It's no secret that the lightning Network is quickly approaching a completed version and earlier in the month, the Beta-version was released to the public. While the Lightning Network seems to be the perfect solution for BTC's scaling issues, there have been concerns over the privacy factor of the network. The LIT Box could be the answer to these problems.
The LIT Box
At the MIT Bitcoin Expo 2018, James Lovejoy, the Lead Developer of Verticoin unveiled how his firm has been quietly developing a piece of hardware that could eliminate security risks on the Lightning Network altogether. These security concerns are due to how the Lightning Network functions.
The Lightning Network allows users to set up Peer-to-Peer payment channels that are not recorded on the BTC blockchain until the channel is closed. This can sometimes lead to the IP addresses of each individual wallet involved being recorded in the ledger.
James explained how the LIT Box will function as sort of a home crypto-bank that you can access remotely when needed. This allows you to send your crypto from any computer and it eliminates the Lightning Network IP protocol issues discussed earlier.
Altcoins Are Welcome
The LIT Box isn't just for BTC, you can use any Lightning Network enable crypto of your choosing. After the announcement of Stellar Lumens' plans to institute the Lightning Network earlier this week, you can expect to see additional Altcoins to follow suit and join in on the new protocol to eliminate any scalability issues in the future. This may prove to be a difficult task as many coins such as Stellar Lumens (XLM) will require a completely new protocol because the Bitcoin coding is not applicable to their networks.
While James didn't give out any exact dates, he did state that the product should be available by Q2 of this year. This would be a great addition to the Lightning Network and if James'team can meet their Q2 release date, they could position their product perfectly.
Personal Banking Concepts
It's exciting to think how this product would take the concept of personal banking to the next level. This is a smart move as more crypto investors become paranoid about loosing access to their funds, if say, they lost their phone or computer. This is also why it is very important that you keep a print out of your seed word and personal and private keys. There is definitely a need for this type of product in the cryptomarket.
Lightning Gets Continued Support
The Lightning Network continues to see support from both software and now, hardware developers in the sector. People are excited about the potential the Lightning Network has and how it could reshape the future of the crypto market. BTC has been plagued with high fees and slow transaction times for almost a year but thanks to the Lightning Labs development team, it looks like there is finally light at the end of the tunnel.
What do you think Coinologists? Is the LIT Box the answer to your privacy concerns or do you prefer a software solution? Let us know in the comments below.