Galoy Brings U.S. Dollars To Bitcoin’s Lightning Network
In addition to its new bitcoin-backed U.S. dollar balance on Lightning, Galoy also announced a $4 million raise.Galoy Inc., the team behind the wallet of El Salvador’s Bitcoin circular economy Bitcoin Beach, is adding a new feature to that infrastructure: bitcoin-backed synthetic U.S. dollars.Often seen as a need among citizens of developing countries, a representation of the U.S. dollar backed by BTC promises to enable anyone to hedge against the daily volatility of bitcoin. While it can be argued that bitcoin is the better currency and could be used as such in daily transactions, some....
Related News
If this works as promised, Stablesats could change the game. It could change the world, even. The new Galoy product solves a problem and an urge that the bitcoin community has had for ages. Synthetic dollars that don’t need a token or rely on a third party to work. In fact, if Stablesats works as […]
An innovation on the Bitcoin Lightning Network (LN) could shelter users from the price volatility of BTC by providing access to dollars. Dollars at the click of a button on the Lightning Network could soon become a reality. An innovation from Galoy, the provider of open source core banking platforms such as Bitcoin (BTC) Beach wallet, could provide safe haven from the volatility of BTC.The innovation, called Stablesats, uses derivatives contracts to create a Bitcoin-backed synthetic dollar pegged to USD. The founder of Galoy, Nicolas Burtey, told Cointelegraph in an ‘explain like I’m five’....
Perfect timing and place for a Lightning Network Conference. In less than a week, Bitcoin will be legal tender in El Salvador. The Lightning Network was instrumental for this to happen. The real-life case study for the Lightning Network is El Zonte AKA Bitcoin Beach. And in Mid-November, all of those factors will collide in an event aptly titled “Adopting Bitcoin.” Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You This Lightning Network conference comes with a call-to-action as its unofficial slogan, “Unite, focus, collab!” And, by the looks of....
In the Lightning Network, inbound liquidity is a precious resource. The Galoy Research team detected an irregularity, and, trying to fix it stumbled into a whole business model. Their elegant solution transforms a problem into dollars, which is remarkable. This case reads like a detective novel. Let’s dive in. Related Reading | Lightning Speed: Podcasting 2.0 And Its Relationship With The Lightning Network Liquidity Leechers And Inbound Liquidity In the article “Galoy Research: Self-Balancing Fee Structures for Inbound Liquidity,” the company describes the problem to then lay on us....
Lightning Labs, one of the prominent companies working to realize the lightning network, announcedthis week the alpha release of the open-source lightning daemon they've been spearheading: LND. While only compatible with Bitcoin’s testnet so far, the software is relatively feature-complete and operational. “We’re now looking for the wider community to test the software,” Joseph Poon, Lightning Labs developer and co-author of the lightning network white paper, told Bitcoin Magazine. “To get it ready for widespread use, but also to explore new use cases this enables.” The Lightning Network.....