Enhancing User Experience on Lightning Network via BOLT12
The Lightning Network, a second-layer solution for Bitcoin, has taken a significant step forward with the implementation of BOLT12, a new protocol standard. Two wallets, Electrum, Phoenix, and Coinos, have adopted this standard, marking a milestone in the network's journey towards simplifying payments and enhancing privacy.
BOLT12, an acronym for "Base64 Offer Description Language version 12," promises to revolutionise the Lightning Network by enabling human-readable addresses without compromising privacy or dependence on third parties, thanks to BIP353. This potential is yet to be fully realised, but it holds great promise for the future.
One of the key features of BOLT12 is the replacement of "Invoices" with "Offers." These Offers can be used for both receiving and sending payments, offering increased flexibility over the traditional Invoices. BOLT12 Offers also support blind routing, enhancing privacy, and can be reused for multiple transactions, even supporting recurring payments similar to subscriptions.
However, the implementation of BOLT12 is still in its infancy. Only a limited number of its features are currently being utilised by Phoenix and Coinos. One hurdle that remains unsolved is the requirement for both parties to be online at the same time for a payment to go through, which is a challenge for the Lightning Network as a whole.
Phoenix, one of the wallets implementing BOLT12, uses it as a "reusable QR code," while Coinos employs it for direct debit-like payments. Yet, neither wallet fully utilises the potential of BOLT12's privacy-enhancing and feature-rich capabilities.
The Lightning Network aims to simplify paying with Bitcoin, and BOLT12, with its potential to make Lightning payments simpler, more private, and richer in features, is a promising standard in this pursuit. Despite not yet replacing LNURL, BOLT12 has reached production readiness in 2022, opening up exciting possibilities for the future of the Lightning Network.
In conclusion, the implementation of BOLT12 by Electrum, Phoenix, and Coinos marks a significant step forward for the Lightning Network. While challenges remain, the potential for BOLT12 to make Lightning payments simpler, more private, and richer in features remains largely untapped, and it is an exciting time for the future of this promising technology.
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