User-Friendly Lightning Wallets

[markbulmer24]

Dear Bitcoin Community,

I'm hoping that new development on the lightning-protocol takes the shape of easy to use wallets.  The idea is that you want to make the most number of people be able to take advantage of being able to send many transactions (between one another) while minimizing block-write fees and transaction send times.

 
1) Opening a payment channel: A wallet address is inputted and a request to open an L-channel is sent by a new customer to a company that can approve it (this process should
                                               be as easy as it is now to send money with bitcoin). The receiving company through e-mail can tell the sender what channel to request opening
                                               and where to send the request.

2) Managing open payment channels: Once a channel-open request is granted by the receiving party, then this open channel is stored as a tab in the wallet, that can be used for
                                                       payment again later (and is saved as a simple graphical tab in the wallet).  In each tab you can see a list of all of the transactions and
                                                       where there's been a block-write.

3) Automating Block-Writing            :  Being able to automate block-writing settings for each channel. If you are a receiving party then you'd like to perhaps have your
                                                               balance be written every two weeks, or when the fee to write has dipped below a certain charge (by linking the wallet to mining-fee
                                                               scanners) or if the balance has exceeded a certain amount in the channel. Each channel could have a settings button that allows you
                                                               to set these parameters.

These are some initial ideas...hopefully these L-Wallets are developed in a graphically appealing way (ex. Jaxx wallet) and can be easily fit into phone apps.

Thanks for reading guys. Hope you find this interesting.
Mark

[Xynerise]

Check out the Eclair wallet on the Google Play Store.

It's on testnet right now but it shows how things are.

You can get testnet bitcoins from a faucet and try to make a lightning transaction at yalls.org

[btcton]

Hopefully this all turns out better than it did with SegWit adoption. My main reason for not yet having a SegWit address is the fact that it seems like only Electrum supports it in a user-friendly way. The support for most other wallets has yet to come. No exchanges that I use seem to support it either. My main hot wallet, blockchain.info, also does not support it yet even after a long time of it being requested. Instead they have opted to add support for Ethereum and Bitcoin Cash, which will it might be useful to some, deters focus from the main Bitcoin side of the wallet which in my opinion is a net loss. Hopefully the Lightning Network encourages developers to update their wallets in support of both it and SegWit even with the transaction fees going back down.

[Cobalt9317]

Hopefully this all turns out better than it did with SegWit adoption. My main reason for not yet having a SegWit address is the fact that it seems like only Electrum supports it in a user-friendly way.

It seems that we are only able to send Bitcoin to the address that are also SegWit compatible like Electrum has. My main wallet exchange for fiat currency didn't support it alternatively it also like they aren't aware of the situation that SegWit can lower the transaction fee, but I guess profit is profit.

Thanks for the information Mark if the implementation of the Lightning Network would happen it will resolve so many problems the cryptocurrency are facing now.

[TryNinja]

Just FYI (@btcton and @Cobalt9317), you can create an Electrum Segwit wallet with p2sh addresses (starting with 3) which are supported by every service/exchange.

yes, right..

to have segwit addresses starting with a 3 in Electrum just follow these simple steps:

1) generate a bip39, 12 words seed on https://iancoleman.io/bip39/ (use it offline for more security)
2) on electrum choose, File -> New/Restore -> Standard Wallet -> I already have a seed -> click on "options" and choose bip39, write the seed then click next
3) on derivation path path use: m/49'/0'/0'/0

that's all. Remember to save in a safe place the seed as electrum will not show it (read below)

I did this and I'm already using Segwit addresses for every one of my transaction. I made a test with a 1 input/1 output transaction and I'm getting half fees than a legacy wallet.

[Cobalt9317]

Just FYI (@btcton and @Cobalt9317), you can create an Electrum Segwit wallet with p2sh addresses (starting with 3) which are supported by every service/exchange.

yes, right..

to have segwit addresses starting with a 3 in Electrum just follow these simple steps:

1) generate a bip39, 12 words seed on https://iancoleman.io/bip39/ (use it offline for more security)
2) on electrum choose, File -> New/Restore -> Standard Wallet -> I already have a seed -> click on "options" and choose bip39, write the seed then click next
3) on derivation path path use: m/49'/0'/0'/0

that's all. Remember to save in a safe place the seed as electrum will not show it (read below)

I did this and I'm already using Segwit addresses for every one of my transaction. I made a test with a 1 input/1 output transaction and I'm getting half fees than a legacy wallet.

That might be the reason why my transaction in the exchange wallet is confirming even though I only put a 0.0001BTC/kb it starts with a 3, maybe that exchange is aware of this SegWit thing even before it became an opt-in option for everyone, and there's no transaction fee when you send a bitcoin to the user using the same exchange.

I take back what I said earlier they are aware of the context that bitcoin is going to have, it is like they predict the future or rather Satoshi Nakamoto told them bluntly.

[Anti-Cen]

Wallets become mini hubs on the lightning network but will only provide partial functionality
to what is available under the protocol listed out in the lightning white paper

https://lightning.network/lightning-network-paper.pdf

Exodus and Jaxx wallets developed and ready for market in about a years time might work
with a simpler UI but the banker that are coming to town will have much more sophisticated
banking software that runs from a computer screen and not a I-Phone

HTLC can be tweaked and take a look at this as an example

It is possible for each participant to generate different versions of transactions
to ascribe blame as to who broadcast the transaction on the blockchain.
By having knowledge of who broadcast a transaction and the ability to ascribe
blame, a third party service can be used to hold fees in a 2-of-3 multisig
escrow. If one wishes to broadcast the transaction chain instead of agreeing
to do a Funding Close or replacement with a new Commitment Transaction,
one would communicate with the third party and broadcast the chain to the
blockchain. If the counterparty refuses the notice from the third party to
cooperate, the penalty is rewarded to the non-cooperative party. In most
instances, participants may be indifferent to the transaction fees in the event
of an uncooperative counterparty.

Where will all these extra buttons go to contest the counterpart or will you happy
to pick up the BC miner fees that today stand at $25 without trying to speculate as to
what they might be in a years time.

Money in the lightning network is not like liquid that flows from end to end
over a route and is more like snooker balls and if your balls (BTC on deposit in private ledger) is
not big enough then your not allowed to play snooker

Pleases read and understand the document and I will be happy to be proven wrong