Technical Manager at Blockstream, Christian Decker, announced the start of Green light at the just ended Bitcoin conference.
He said that Greenlight is a trust-minimized Lightning Node as a Service and also explained to the audience the vision and goal behind the project.
Blockstream is a blockchain technology company focused on building infrastructure for the emerging Bitcoin economy.
The company offers the Liquid Network, Bitcoin Satellite, crypto financial infrastructure and enterprise-class mining colocation and employs prominent Bitcoin Core developers.
Why green light?
Lightning Network, known for its promise of fast and scalable Bitcoin transactions, has often been viewed as a complex and technically demanding solution for users and developers.
Recognizing this problem, Christian began the conversation by asking the audience about their experiences with Lightning.
The response revealed that many of them, especially newbies, are leaning towards custodial wallets due to their ease of use, sacrificing some aspects of security and privacy.
In response, Christian noted that the company’s goal is to promote non-custodial facilities that provide maximum security and privacy.
To achieve this, Blockstream developed Greenlight, a hosted, non-custodial Lightning node as a service.
This innovative system aims to bridge the gap between the simplicity of custodial solutions and the security and privacy benefits of non-custodial facilities.
Features of Greenlight
He continued that what sets Greenlight apart is its unique approach to trust minimization.
The system divides the Lightning node into three components: a client, a node running on Blockstream’s infrastructure, and signers that manage user keys.
When a user initiates a transaction, the user-controlled client communicates with the node. The node then checks the process and calculates the required state changes.
The key to minimizing trust is for users to independently review and sign off on all changes affecting their funds. This ensures that users have full control over their funds at all times.
The engineering lead added that Greenlight simplifies the onboarding process for users. Instead of requiring users to first learn about Bitcoin and Lightning, Greenlight allows users to get started with Lightning in seconds.
As users become more comfortable with the technology, they can move to self-hosted setups while maintaining complete control.
Additionally, he revealed that Blockstream offers a generous free tier for Greenlight, allowing developers to register up to 1,000 nodes for free.
This is a significant offering aimed at both individual hackers and small and medium-sized businesses. Developers and companies interested in integrating with Lightning were encouraged to explore Greenlight and provide feedback to help shape the pricing model.
Also read; The new Layer 1, Artela, is scheduled to launch in December 2023
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