Rawtx recently released an announcement on May 8th, proclaiming their launch of the new bitcoin wallet that can be found on the Lightning Network. This network manages the common problems with scalability, and it has been managing the concerns for several months now. About 2,301 nodes works over 6,290 channels to perform bitcoin transactions. The total value of these transactions through bitcoin amount to $156,074.
About the Mobile Lightning Wallet
Consumers that want to use Rawtx can access it through the Android platform, when they download it from the Google Play store. Using this app is the most straightforward way to transact testnet bitcoins on the website, using the Lightning Infrastructure.
Each wallet has a savings and a checking account attached, which is the only requirement to access the Lightning channel. To see what is currently available in the channel, investors use the checking account. In the savings account, they can see what funds they still carry in the blockchain. By having the Rawtx app downloaded on the individual’s smartphone, they can choose any channel on the infrastructure to deal with.
Using the Lightning Network
The fees that users have succumbed to have risen since 2017. As a result, even the idea of making smaller transactions costs more than it is worth it to perform in the first place.
Some independent investors have toyed with the idea of a second layer scaling solution, which is the Lightning Network. Some experts theorize that the integration of the network would enable consumers to make smaller transactions, since they would be performed off-chain and would not come with such heavy penalties. For two parties that want to make transactions between their account, there is a “payment channel” that keeps it separate. Basically, there is no interaction with the main blockchain, and the only way it impacts the record is by posting the final balance at the end of the day.
By integrating these side channels, the main blockchain remains reserved for larger and more significant transactions, while the smaller interactions only effect the end of the day. Though the fees are not listed, they are much smaller than what consumers would currently pay with the existing infrastructure.
Working with Lightning Network Wallets
The mobile wallet is obviously a major part of the network, but some web-based wallets that already are intertwined include Zap, Eclair, and HTLC.me. However, to make the smaller transactions, both parties need to be compatible with the payment channel that they want to get involved with. However, once both users have a compatible wallet, these transactions can occur instantly.