Bitcoin only-app Relai taps Blockstream Greenlight for Lightning payments

cyptouser4 months agoCryptocurrencies News78
b98df8a0>

Users of Swiss-based Bitcoin-only app Relai are set to unlock Lightning payment functionality following the integration of Blockstream’s Greenlight solution.

An announcement shared with Cointelegraph unpacked details of the collaboration, which entails Blockstream’s Lightning-as-a-service solution being integrated into Relai’s Bitcoin-only wallet platform.

Greenlight’s functionality is set to allow 100,000 Relai users to make low-cost Bitcoin (BTC) payments using the Lightning network while maintaining control of their private keys. The integration of Greenlight also means that Relai does not have to build and maintain its bespoke Lightning infrastructure.

Blockstream rolled out Greenlight in June 2023 as an alternative service for developers and platforms to provide fast, low-fee Bitcoin payments. The service hinges on using Blockstream’s infrastructure while preserving user control over private keys.

Custodial solutions are an alternative option that offers quick onboarding and convenience, but these typically compromise security and privacy guarantees for users. Non-custodial solutions prioritize security and privacy but require more technical and operational resources.

Related: Bitcoin fee spike spurs shift to Lightning Network — Binance and Coinbase line up

Greenlight’s approach to enable custodial Lightning splits nodes into smaller components that operate separately. Using Core Lightning as the base implementation, Greenlight makes all operations involving private keys performed on a user's device as the signer. The remainder of the node and operational needs run on Blockstream’s infrastructure.

A visualization of Blockstream's Greenlight architecture, which allows users to maintain sole control of their Bitcoin private keys. Source: Blockstream.

Blockstream built its signer on the Validating Lightning Signer (VLS) project to ensure end-to-end verification. This means only users can initiate operations involving their funds, not the infrastructure operator or anyone with similar control or access.

The design is similar to hardware wallets, where a user has a client interface and signer, while the wallet provider operates a Bitcoin node that connects to the network. User-controlled elements can initiate payments and sign invoices while Blockstream runs the node.

Relai was founded in 2020, with a sole focus on Bitcoin trading and custody. The app has generated over $300 million in trading volume over the past four years.  Relai's decision to onboard Lightning payments comes off the heels of some of the biggest exchanges looking to improve their 

Coinbase, the largest exchange operator in the United States, announced that it would integrate Bitcoin Lightning payments into its offering in September 2023. CEO Brian Armstrong cited Bitcoin’s position as the most important asset in the cryptocurrency ecosystem and that the functionality would help facilitate faster and cheaper BTC transactions.

Magazine: Big Questions: How can Bitcoin payments stage a comeback?

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Google US market share drops below 80%, lowest since 2009 as Bing AI usage spikes

Google US market share drops below 80%, lowest since 2009 as Bing AI usage spikes

According to the latest data from web analytics firm StatCounter, Google’s share of the North Americ...

Binance moves to dismiss most of UK Bitcoin SV case

Binance moved to dismiss most of the claims in a UK case regarding its delisting of Bitcoin SV (BSV)...

Nigeria’s SEC boss says crypto can aid 38M unbanked

55966e89˃The Director General of the Securities and Exchange Commission (SEC) in Nigeria, Emomotimi...

Nigerian crypto fee hike invitation for crypto ‘big boys’ — NoOnes CEO

25cc9d4a˃Venture capitalists still see potential in Nigeria despite the suggested increased crypto r...

South Korea's FSC warns against brokerage of foreign Bitcoin ETFs

South Korea’s Financial Services Commission raised concerns that domestic securities firms brokering...

Bitcoin will 'propel the next leg up' if key trading pattern confirms — Traders

Bitcoin will 'propel the next leg up' if key trading pattern confirms — Traders

55966e89˃Bitcoin’s (BTC) price could see a bullish trend reversal and “propel the next leg up” if th...