Enhancing User Experience on Lightning Network through BOLT12
The Lightning Network, a layer-two solution designed to make paying with BTC easier and more efficient, has seen the introduction of a promising new standard: BOLT12. First proposed in 2020, BOLT12 aims to revolutionise the way payments are made on the network.
BOLT12 offers increased flexibility, allowing for reuse and bidirectional payments, replacing "Invoices" with "Offers" in the Lightning Network. This standard supports recurring payments, similar to subscriptions, and even enables returning money without first requesting an invoice.
One of the key benefits of BOLT12 is its potential to make Lightning payments simpler, more private, and richer in features. For instance, it could enable human-readable addresses without sacrificing privacy or depending on third parties, thanks to email-like "payment identifiers" as described in BIP353. Additionally, BOLT12 allows for blind routing, enhancing privacy and reducing the need for the Tor network.
Moreover, BOLT12 doesn't require a web server, TLS certificates, or any third party, making it a self-contained solution. Phoenix, a wallet, uses BOLT12 as a "reusable QR code," while Coinos, another online wallet, currently utilises some of BOLT12's features. Interestingly, BOLT12 codes can be used for direct debit-like payments in Bitcoin ATMs.
Despite the excitement around BOLT12, the challenge of both parties needing to be online at the same time for a payment to go through remains unsolved for the Lightning Network. However, the potential for BOLT12 to make Lightning payments simpler, more private, and richer in features is huge and far from exhausted.
Currently, only two wallets have implemented BOLT12: Phoenix and Coinos. Recently, BOLT12 has reached production readiness, and it's expected that more wallets will begin to adopt this standard in the near future. The two wallets that have implemented BOLT12 so far are Breez and Core Lightning (CLN).
As BOLT12 continues to be adopted and developed, it holds the promise of making Bitcoin payments more accessible, private, and feature-rich for users around the world. The future of the Lightning Network looks bright with the introduction of this innovative standard.
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