Breez Launches a Bitcoin Payments App Powered by Lightning for iPhone Built on Neutrino
Breez, a payment management platform based on Bitcoin’s Lightning Network technology, is launching its app service on iOS as well.
iPhone users can now make use of the app for all kinds of purchase and pay with crypto, the company announced. It is the first such payment application to be built on Neutrino, the bitcoin lightning network client.
The recent developments are in tandem with the company’s mission to encourage the adoption of Bitcoin allowing users to spend the cryptocurrency in an easy and fast way without the use of intermediaries. Roy Sheinfeld, the company’s founder said that iPhone users can now enjoy the services.
In addition, Sheinfeld also announced that it has resolved issues on how to lodge disputes in regards to purchases and fund receiving. Now, it will be easy and suitable for any form of purchase including purchasing a cup of coffee or even paying back a friend. He explained:
“The service is suitable for every kind of purchase right down to a cup of coffee or paying back a friend”.
How It Works
When a customer, both individual and business, installs the app it automatically starts a communication channel with the Breez hub which is in turn connected to several Lightning Network nodes. This mechanism allows users to exchange money with anyone within the network.
When user A carries out a transaction to user B, they both sign an updated and encrypted balance sheet to confirm the transaction has taken place. When the transaction is completed the wallet balance sheets are updated and are recorded on the blockchain. In case a dispute arises between the two parties, the most recent balance sheet to be signed can be used to recover their wallet share.
The app, still in beta, is also available for Android and can be downloaded from the Play Store. Several hundred people are already trying it out. As for iOS, the app was launched on TestFlight, Apple‘s platform for apps in beta. According to Sheinfeld developing an app for iOs will allow his company to have access to about 98 percent of all smartphone users in the globe.
The announcement comes amid revelations that the company also received a $500,000 grant from Recruit Strategic Partners and Fulgur Ventures. Nishal Ratanji, a spokesman for the company, said that this investment is a confirmation of the fact that there are those who strongly believe in the corporate vision that consists in encouraging the so-called Lightning Economy, where transactions take place without the need of intermediaries like banks, credit cards, and other custodians.
The money will be used to continue the development of the application that is currently at an advanced stage of testing. The company also plans to develop its point of sale lightning app which will be used by businesses to accept Bitcoin payments. The company predicts that the point of sale will be in high demand as uptake of Bitcoin is rapidly increasing.
Now that Breez is in iPhone will it spur the use of Bitcoin for daily activities? Share with us in the comments section.