Bitcoin Users can Access the Lightning Network via new Android Wallet Released by ACINQ

Enthusiasts of the Bitcoin Lightning Network will be pleased with ACINQ right now, The company is releasing an Android Wallet for the  Lightning Network on the Bitcoin testnet. Although this still means the concept is in the  testing stage, it is a big step in the right direction. With SegWit activation drawing closer, now is a good time to look toward the future. Making the Lightning Network user-friendly is the obvious first step.

To access the Lightning Network, one needs to go through many hoops right now. Most non-developers will have an incredibly difficult time doing so. ACINQ acknowledges something needs to change in this regard. The company is releasing their Android application to make this protocol more accessible. Anyone making use of the app can send test transactions on the Bitcoin testnet. Eclair wallet is free to download and should be available in the Play Store right now.

ACINQ Releases SegWit-capable Android Wallet

Eclair wallet uses the Lightning Network implementation by ACINQ, known as Eclair. Additionally, their Android app is one of the first SegWit-ready wallets as well. That in itself is quite interesting to take into account. After all, we will need more of such wallets very soon. The fact it is capable of accessing the Lightning Network is a major bonus. It is obvious ACINQ spent  a lot of time making the wallet simple to use.

Even so, people who do not want to use this Eclair implementation can still use the app as a regular wallet. All on-chain transactions will be SegWit transactions, which is a very nice touch. Moreover, it remains possible to send and receive transactions to and from non-SegWit wallets as well. Backward compatibility is a big plus in this regard. Plus, the layout looks simple, yet offers all of the functionality one needs.

Users can distinguish between different transactions by the symbol in their account history. Transfers with a lightning bolt are obviously Lightning Network transfers. The built-in QR code scanner will also distinguish between regular Bitcoin addresses or LN payment requests. In the end, this ACINQ wallet offers a lot of functionality. Regardless of whether or not you want to use LN, the SegWit capabilities should not be underestimated. A big step in the right direction by the company, that much is evident

Header image courtesy of Shutterstock

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It is evident the inflation in Venezuela is reaching troublesome heights. The country has been dealing with financial turmoil for quite some time now. Mismanagement of funds and a government incapable of improving things are some of the contributing factors. Bitcoin can make a positive impact in Venezuela, even though the local government is rather oppressive when it comes to cryptocurrency. An interesting situation,unless you live in that country, that is.

Fiat currency in Venezuela is becoming worth less and less every single day. The rate of inflation in the country is quite worrisome. People who assumed things were looking bad a year ago will not be pleased with the current numbers. Having to deal with 756% annual inflation is never a good sign. It also shows fiat currency is  on the way out in the country, regardless of how you want to look at things.

Financial Situation in Venezuela Continues to Worsen

Solving his issue has been a big challenge so far. The only course of action the central bank is willing to consider is more helicopter money. For some reason, they seemingly don’t realize that approach is only fueling the inflation even more. Bringing more currency in circulation when the value is tanking will only create more issues over time. People are forced to spend cash as soon as possible to maintain purchasing power, to a certain degree.

One could argue Bitcoin is the solution for Venezuela. In one way, that is certainly a possibility. There are local Bitcoin exchanges, although they have dealt with banking issues in the past. Moreover, the local government isn’t keen on Bitcoin users either. Several people have been arrested for their involvement in cryptocurrency mining. Electricity in the country is sponsored by the government, which creates a difficult mining situation.

Anyone living in Venezuela will be looking for financial relief sooner or later. Whether or not this means we will see more interest in cryptocurrency, remains to be determined. Bitcoin has been outperforming the local currency by quite a margin, that much is evident. However, that doesn’t mean everyone can or will buy cryptocurrency all of a sudden. An interesting situation to keep an eye on, though, that much is evident.

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The Bitcoin community has been experiencing lots of uncertainty in the past few months, thanks to the discord between the development community and others regarding scalability solutions. The attempt to activate SegWit and its opposition with an alternative solution by the rival camp threatened to fork Bitcoin into two separate cryptocurrencies, while rest of the community braced for disruption of the cryptocurrency network.

While the threat seems to be averted for the time being with the mining community rallying behind an alternative proposal — BIP91, there is a yet another Bitcoin Improvement Proposal in the works, BitcoinABC. The new plan is slowly gathering steam, recruiting allies in the process. And, ViaBTC seems to be one among them.

ViaBTC has announced the inclusion of trading support of BitcoinABC tokens, calling it Bitcoin Cash (BCC). The new cryptotokens can now be traded against Chinese Yuan. ViaBTC has published more details about the new BCC/CNY pair along with information on how it can be renewed after a successful fork activation.

The company’s statement reads,

“Recently at “The Future of Bitcoin Conference 2017”, big block supporters presented a BitcoinABC solution ( bitcoinabc.org ) . We have since received many inquiries from miners and users, asking if we would be supporting BitcoinABC mining, especially from those with ViaBTC S9 cloud mining contracts, who are eager to support BitcoinABC with their mining hashrates.”

The new trading pair went live on July 22, 2017, and it can also be exchanged between BTC and BTC_FROZEN on a 1:1 ratio.

BitcoinABC is designed to eliminate the controversial code and instead replace it with an adjustable block size cap. According to the platform, the full node implementation will offer more flexibility to the mining community to decide on the block size they wish to mine, which can be anywhere between 1MB and 8 MB. The creators of the new proposal call BitcoinABC the BIP that will bring Bitcoin to the modern age with an attractive roadmap for massive on-chain scaling.

Irrespective of the scaling solution adopted by the developer community, the general population who use Bitcoin for transaction and investment purposes are only concerned about the stability and convenience. As long as these are addressed amicably, there should be no problems.

Ref: ViaBTC  Image: NewsBTC

Even since the potential uses of blockchain technology started gathering attention, many entities have begun joining forces to create consortiums and working groups to further explore the technology. Over the past few years, Ethereum has gained prominence as a reliable protocol to enable the creation of seamless, flexible blockchain solutions.

When some of the heavyweights from various industry domains joined forces to create the Enterprise Ethereum Alliance, the news didn’t come as a surprise. Now, the very consortium, in under a year has surpassed its counterparts to become the largest blockchain alliance in the history, whose members not only include companies but government entities as well.

Enterprise Ethereum Alliance recently announced its new achievement after it added a new batch of members to push the total number of participating entities beyond 150. The latest batch includes companies like 2Advise, Amalto Technologies, Antibiotic Research UK, Aquilon Energy Services Inc., ASSETH, BLOCKO Inc., Bloq, Cisco Systems, Cybersoft Digital Services, Enter Corporation, Equities.com, Finclusion Labs, HashCash Consultants, HEAL Alliance, iEx.ec, Loyyal Corporation, MadHive, Mattr, NetObjx, OTP Bank, QIWI Blockchain Technologies, Revelry, RISKebiz and more. Among the new members are two universities — Lazarski University and Technical University of Munich, one bank — Scotiabank and the Government of Andhra Pradesh (one of the Indian state governments).

Speaking about the rapid growth and rising interest in the alliance from various sectors, the Chairman of Enterprise Ethereum Alliance board Julio Faura stated,

“EEA’s rapid growth in membership mirrors the accelerating acceptance and deployment of Ethereum blockchain solutions in the global marketplace. The technological breadth, depth and variety of organizations coming together under the auspices of EEA to create and drive enterprise Ethereum standards bodes well for the future development of the next-generation Ethereum ecosystem.”

A cross section of all the members of the Enterprise Ethereum Alliance shows a diversity in terms of industry participation. This diversity showcases not only the potential of blockchain technology but also the rising interest among various entities across the world to solve existing problems with distributed ledger implementation.

All these developments also act as an indicator of the alliance’s future, which at the moment seems bright. The Enterprise Ethereum Alliance has been growing strong and will continue to do so until it establishes itself as a leading body in the crypto-based solutions in the world.

Ref: EEA | Image: NewsBTC