Introducing LightningPeach, a third-layer protocol for the Lightning Network.
What is the Lightning Network?
We believe the Lightning Network will be the foundation of the next generation of the digital
economy, facilitating global payment streams, decentralized marketplaces and efficient payment
rails for the Internet of Things.
For more details about the Lightning Network, read the White Paper here.
Bottlenecks to Adoption of Lightning Network
Lack of incentives for early adopters: At the moment, participating in the Lightning Network requires users to "lock up" their bitcoins in return for small rewards because of low transaction volumes at early stages.
Unclear peer discovery process: There is no reliable source of information about the Lightning Network intermediaries and payment channels. This makes it difficult for potential users to discover peers and utilize the Network efficiently.
Unpredictable user experience: While the Lightning Network guarantees safety of funds, customers may still be impacted by anonymous, potentially hostile peers who may not care about longer transaction times, user's funds being stuck and high fees.
Our Proposed Solution: LightningPeach
Providing incentives for early adopters to use the network and encourage node operators to run Lightning Network infrastructure and incentivize developers to contribute.
Automating the discovery of payment channels and the programming of payment agreements for user satisfaction, such as bonding/escrow arrangements.
Delivering a seamless and predictable experience to end-users by creating a reliable reputational database that does not reveal the private details of any participant.
We invite any interested parties from the bitcoin, ethereum and emerging crypto communities to join our research working group. Email us at email@example.com for more information.
Key Project Principles
Providing an open flow of informationAll requests for new payment channels will be recorded and broadcasted enabling each network participant to access information about supply and demand for payment channels.
Encouraging freedom of actionThe LightningPeach blockchain is open-source and will be designed to support users of all sizes.
Building an incentivization programWe are pursuing the creation of an incentivization system to encourage network developers to work on LightningPeach, as well as to attract users with bitcoins to begin acting as hubs on the Lightning Network.