$8,924.80 -0.42%
BTC · 32w

Loom Network plans to integrate Bitcoin and upend Lightning Network

TL;DR: Loom Network is adding Bitcoin support to Basechain. You can send and receive BTC on Basechain for zero fees and a confirmation time of 1 second. There is zero additional overhead for users, and developers can use the same simple interface they have been using for deploying on Basechain.

Imagine Bitcoin as the future of money. Can you see it?

We can’t. At least not in its current form. Right now Bitcoin only works as a store of value. That is because Bitcoin has some serious drawbacks, including costly transactions, very slow confirmation times, and most importantly no easy way to be used in dapps.

The Lightning Network (LN) was proposed and created to solve some of these issues, but LN comes with its own problems, namely the fee structure and poor usability.

On top of that…

The Lightning Network Is Not Suitable for Dapps

The most popular Layer 2 solution for Bitcoin has been the Lightning Network.

But the Lightning Network doesn’t work well if you’re a dapp developer. Here are some requirements developers would want in a dapp that can integrate Bitcoin (and enable Bitcoin to be the future of money):

Easily integrate BTC payments into your dapp, so you don’t need to write too many lines of code to get it up and running. Easily liquidate BTC into whatever currency you use to pay for operating expenses. Hold any extra leftover capital in some stable form or even earn some interest. Have as little capital locked up in the payment system as possible.

None of this is possible with the Lightning Network. The operation of channels costs fees and locks up BTC, and your options for utilizing available capital is very limited.

The Lightning Network does not work well for developers, especially compared to Stripe (the most popular payment processor with developers).

What makes this worse is that the user experience isn’t all that great either. You want a dapp that seamlessly allows users to pay in ...

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