Bitrefill has launched a new service that seeks to simplify the process of setting up payment channels on the lightning network, the experimental, layer-two initiative being built on top of bitcoin.
Demoed for the first time Friday at the Understanding Bitcoin conference in Malta, the new service â dubbed âThor Turboâ â helps users to get around a wrinkle in how lightning works today. Currently, users need to wait an hour to initialize a lightning channel, but with a technology that Bitrefill is calling âturbo channels,â theyâre looking to make that set-up process more smooth for would-be transactors.
It just goes to show, as promising as lightning is for scaling bitcoin, developers are still working out all the kinks.
Lightning, in general, is quite fast, allowing for transactions to be sent instantaneously, even across the world. But before users can take advantage of this speed, they first need to convert their bitcoin into lightning, which is generally not an instant process. Doing so takes six âconfirmationsâ on the bitcoin blockchain, a wait of roughly 60 minutes, to know the transaction has been settled securely and the network has officially accepted the transaction.
With the new Thor Turbo app, users can bypass the initial wait by opening a âturbo channelâ with Bitrefill of any size, which they can pay for in bitcoin, ethereum, dash, litecoin, dogecoin. Their technology is based on an idea by developer Martin HabovÅ¡tiak, which was later put into practice by developer Anton Kumaigorodskiy in Bitcoin Lightning Wallet.
Bitrefill CCO John Carvalho said in a statement:
âWe want to show the world whatâs possible with âlayer 2â scaling technology. Words canât do justice to the feeling of using bitcoin instantaneously. Everyone needs to try this, and once they do, they will never go back. This expands the entire paradigm of whatâs possible for internet commerce.â
Bitrefill is one of the companies thatâs been following lightning the longest and most aggressively, even sending one of the first trial payments. The team launched Thor in January to make it easier to receive lightning payments. Thor Turbo is an additional feature that makes it faster for a user to get set up to send lightning payments.
That said, Bitrefill knows that the service it offers is risky, as the underlying lightning technology still has lingering bugs, making it risky to use.
âSome will call us reckless, but weâre here to pull bitcoin forward and make onboarding the world to bitcoin and lightning as frictionless as possible,â said Carvahlo.
Turbo blades image via ShutterstockÂ