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The lightning network strikes again. In a small but significant development for Bitcoin (BTC), a new type of BTC address, the Lightning Address, has been introduced. These unique identifiers are specifically designed for use on the Lightning Network, a layer-2 payment protocol that runs on top of the Bitcoin blockchain.

A user-friendly addition to the ways Bitcoin users can send, receive, and even collect money, Lightning addresses can be custodians or users can connect to their own nodes. Crowdfunding is one of the most popular real-world uses of lightning addresses.

Cointelegraph spoke with MetaMick, Chief Technology Officer of Geyser Fund, to better understand how to use Lighting Addresses and why crowdfunding is the low-dependency fruit for this technology. Geyser Fund is a crowdfunding platform similar to GoFundme, but uses Bitcoin and Lightning.

Lightning addresses are “email-like identifiers that allow users to send value to each other via lightning. They are easy to remember and reusable (unlike bolt11 lightning addresses),” explained MetaMick, Geyser Fund’s Chief Technology Officer. Cointelegraph tried the service and was able to collect money in a short time.

These wallet addresses can be created on custodial solutions such as Wallet of Satoshi, CoinCorner or BitRefill and quickly synced with Geyser Fund;

“You just link your wallet to Geyser and all donations go directly to your wallet.”

Crowdfunding has long been an area of ​​interest for Bitcoin and cryptocurrencies. Bitcoin’s censorship-resistant and sovereign properties make it one of the most efficient ways to send money online.

There are more than 20 plug and play Lightning Wallet address types. Source: Geyser

The first widespread use of Bitcoin to raise money was the 2011 Wikileaks campaign, where Julian Assange collected thousands of Bitcoins when his banking services were cut off. Recently, Canadian Trucker Protests used Bitcoin when the Canadian government shut down US dollar-based crowdfunding solutions; it was a similar story with the protesters in Nigeria.

However, Lightning Addresses takes funding a step further in terms of both speed and usage visibility. Transactions on the Lightning Network can be completed almost instantaneously, compared to an average of 10 minutes for regular Bitcoin transactions. Lightning is ideal for small, frequent payments, such as those made in brick-and-mortar stores, or for sending small donations to creators around the world.

And thanks to Lightning Addresses, Bitcoin users can now collect money with a faster and simpler user experience. Additionally, Geyser avoids acting as a custodian, as all funds are transferred directly to creators’ Lightning addresses thanks to “hoddle invoices.” The result is a trustless and non-custodial process that is a key tenet of Bitcoin’s philosophy.

Related to: Not medical advice. Bitcoiner installs a Lightning chip to handle manual BTC payments

Ultimately, while there are still some hurdles with the Lightning Network, such as the need for more convenient wallets and better integration with existing payment systems, it is clear that the Lightning Network has the potential to revolutionize the way payments are made. , and money is collected online.

As more users adopt the Lightning Network and take advantage of these new addresses, we may see a significant shift toward more efficient, cost-effective, and anti-censorship online payments.