LSAT by Lightning Labs to Provide Rapid Bitcoin Payments
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LSAT by Lightning Labs to Provide Rapid Bitcoin Payments

March 31, 2020      Zain Raza

An authentication token standard, LSAT has been introduced by lightning labs, in a bid to facilitate and offer online services metered access to their websites and APIs. In return for lighting-based bitcoin payments, LSAT allows services to issue verified tokens in exchange.

The LSAT based system allows the services to exchange it with other limited procedures with smooth crypto transactions, such as email registration and credit card. The CTO as lightning labs, Olaoluwa Osuntokun states:

“With proper integration at end clients, Lightning wallets, mobile applications, browsers (and extensions), [LSAT] has potential to be even more seamless than the credit card flow users are accustomed to today.

He went on to add that the privacy is impeccably maintained as the server does not need to be aware of who is paying for the ticket, it is only concerned with that it was a successful payment.

What Separates LSAT From Others

LSAT token is pretty much like cookies, except one big difference. They can be circulated freely while cookies are restricted. The users are allowed to copy or trade tokens, while the services are in a position to control or revoke those tokens.

LSAT can be accessed and used by most developers and any online services. For instance, LSAT tokens can be utilized to add disk space to storage device online or to enter band with within a streaming service.

Another added element for services is to use them to manage multiple tiers. The premium users can be provided with exclusive features without them navigating to a premium page or filling a request form online.

Lightning labs have been a revelation for bitcoin when it comes to funding and development and has been one of the biggest contributors, according to a survey from BitMEX. According to the survey, eight ecosystems developers are currently being funded by that lightning labs. BitMEX survey concludes that bitcoin, when it comes to developer funding is a pretty dominant position, with square, Bitpay etc. also contributing heavily.

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#Bitcoin (BTC) #Blockchain News #Cryptocurrency #Cryptocurrency Market #Lightning labs #LSAT
Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.