Synonym Software has announced the launch of a new Lightning service provider (LSP) dubbed Blocktank. LSP targets Network-based businesses that aim to enhance the experience for their users.
Blocktank offers a range of open-source tools and services that would assist applications, exchanges, merchants, and wallets to have a better idea of how to send and receive effective and reliable payments on the second-layer scaling network of Bitcoin.
Blocktank includes various different components, including a widget, an API (application programming interface), and open-source hubs available across ten GitHub repositories.
Businesses can perform integration, automation, and monetization of their lightning nodes using Blocktank’s API along with the purchase, configuration, and collecting of data on their channels.
Bitcoin exchanges can leverage the tool for generating liquidity as required to facilitate their customers to withdraw BTC, hence promoting self-custody instantly.
Blocktank widgets serve users that wish to acquire a little extra Lightning liquidity for purchasing channels effortlessly and quickly. The users will be required to set up their receiving capacity, spending balance, channel setup, and duration, according to their desire, after accessing the Blocktank website.
The users will be urged to pay with Bitcoin on-chain or on Lightning; then, they can claim the channel by manually giving their node information or claiming the channel with LNURL.
Firms can also use Blocktank widgets by integrating the customizable tool into a web-based platform.
By operating the Blocktank server themselves and joining the Blocktank sub-network by Synonym, enterprises can become a Blocktank Hub.
Special access to optimized and well-connected node infrastructure of Synonym is granted to Hubs for automatic channel rebalancing using Tightrope. Tightrope allows trusted nodes to automatically recognize when a channel goes down a balance threshold and requires rebalancing.
Blocktank Hubs can also buy automatically top-up their channels and custom channels and have access to a routing fee structure that reduces the volume that they generate using Synonym’s infrastructure.
The aim of Synonym was to bring new utility and user experiences to Lightning and Bitcoin using open-source software when it was launched last year.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/04/30/synonym-software-launches-lsp-dubbed-blocktank-for-bitcoins-lightning-network/