This is the first Bitcoin hardware wallet that integrates Lightning

[ad_1]

The BitBox team, a USB-type hardware wallet, integrated payments through the Lightning network in the app that connects to the device. This is the first integration of its kind from a wallet that stores bitcoin cold or offline. While the Lightning wallet is online through the phone app, creating this part of the device is offline.

BitBox’s goal is to offer users of its toolset the ability to transfer BTC quickly and cheaply and to have a payment option that has become the main scalability technology within the development of Bitcoin.

In it advertisement This new BitBox 0.2 function details that The integration of Lightning into the wallet app was carried out through the use of the Breez SDK, a company that develops Lightning software and wallets. This same company provides necessary liquidity for users, because the current design of this integration was not done natively on the device, but through the app.

As we begin our work in lighting, we considered integrating Lightning natively into BitBox02. We could have done it by taking advantage of the great work of the Verifying Lightning Signer team, for example. In the end we came to the conclusion that having to use your BitBox02 every time you send (or receive) a Lightning payment would be quite cumbersome. It would not achieve our goal of spending bitcoins seamlessly and on the go.

BitBox, hardware wallet for Bitcoin

BitBox 0.2 connected to a phone to use Lightning

The BitBox team’s solution is to move the Lightning private keys to storage on the host device, meaning that From the private keys stored in the hardware wallet, the keys used in the phone app are created, which trades security for comfort. In this sense, the designers of the wallet explain the following:

There would be no need to create a separate backup as the Lightning wallet would be part of your existing initial backup. To create your Lightning wallet on the host device, deterministic entropy is used that does not reveal any sensitive data about your seed phrase backup. This works similar to signing an arbitrary message with a private key on your BitBox 02.

BitBox, hardware wallet for Bitcoin

“Since the Lightning wallet is derived from your BitBox02 wallet, restoring your Lightning wallet to a new or existing device is easy – simply connect your BitBox02,” the wallet designers explain. Users also have easy-to-use recovery tools, derived from Lightning private keys, that can be used from within the app or even from other apps, without the use of BitBox 02.

The Lightning wallet can be used like any other Bitcoin account within the app, allowing you to receive or spend BTC with the payment channel network without having to carry the BitBox 0.2 device everywhere.

The balance of the Lightning wallet can be recharged from the BitBox app itself. However, its designers explain that in the future Breez plans to integrate splicing technology, which would facilitate the recharge of the wallet’s payment channels.

As CriptoNoticias has reported, Splicing allows users to adjust the capacity of a channel on the Lightning network without having to close it and open another. That is, bitcoins (BTC) can be added or removed from an existing channel without problems. This technology has already been incorporated experimentally in wallets such as Phonenix and Eclair.

Leave a Reply

Your email address will not be published. Required fields are marked *