Synonym Software has announced the launch of a new Lightning Service Provider (LSP) dubbed Blocktank. LSP targets network-based businesses that aim to improve the experience of their users.
Blocktank offers a range of open-source tools and services that would help apps, exchanges, merchants, and wallets get a better idea of how to send and receive efficient and reliable payments on the blockchain network. Bitcoin’s second layer ladder.
Blocktank includes various different components, including a widget, an API (application programming interface), and open-source hubs available in ten GitHub repositories.
Businesses can onboard, automate, and monetize their Lightning Nodes using Blocktank’s API, as well as purchase, configure, and collect data across their channels.
Bitcoin exchanges can leverage the tool to generate liquidity as needed to facilitate withdrawal for their customers BTCthus promoting self-care instantly.
Blocktank Widgets serve users who want to acquire some extra Lightning liquidity to buy channels effortlessly and quickly. Users will have to configure their receiving capacity, spending balance, channel configuration and duration as per their desire after entering the Blocktank website.
Users will be prompted 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.
Businesses can also use Blocktank widgets by embedding the customizable tool into a web-based platform.
By operating the Blocktank server themselves and joining Synonym’s Blocktank subnet, businesses can become a Blocktank Hub.
Special access to Synonym’s optimized and well-connected node infrastructure is granted to hubs for automatic channel rebalancing using Tightrope. Tightrope allows trusted nodes to automatically recognize when a channel drops an equilibrium threshold and requires rebalancing.
Blocktank hubs can also automatically purchase top-ups for their channels and custom channels and gain access to a routing fee structure that reduces the volume they generate using Synonym’s infrastructure.
Synonym’s goal was to bring new utility and user experiences to Lightning and Bitcoin using open-source software when it launched last year.