Lightning Network wallets see growing interest from users in 2019

Lightning Network wallets see growing interest from users in 2019

Lightning Network-based Bitcoin (BTC) wallets have been gaining some traction since the start of the year, industry website Coindesk has reported.

The online publication reported earlier today that Spanish start-up Bluewallet had seen 35,000 downloads so far this year, a notable increase from the 5,000 it generated in 2018. The website cited the start-up’s co-founder Nuno Coelho, who said that, BlueWallet users had completed over 100,000 transactions. The wallet features a built-in marketplace that offers connections to external services, such as the crypto exchange ZigZag, the blog Yalls and games like Lightning Roulette.

“The things we are working on now are to prepare the wallet for the next bull run,” Coelho told Coindesk. “To allow users to have more control over the fees when the market will be with higher fees.”

Bluewallet is among a number of blockchain outfits developing services based on the Lightning Network, a Layer 2 scaling solution for the Bitcoin network, which allows users to make off-chain transactions via direct payment channels to merchants, service providers or other users. In addition to increasing transaction speeds, the Lightning Network also reduces network fees, which makes small transactions more affordable. Other blockchain networks, such as Litecoin and Stellar Lumens have also adopted the technology.

Although adoption has been slow, an increasing number of consumers have been showing interest in using LN products this summer. One of the more prominent outfits developing the technology, Lightning Labs, last month released its own LN network, which garnered 2,000 downloads within the first 24 hours since launch. Coindesk also reported that 500 Android users had downloaded the Zap wallet since early June. This is on top of the over 25,000 desktop users and the 1,000 active TestFlight users on iOS, the product already have.

“Not only are they downloading it, but the applications are actually checking assets because they’re using it and the wallets are open,” the wallet’s creator Jack Mallers said in an interview with Coindesk. “On average, we get thousands of asset downloads a day. That means we have thousands of active users.”

Featured image: Wright Studio /Shutterstock.com

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