The Lightning Network is one of the biggest developments for Bitcoin as of right now. It finally addresses some of the lingering scaling issues, although there is still some work to be done. Blockstream recently introduced the Nanotip LApp, which makes tipping on the LN a possibility.
The Nanotip LApp Explained
Anyone who has kept a close eye on Bitcoin will know that the network has some issues. It is slow, abysmal in terms of transaction throughput, and unsuited for microtransactions. That will all change very soon, thanks to the Lightning Network. This scaling solution and micropayment option certainly introduces positive changes for Bitcoin as a whole.
As such, we will need to find new tools and solutions which will utilize the potential of the Lightning Network. Right now, that is easier said than done, as the number of LN-capable applications is still on the low side. That’s not a big surprise, as the Lightning Network is not production-ready at this stage,. Without proper beta testing, LN cannot be released to the masses.
Blockstream has come up with a new application that will utilize the LN’s functionality in a proper manner. A lot of people are excited about the micropayment solutions offered by the Lightning Network, and users also want to be able to tip other users with Bitcoin. To that end, we now have the Nanotip LApp, specifically designed for this particular scaling solution.
Since tipping is quite popular in the world of cryptocurrency, it is only normal that such functionality will exist as part of the Lightning Network. Tapping into this potential without using a centralized solution, however, is a bit of a challenge. Using a Bitcoin address is a privacy risk, which is another factor which people need to take into account.
With Nanotip, users can tip others through a simple web server which generates Lightning payment requests on the fly. For content creators, this is a pretty big deal, as it allows for the creation of personalized tip bots. Anyone who supports content creators can determine how much they want to give at any given time. It is a pretty straightforward concept that will bring a lot of positive attention to this particular scaling solution.
It is worth noting that this is the third LN-capable app to have come to market in the recent past. Although 3 is a relatively small number, it does show that interest in and demand for LApps are on the rise. There is still a lot of work to be done until the Lightning Network is an effective solution, but the progress being made should not be ignored whatsoever.