Y’alls Lightning Network Wallet – Learn About Micropayments?
Bitcoin is much more than just a micro-currency that can provide users with faster payments outside of the traditional banking system – it has grown into a niche community that provides various groups with all sorts of perks. Those who are interested in reading news articles and stores about Bitcoin and more importantly, those who enjoy writing such content will find that one of the most popular Bitcoin news sources recently launched a new desktop application to make it all possible. The desktop application promotes the research and development of Bitcoin content and it is founded upon the Lightening Network.
What Is Y'alls?
Y’alls is not only a contraction that means “you all” and implies inclusiveness of a larger group of people – in this case Bitcoin readers and writers – it is also the name of a new platform founded on the Lightening Network. Those who visit the platform will find it as simple as it gets – a main page with the tiles of the tending stories, a quick blurb about each one, and a disclaimer stating that: “Y’alls only accepts Lightening Network Payments” for articles.” Right from the onset, the platform’s users are made aware that they are in a new type of currency scheme. That is, traditional world currencies certainly don’t make the cut.
What Is The Lightening Network?
As previously mentioned, those who use Yalls can only pay and be paid through the Lightening Network. This network is a method for users to make payments and to receive payments in a much faster and cheaper manner. Those who are tired of waiting for bank payments or the step-by-step process of PayPal will find this system to be a refreshing alternative.
The Lightning Network is for Bitcoin users. Through this network, users can perform tasks such as opening payment channels, forwarding income payments, validating a channel graph, and various other options. The functionality of this platform is quite high and it certainly is an efficient software as well. It is important to keep in mind that while the Lightening Network has its benefits, as stated herein, there are some drawbacks as well that can make using Y’alls a bit uncertain. For example, Lightning Network is relatively new and there is still a great deal of research and testing that needs to be conducted before it becomes a common platform among larger groups of people. Further, as of yet, Y’alls is the first platform to be based on the Lightening Network so in a sense, users are testing an unsound platform.
Using Y'alls: How To Get Started
Those who are passionate about Bitcoin and all of the possibilities that it offers may not mind that they are the first to use the Lightening Network. In fact, it may be exciting, if anything. Here is what it takes to get started with Y’alls:
Install The LN Wallet
The first step is to install the LN wallet and there are three options for doing so. First, users can opt for the Lightening Labs Desktop App that is derived from the Lightning Network Daemon. Second, users can opt from a custodial web walling that the Lightning Network terms “HTLC.” Third, there is the LN Wallet called “Zap.” This final option is perhaps the most interested, as it is a beta client that was developed by Jack Mallers. The best way to ensure that one is making the right decision is to conduct research into each option beforehand.
The Writing Process
Second, those who are interested in writing for Y’alls and to get it published are required to pay 0.01 (1 cent) in Bitcoin. This money is then processed in Lightning Network Micropayments. Once users complete their draft, they can publish the article and Lightning Network receives the invoice. Those who visit the Y’alls platform will find that there are various articles being published on a regular basis and the types of topics submitted vary. The more users that read the content, the more the writer earns. So – better write about something interesting.
Reading The Content
Third, those who are interested in reading the content must pay the platform 1 cent as well. The payment is in Bitcoin form and it is processed the same way as it is form writers. Payments are processed immediately, which means that readers can access the content right away.
Clearly, using the Y’alls platform is an easy endeavor for both writers and readers. The platform offers users a new and unique way to delve into content creation and readership, while also being a part of a new technology platform – the Lightning Network.
While Y’alls certainly does seem like an interesting concept that is based on Bitcoin currency through the Lightning Network, the viability of the platform remains to be seen. Considering that most content on the web is free to read, there is little to suggest why people will want to pay for content instead. That is not to say that it is a “lost cause” – there are indeed articles on Y’alls that have been earning a slow and steady income, which means that there are some people out there who don’t mind shilling a Bitcoin cent for access.