LightningPeach

Introducing LightningPeach, a third-layer protocol for the Lightning Network.

Led by the Bitfury Group, we are a community working to help the Lightning Network achieve worldwide adoption by simplifying access to Lightning's instant and low-cost payments through LightningPeach.

What is the Lightning Network?

The Lightning Network is a second-layer protocol, initially built on top of the Bitcoin Blockchain. This layer enables instant micropayments and better performance for public blockchains by creating off-chain payment channels. By using these payment channels, cryptocurrency users can transact more efficiently with lower costs and shorter wait times.

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.

User interaction

Bottlenecks to Adoption of Lightning Network

The team behind LightningPeach began working with the Lightning Network in December 2015. Over time, we became convinced of its enormous potential for the digital economy. After years of research and development for the Lightning Network, we identified three major challenges hindering its adoption:
  • 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

We believe that implementation of LightningPeach, governed and operated by its community, will encourage adoption of the Lightning Network by:
  • 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 contact@lightningpeach.com for more information.

Key Project Principles

Our community is designing LightningPeach to complement the existing Bitcoin Blockchain Lightning Network and other public blockchains such as Litecoin. In doing so, we are committed to:
  • Providing an open flow of information
    All 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 action
    The LightningPeach blockchain is open-source and will be designed to support users of all sizes.
  • Building an incentivization program
    We 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.

Platform User Roles

Senders – Hubs – Recipients
Senders

Senders

Senders are users who want to find payment channels to be able to pay their intended recipients.
Hubs

Hubs

Hubs are users who have bitcoin capacity that often create and provide payment channels for other users. They have wide networks of payment channels and collect transaction fees.
Recipients

Recipients

Recipients are users who are receiving payments on the Lightning Network, often for providing products or services.
Peach diagram