Businesses interested in accepting Bitcoin via the Lightning Network can now do so easier than ever thanks to Synonym Software’s latest product, Blocktank LSP. Blocktank integrates open-source tools that streamline the onboarding process for businesses ad regular users. You can find shortcuts to opening wallets, creating applications, and monetizing Lightning Network connections.
Synonym Software is an enterprise-grade Lightning service provider. The company was formed in 2021 with the goal to drive Lightning Network adoption to new heights. The Blocktank SLP falls in line with this focus, as it helps businesses save time and money integrating LN infrastructure. Blocktank includes multiple components.
The API (application programming interface) streamlines the integration of top priority services. Businesses, exchanges, and third parties can automate and monetize Lightning Network services. This feature makes it easier and cheaper for Dapps to offer Bitcoin services. For example, exchanges could lower Bitcoin costs on purchasing, configuring, and gathering data. They can also offer instant withdrawals from a non-custodial format.
The Widget is a feature that is sure to help drive adoption. It makes it easy for websites to offer Lightning Network options to users. The widgets embed directly into your favorite websites in seconds. You can access helpful features like network capacity, spending balance, channel setup, and duration. This option speeds up these processes significantly and helps new users navigate these procedures without prior technical experience with the system.
Hubs are special network nodes that run the Blocktank server. They are responsible for executing vital network features. Users can create custom channels, top-ups, and leverage a routing fee structure. The system integrates the Tightrope protocol to enable other benefits such as automatic channel rebalancing.
There are some serious benefits that the Blocktank LSP package makes possible. For one, exchanges can use the tool to access liquidity. They can now offer features such as instant Bitcoin withdrawals and lower fees. The system can also help these protocols introduce more non-custodial options. Non-custodial exchanges are safer to use because they don’t hold your cryptocurrency on their platform.
Blocktank is all about streamlining user onboarding. The network is unique in that it focuses primarily on the enterprise and business sectors. This maneuver enables the firm to service a niche market that has long been in need of a solution. For these reasons and many more, Blocktank is a project to watch in 2022.