ACINQ Strike: Lightning Fast Bitcoin Payments For Business?
Just six months after launching Starblock, a virtual, but remarkable coffee shop made to show how the Lightning can be, ACINQ Strike is back at it again, this time with an even more exciting invention. After what they say is “repeated calls to share how they could modify a similar experience and offer service,” this French company is releasing the same API that powered Starblocks.
ACINQ, a company that designed and unveiled an accessible instant payments network on Bitcoin’s blockchain, is set to release Strike. With an early version of this API intended for receiving Bitcoin lightning payments, Strike will be a massive relief for BTC enthusiasts.
Why an API For Lightning?
According to a post on Medium.com, its developers believe that some businesses could be lured by the benefit of Lightning while still managing to keep their integration costs low. That’s because that's necessarily what the whole platform is about – receiving BTC Lightning payments in business that in turn leave a miniature impact on its regular running.
Strike makes the whole experience of getting funds a lot similar to that of a web developer as it entails making API calls and paying attention to webhook events. It comes with a dashboard where users can monitor their aggregate BTC payments.
The API supports:
- All HTTP verbs
- All Basic Auth
- All cross-origin resources shared with response objects delivered at JSON
How Does it Work Then?
Its working is based on a straightforward idea. Simply put, Strike receives a plethora of lightning payments on behalf of your business. It aggregates them before periodically wiring the on-chain bitcoin transactions straight to your wallet.
In a nutshell, it is like paying your clients instantly using funds from your own wallet while waiting for their amounts to trickle in. It is fundamentally what’s depicted by the nice diagram on the website.
You Act Like a 3rd Party!
Since your wallet is at the 3rd phase, separated from the source of your money by the Strike API, you automatically become third-party to the entire transaction. However, this whole network is founded on trust since your wallet is funded with the on-chain Bitcoin transaction when the aggregate threshold is reached. For instance, if you set the withdrawal amount at 0.3 BTC, that means you can only trust Strike up to 0.3 BTC!
Charges for the Services
Perhaps you are interested in these services but would like to know how much they would cost. Since the final version is yet to be launched, there are no data about the charges. In fact, its developers admit working on the finer details about it.
You can, however, expect the following:
- A perfect, flat fee for each Lightning transaction.
- Automatic withdrawals when you hit your minimum aggregate amount.
- Strike will pay the Bitcoin network fees.
- Allowance for manual withdrawals upon which you (user) will meet the network fees.
Final Thoughts on ACINQ Strike
This invention is impressive, and it remains to be seen how the excitement will be quelled when its final version becomes available. The unknown charges aside, there’s nothing that portrays ACINQ Strike as a project doomed to fail. With that said, therefore, you can go right ahead and give it a test at http://strike.acinq.co by receiving your payments through it!