Building on Lightning with Ben Arc
Where to find the show
Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.
SHOW DESCRIPTION
Ben Arc is a free open-source software advocate and founder of LNbits. In this interview, we discuss how LNbits helps to decentralize custodianship and how Bitcoin’s widescale utility outweighs the environmental FUD.
- - - -
In April of this year, Arcane Research published the 2nd volume of its “The State of Lightning” report. It showed adoption of the payments system is growing rapidly. Transaction and usage data indicate exceptional growth (e.g. since January 2021 capacity on the Lightning network has increased by 450%). However, they don’t provide the full picture: equally important is the flourishing ecosystem.
There are well over a hundred companies working directly with Lightning: developing operating systems, node and liquidity services, wallets, payment infrastructure, financial services, rewards programs, gaming, podcast/streaming and social media payment options etc. etc. The investment such companies are attracting is growing: the prize is access to the world's best payment rail.
LNbits are providing the services of a Point of Sale payment and accounting technology. Its founder, Ben Arc, started hacking hardware to integrate Lightning functionality after attending the very first Lightning hack day in 2018. Since then he has taken a passion to contribute free open-source software for the community, into a VC-funded business seeking to bring scalable products to market.
LNbits already has a free open-source Lightning wallet/accounts system with an array of extensions enabling users to create paywalls, faucets, offline shops, and even a jukebox! But Ben continues to hack hardware: he has created a Lightning ATM that he provided a live demo of during the show. Those who attend Real Bedford should soon be able to see one of these!
Ben is looking to help grow the adoption of a technology that can provide freedom through decentralization. This will occur once we make these technically sophisticated innovations easy to use, and equally, easy to develop as open-source projects. Lightning is the innovation that enables Bitcoin to scale, and LNbits is part of the growing ecosystem we need to help Lightning to scale.
TIMESTAMPS
00:00:00: Introductions
00:07:03: LNbits concept and development
00:12:52: The Lightning ATM
00:33:13: VC Investment
00:38:55: Supply chain attacks
00:46:27: Enabling different payment journeys for different people
00:51:17: Lightning development, and hosted channels
00:54:29: Questioning Bitcoin's widescale utility
01:03:48: Bitcoin maximalists, and Bitcoin toxicity
01:13:40: Bitcoin inflation, and stable mediums of exchange
01:21:21: Fedimint
01:27:22: Final comments
SUPPORT THE SHOW
If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:
Become a Patron and get access to shows early or help contribute
Make a tip:
Subscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | TuneIn | RSS Feed
Leave a review on iTunes
Share the show and episodes with your friends and family
Subscribe to the newsletter on my website
Follow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTube
If you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.
SPONSORS
SHOW NOTES
Connect with Ben:
Mentioned in the interview:
Automate Lightning Node Management with CLBOSS - grubles, Medium, Mar 17th 2022
How Taro Brings Assets To Bitcoin Through Taproot And Lightning - Bitcoin Magazine, Apr 5th 2022
Surprisingly, Tail Emission Is Not Inflationary - Peter Todd, Jul 9th 2022
Bristol Pound to be withdrawn from circulation in September - BBC, Jul 2021
“Bitcoin minting is thermodynamically perverse” - Bitcoin Forum, Aug 2010
Galloy Launches “Stablesets” to Bring US Dollar Balance to Lightning Network, Aug 3rd 2022
Other Relevant WBD Podcasts:
WBD551: Fedimint & the Future of Bitcoin Custody with Obi Nwosu
WBD549: Why Bitcoin is the Best Monetary Network with Lyn Alden
WBD532: The Role of Bitcoin Maximalism Part 2 with Pete Rizzo
WBD428: Bitcoin Rehab: Running Plebnet with American HODL, P & D++
WBD424: El Salvador’s Bitcoin Report Card with Aaron Van Wirdum
WBD375: Lightning Series: Privacy and Security with Christian Decker & Carla Kirk-Cohen
WBD372: Lightning Series: Running a Node with Openoms & Rootzoll
WBD371: Lightning Series: Mastering Lightning with Andreas M. Antonopoulos & René Pickhardt
WBD353: From the Petrodollar to a Bitcoin Standard with Alex Gladstein & Nic Carter
WBD251: Bitcoin Vs Ethereum with Samson Mow & Vitalik Buterin