LN Pizza ‘Spurs Awareness And Adoption’
Lightning Pizza, the most recent offering from San Francisco-based Bitcoin payment app Fold, claims to be the “first Nation-wide retail service powered by lightning payments indicated to spread usefulness and spur awareness and adoption.”
A new consumer app enabling anyone in the US to order pizza using Bitcoin through the Lightning Network released recently.
Users are able to select pizza from Domino’s for collection or delivery to any United States address.
Payment is finished with Bitcoin, particularly utilizing the Lightning Network, allowing the off-chain transaction to validate nearly quickly with a cost of less than one United States cent.
“Every order is 5% off, <$0.01 transaction fees, immediate settlements and ~ 30min shipment time,” developers promise.
The service is presently in an initial stage, with users reporting they were unable to access the full variety of Dominos items available through the regular menu order process.
Fold already offers users the option to pay for products from Uber, Starbucks and other brands utilizing Bitcoin.
You can now buy Domino’s Pizza via the Lightning Network for *5% off* from anywhere in the US with <$0.01 fees, instant transactions and ~30 min delivery. Get it while it’s hot at https://t.co/3tn7O9eexo pic.twitter.com/zvco9xU7mC
— Lightning Pizza (@ln_pizza) February 13, 2019
Lightning Reaches New Heights
The Lightning Pizza launch comes at a timely juncture for Lightning, with the continuous Lightning Torch effort generating significant publicity for the process.
As Bitcoinist reported, the Torch, which is a relay transaction circulating around the network, has actually seen participation from known figures including Twitter CEO Jack Dorsey. There is also a push to make Tesla creator Elon Musk get included continues.
Following confirmation of the full rollout February 13, Fold dropped hints about prospective expansion to prepare for Lightning Pizza on social networks. These consist of support for more shipment options, in addition to branching out beyond the United States market, with Canada initially in line.
The service will likely appear in the European Union, authorities said, without providing specific country information.
According to data monitoring resource 1ML, at press time, Lightning had actually broken its size and capacity records yet once again today. There are presently almost 6520 nodes, 26,000 channels and a capacity of 673 BTC– a monthly boost of 36 percent.
‘Make Bitcoin Fun Again’: New Lightning App Lets You Buy Pizza With BTC
Over 150 individuals purchased a pizza with bitcoin today by utilizing the Lightning Network.
The crypto payments startup Fold, which launched the web-based Domino’s website on Wednesday, generally makes fiat pizza purchases on behalf of hungry lightning users. Fold product lead Will Reeves put it in perspective by saying this:
” We’re trying to make bitcoin fun again and illustrate that lightning is at a point where it is mainstream-ready.”
The Fold web app plans to incorporate lightning for all its shopping options over the next 6 months, consisting of Starbucks, Whole Foods, Dunkin Donuts, Target, and Uber. Considering that these aren’t main partnerships, the crypto start-up places orders on users’ behalf and transforms payments to fiat to use a seamless experience. It remains to be seen how this will factor into the company’s revenue design once the lightning alternatives are out of beta. ( A request for a remark from Domino’s was not returned as of press time.).
“The average purchase was $25,” Reeves stated of the Domino’s experiment. “Given that the average lightning payment is generally less than $5 so this was able to stretch the Lightning Network to higher worth payments for the first time at volume.”
According to 1ML, the total network set brand-new record highs today with more than 26, 588 payment channels able to facilitate $2.4 million, a 39 percent boost compared to last month. Reeves said orders were available in every state across the U.S.
Lightning pizza: Buy Dominos with Bitcoin via the Lightning Network
“It was quite evenly spread out across the country, which was fantastic to see,” he said.
After the Fold lightning integration, Reeves stated the start-up plans to launch mobile variations of the Fold app for both Android and iOS. This seven-person startup, which is nurtured by endeavor studio Thesis, is currently raising a Series A financing round and looking to diversify its retail brand name offerings.
Reeves stated Fold presently serves 1,500 monthly users, assisting in roughly 35,000 total bitcoin transactions since launching the first version of the app in 2014. Until now, the mainly bootstrapped job was funded by a small seed round from Increase VC. Looking forward to the future, Reeves stated the strategy is to partner with crypto wallet start-ups for direct integrations.
“The largest barrier to conversion was setting up a brand-new lightning wallet,” Reeves said, including there were approximately 1,500 orders but only a 10 percent conversion rate since people struggled to use lightning-enabled bitcoin wallets.
“We’ve learned a lesson that in order to grow the lightning community, we not just require the best product offerings, but the very best education too,” Reeves said. “We will incorporate that into our strategy moving forward.”
Beyond wallet combinations, Reeves said Fold is likewise partnering with the custody options start-up Casa, for direct integration with the Casa internet browser extension so that hardware node owners can also utilize it to purchase pizza.
The Fold group is hardly the only one pressing lightning towards mainstream adoption.
February 2019 also saw the launch of Koala Studio with its lightning-powered chess video game, allowing users to bet with small amounts of bitcoin. Plus, lightning users have already finished 3,536 tasks through the bitcoin-centric freelance job website LND Work.
Meanwhile, Square CEO Jack Dorsey said during a recent podcast, that his business’s Money App will integrate lightning abilities at some point in the future. The variety of projects related to this protocol makes Reeves much more bullish for the possibilities in 2019.
Regarding the collaboration with Casa, Reeves stated: “We’re anticipating working that group to spread lightning to the rest of the world.”
Images courtesy of Shutterstock
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