Blockchain technology company Blockstream Corp has rolled out a Bitcoin Lightning node service called Greenlight, per its blog post. This service enables users to easily set up a node on the Bitcoin Lightning Network while using the company’s cloud infrastructure.
Users Retain Full Control Of Funds
The Lightning Network is a “second-layer solution” built on top of the Bitcoin network. It’s run by a network of nodes that process payments and transactions are made using QR codes on its Jade platform. It is designed to boost faster transactions with lower fees. Greenlight would enable users to maintain complete control over their funds while setting up a Lightning node. This is because the private keys for both on-chain and off-chain transactions will remain in the custody of the user. Users can instead interact with their nodes through a simple user interface overseen by Blockstream. Greenlight is built on top of c-lightning, a standard-compliant implementation of the Lightning Network protocol optimized for performance and extendibility. The blockchain firm aims to make the Greenlight service user-friendly to educate amateurs and potential Lightning users. Christian Decker, the core tech engineer at Blockstream, said that the new Greenlight service is aimed at helping users get started with Bitcoin and the lightning network. Decker added in the blog post,
“Onboarding Lightning adds another layer of complexity because of the need to operate channels and liquidity as well as manage backups and watchtowers. New users often opt for custodial services where these technical challenges are managed for them but at the cost of trusting the service operator with their funds.”
Blockstream disclosed that the service is already available on Sphinx Chat, a browser for the Lightning Network, and Lastbit, a technology Lightning payment platform. The firm plans to release Greenlight for the greater public after the initial beta phase. Founded in 2014, Blockstream is a firm that focuses on providing blockchain technologies and crypto-financial infrastructure based on Bitcoin.
Blockstream Increasing Mining Colocation Deals
Blockstream’s Mining arm has signed a couple of partnerships this year amid the calls for clean energy usage in Bitcoin mining. Last month, Blockstream announced it inked a deal with Bitcoin and crypto lender BlockFi to host BlockFi’s new mining machines in a facility in Georgia, USA. The mining facility, which supports up to 300 megawatts of capacity, was deployed to BlockFi thttps://bitcoinexchangeguide.com/cryptocurrency-news/wallets/blockfi/o expand its service offerings and accumulate more Bitcoin. Blockstream also disclosed a partnership with Square last month to build an open-source, solar-powered Bitcoin mining facility. This was in line with Square’s Bitcoin Clean Energy Initiative. The partnership also saw Square invest $5M into the facility with Blockstream to provide infrastructure and expertise to build and manage the project.