Bitcoin

Light

<p>Bitcoin technology startup Lightning Labs, a key developer of the Lightning Network, has <a href="https://lightning.engineering/posts/2023-04-26-litd-release/" rel="nofollow noopener" target="_blank">released</a> an update to its Litd node management tool that is intended to make Bitcoin and Lightning easier to use. This update aims to improve user experience and help onboard new users, regardless of their level of expertise.</p>



<h2 id="lightning-labs-wants-to-ease-challenges-for-users">Lightning Labs wants to ease challenges for users</h2>



<p>In order to send and receive payments on the Lightning Network without the need for a third party, users are required to run a Lightning “node.” However, the complex nature of the protocol often presents a challenge for users who are not tech-savvy or do not want to spend hours learning how to use it. This is where Lightning Terminal and Litd come into play.</p>



<p>Lightning Terminal is a tool developed by Lightning Labs to simplify the management of Lightning nodes. Behind the scenes, Litd is designed to abstract certain features of node management, so that users don’t have to manage them directly. As a result, it is easier to use the Lightning Network.&nbsp;</p>



<p>According to Michael Levan, Lightning Labs’ head of product growth, the company has received consistent feedback from the Lightning developer community about the need for increased node management automation and better developer tools to easily onboard new users.</p>



<h2 id="the-new-features-will-make-the-litd-easy-to-use">The new features will make the Litd easy to use</h2>



<p>Lightning Labs’ latest update to Litd introduces several new features that aim to ease the burden of non-custodial payments and make Lightning more accessible for new users. One such feature is the &#8220;automagical&#8221; update of Lightning fees.&nbsp;</p>



<p>Typically, Lightning routing nodes charge users  fees for completing a transaction. With this, the  operator needs to increase or decrease the fees manually. However, Lightning Labs has introduced a new algorithm that will <a href="https://www.cryptopolitan.com/crypto-analysts-predict-massive-bull-run-for-sparklo-sprk-as-terra-classic-lunc-faces-charges/" data-type="post" data-id="296463">charge</a> users  based on how many payments each channel is routing weekly.</p>



<p>Another new feature is the introduction of “accounts”. While generally, each user has one Lightning node, the new account system allows many users to share a single Lightning node.&nbsp;</p>



<p>According to Levan, the accounting system enables developers to bring less advanced users to Lightning without the need to understand the complexity of liquidity or node management. Liquidity, or the availability of funds for payments, is a major hurdle for new users to overcome, and this feature is designed to simplify the process for them.</p>

Lightning Labs unveils new features with its latest update

Table of Contents

Cryptopolitan_News

Other articles published on Apr 30, 2023

Signature Bank’s collapse attributed to poor management practices, says FDIC

Explaining Zimbabwe’s de-dollarization strategy

Warren-Marshall Crypto Bill Delayed Due to Lack of Sponsors

How to Ensure Security, Privacy, and Control of Blockchain Transactions

UK Treasury Will Consult on DeFi Taxation: Report

Mastercard seeks new partnerships to meet growing demand for crypto cards

Join our free newsletter for daily crypto updates!