A new lightning-powered app, known as Lighting Spin is giving users a chance to gamble at lightning speed.
The app is yet another statement by blockchain developers who seem to be stopping at nothing until every single thing in the world is on blockchain.
For developer, Rui Gomes, his Light Spin is his contribution to that movement as his lightening-powered app lets users play roulette over Bitcoin Lightning Network.
The Lightning Network is a payment network that acts as a second layer to Bitcoin’s blockchain to make the transactions cheaper and faster.
How The Light Spin App Works
All a user needs to play the game is to load their account balance using a wallet service with support for the Lightning Network – like Eclair, for instance.
Users can choose the multiplier they want to wage at.
The Light Spin lets users wager bets anywhere between 1,000 Satoshi (approximately 6¢) to 100,000 Satoshi (approximately $6) per round.
This means that if a user wagers 1,000 Satoshis with multiplier factor of five — the user will win or lose 5,000 Satoshis depending upon the outcome.
If you win, you can withdraw your rewards through Lightning Network as well. But to do this, your wallet service should be able to create invoices. The payments are processed through OpenNode, a Lightning-enabled Bitcoin payment processor for merchants.
The blockchain-powered roulette has been spun more than 7,000 times so far by nearly 300 users at the time of writing. The data on the website shows that more than 4.2 million Satoshis ($248) have been wagered on the game.
The Lightning Network
Although the Lightning Spin is built on the nascent Lightning Network technology, it has been successfully tested for micro-transactions across multiple platforms.
Developers have been using Lightning Network to power payments for fun activities such as an online graffiti board, a Twitch Pokemon game, and a Bitcoin candy dispenser.
However, the payment network is still inefficient for processing transactions worth above a few dollars. A recent study conducted by cryptocurrency research firm Diar showed that the probability of a successful transaction reduces significantly with higher amounts.