp2vfexjctwdanxcmmwv3hkugruyqs8cgprwc68vctswqcqzpgxqzfvrzjqd0ylaqclj9424x9m8h2vcukcgnm6s56xfgu3j78zyqzhgs4hlpzvzuaqgqq2rcqqyqqqqqqqqqqztqq9qsp5a0wuz4z53r28nf4d6rpv35d0wygvva3jdmphdljz300mhqeeu6nq9qyyssqvxmuerd0yz5p4lzw8dqcft9u78u55me30pc9r3t0m8fa69fvr89pluc080lu4qte5exe6ke6zk8yxye6lpwkf7hsdpx40xy8t5dazngpp3c09c
And because they look like that, they're more commonly shared as QR codes:
You use a Lightning Wallet to pay these. They're one time use and limitied in time. You can't send more Lightning to an invoice, once you've paid it or it has expired, you need to get a new one from the recipient. This is what makes Lightning very different to work with than a blockchain based crypto like Hive.
If you take that Lightning invoice string or photograph the QR code using v4v.app especially from inside Hive Keychain's browser on mobile, you will be asked to send Hive or HBD. If you do that, your Lightning will be paid, and you'll get back some change in Hive or HBD with a message.
You've sent Hive or HBD and got BTC on the Lightning Network.
Lightning to Hive
But what if you want to received Lightning? We have this covered. v4v.app/hive will let you build a specific invoice for a set amount of Lightning and it will go to a specific Hive account. Pay that invoice with a Lightning Wallet and you'll receive Hive.
You can also generate or use a "Lightning Address". This looks like an email address but an increasing number of Lightning Wallets can pay to these addresses. Behind the scenes, temporary invoices are still created but this is all handled for you.
Your Lightning Address looks like this, just replace my brianoflondon Hive name with your own: [email protected]. You're just adding @v4v.app to your Hive account name.
Lightning to Hive as a QR code
That Lightning Address can also be represented as a QR code and that's easy to generate here: v4v.app/address.
For Hive Dapp Developers
Want to offer your users a way to pay for small items or services where you get Hive or HBD and they can pay with Lightning?
This is all you need:
https://api.v4v.app/docs#/v4vapp/new_invoice_hive_get_v1_new_invoice_hive_get
That's the documentation for a simple GET request which will give you a Lightning invoice (as a QR code image or text) for you to show to your users. If they pay it, you get Hive (with a unique message you can specify). That's it. @privex added this to their checkout process in a matter of a couple of hours.
If you need help or advice on this, please leave a comment or tag me on #leothreads.
Value 4 Value in Podcasting 2.0
This is another part of the system. For more on that see this collection of posts
Nostr
Nostr is the new hotness but its very rudimentary compared to Hive. But if you want to play around on it, you can use the same Lightning Address I mentioned above and store your Nostr Public Key on Hive. Details are in this post.
More Details
I've written so much... Take a look here for more.
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.
Support Proposal 244 on PeakD
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This article comes at a good moment for me as I am looking to develop more video content on Threespeak and one of my weekly outputs on PeakD into a weekly podcast on Cast Garden here on Hive -- I have had your app on my dashboard for a while, but this article really helped me get an understanding of how the app works and thus how it can be applied for podcasts. Now, I just have to get the courage to put some hard-earned HBD through there!
Quick question: does BTC on the Lightning Network have to stay for use solely on the network, or can it be moved to an exchange or a cold storage wallet?
You can move it to the blockchain and back to Lightning.
From the Blockchain you can obviously send it to your cold storage device or an exchange
Thank you!
Breez is a Lightning wallet in which you hold the keys. Wallet of Satoshi and Muun (which are custodial) both let you move Lightning out to BTC addresses.
🙋🏼♂️ I registered for Nostr and had a look around BUT as you mentioned it is NOTHING compared to the ecosystem we have here on Hive. The UI is very raw and there is no real communities and DApps etc. For me at the moment no alternative.
Agreed! I find it clunky. But I’m there ⬇️
Lol, you seem like a terrorist there. I'll join it too so I can say there is nothing there when ever I am asked
I use v4v since I'm a big fan of Lightning network. Your creation is amazing and makes things easier for orboarding people. I read your proposal and support you, also I voted you as a witness. Thanks for the hard work man.
Es interesante la información, pero para los que no manejamos mucho el vocabulario tenemos que seguir aprendiendo, muchas gracias por tan valiosa información, pienso que son nuevas alternativas para cada tipo de usuario. gracias
Very interesting project!
I think it will develop it's full potential whith dapps on Hive.
Indeed, a new project on Hive will advertise on Hive and take for granted that its potential users have HIVE or HBD.
However, when dapps built on Hive will try to attract people with funds on other chains, a bridge between lightning and Hive will be so valuable !
I do not know how to build a dapp and kind of effraid to do it because of all the possible exploits and hacks, but I really hope Hive will grow and have its own dapp ecosystem!
There’s tons of apps already and many more being built
I'm sure there are a lot of them, but the last time I had a look at the hive ecosystem on the official website, only a few apps were really convincing ^^
But it will get better and better for sure !
An amazing project like this needs to get the support it deserves..
Commenting to come back and read it 😊🙏
Badass Post
For me one of the best projects in #hive. Thank you very much for the great effort in its development.
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Interesting applications, Hope to see them last and involve even more blockchains in the future.
Awesome projects like this just keep linning up on Hive. I am so happy to be here at this time!! Greats job.
You're doing Awesome work mate. Making ease or adding multiple ways for flow of funds in or out is what every chain needs... This look promising!
@brianoflondon Pretty interesting post. While i am not so techinical and really take time to understand the technology, it really inspires me reading more about the latest trends that are currently prevalent or are being developed by the creative and futuristic developers!
Very innovative concept, I would say ! & will definitely try my hands at it.
Thanks & Stay connected !
Regards,
Amit
Good to know about the BTC Lightning Network and the importance of Hive with it. Thank you very much for your contact.
This project is very useful for Hive.
Great Work!
Very cool stuff! Love v4v and am excited to use it with my business going forward and finally getting my podcast up and running!
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Sorry I am a bit blurry on the edges when it comes to the technical stuff. So basically v4v gives us a very simple gateway from HIVE and HBD directly to btc bypassing the centralized exchanges like binance, and we'll have the btc straight to a wallet to which we own the keys to - did I get it right?
Yup. Small amounts in and out and a growing eco-system of Lightning sites you can spend cyrpto at.
Will the btc there be usable only within the lightning ecosystem? Or will we be able to later withdraw it out of the lightning ecosystem to a centralized exchange for example?
What kind of fees are we looking at?
You can move it to the blockchain and then do the normal Bitcoin transactions with the normal fees.
Lightning is a second layer with much lower fees
Moving BTC in and out of Lightning is a bit tricky. Wallet of Satoshi, Muun Wallet and Breez can all do it usually for a fee of 0.5% or a little more. I think that in the US Kraken takes deposits and will allow withdrawl in Lightning.
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Very interesting. Does it mean that I can embed the Lightening code on my product website for a client to pay with?
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For Hive Dapp Developers
Want to offer your users a way to pay for small items or services where you get Hive or HBD and they can pay with Lightning?
This is all you need:
https://api.v4v.app/docs#/v4vapp/new_invoice_hive_get_v1_new_invoice_hive_get
That's the documentation for a simple GET request which will give you a Lightning invoice (as a QR code image or text) for you to show to your users. If they pay it, you get Hive (with a unique message you can specify). That's it. @privex added this to their checkout process in a matter of a couple of hours.
If you need help or advice on this, please leave a comment or tag me on #leothreads.
https://peakd.com/hive-110369/@brianoflondon/any-hive-dapp-can-accept-btc-lightning-payments-right-now-hive-110369