Improving User Experience through BOLT12 and Lightning Network
The Lightning Network, a second-layer solution designed to improve Bitcoin's scalability, has taken a significant step forward with the introduction of BOLT12. This new standard, proposed in 2020 and only recently becoming practical, promises to make Lightning payments simpler, more private, and more flexible.
BOLT12 replaces the current BOLT11-formed Lightning Invoices with more flexible "Offers" or "Meta-Invoices". This change expands payment methods, allowing for more convenient and private transactions. Two wallets have already implemented BOLT12: the Phoenix wallet and the online wallet Coinos.
The Phoenix wallet is using BOLT12 as a "reusable QR code", while Coinos is implementing it in a manner that is yet to be specified. Both wallets, however, are only using a part of the functions that BOLT12 offers. The full potential of this standard is yet to be explored.
BOLT12 Offers support "Blind Routing", a feature that enables privacy by allowing users to receive money without publishing their node's public key. They also can be reused, unlike BOLT11 Invoices, which are only valid once.
Moreover, BOLT12 can support email-like "Payment Identifiers" without requiring a web server, potentially providing human-readable addresses without compromising privacy or depending on third parties (BIP353). This feature could make transactions more user-friendly.
However, there are challenges to overcome. One of the main issues with Lightning payments, including those using BOLT12, is that both parties must be online simultaneously for a payment to go through.
Despite the slow development and implementation pace, there is ongoing enthusiasm for BOLT12's potential. It's worth noting that the first two wallets to implement BOLT12 are Zeus and Core Lightning (CLN).
The Lightning Network aims to simplify Bitcoin payments, and with the introduction of BOLT12, it's taking a significant step towards achieving that goal. BOLT12 Offers can be used for various purposes, such as direct debit payments, recurring payments, and refunds. As more wallets adopt this standard, we can expect to see a more seamless and private Bitcoin payment experience.
In conclusion, BOLT12 is a promising standard for the Lightning Network, defining technical standards for various Lightning implementations. As more wallets implement this standard, we can expect to see a more user-friendly and private Bitcoin payment system.
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