Yes you heard it right. Physical form of bitcoin on LN. It's like bank notes on lightning so it's called "Lotes". A tangible representation of the BTC value. There are already similar projects working on first layer, you will be surprised to check them out:
- Tangem - already extended to altcoins and other currencies as well as other features
- Opendime - bit nerdy OG solution. One piece costs circa 130 000 sats (designs are aesthetic)
- Offline cash - testing phase → I paid for one note circa 85 000 sats
- One NFC tag cost on the other hand circa 180 sats only (find it on Amazon)
Idea
The proposal is to pass LNURLw to each other using a physical chip. Each new holder just loads the chip onto the mobile phone and thus
- Checks that the value is actually on it
- He transfers the funds to his node (so that no previous holder can take it)
- Uploads a new code to the chip to use it again in the physical world.
The advantage is that verification does not have to be done by every user. Some people may trust that the promised amount is indeed loaded on the chip. This allows people with an aversion to new applications to accept bitcoin without some complication (in exchange for risk) The security for this L2-offline program is based on the following.
- React Native
- LNbits
- NFC - understanding the HW and this Native.js library
The prototype is finally complete.
Here is a video demonstration: https://i9.ytimg.com/vi_webp/_cQutic0CX0/mq2.webp?sqp=CLC5hqEG-oaymwEmCMACELQB8quKqQMa8AEB-AH-CYAC0AWKAgwIABABGGUgUShIMA8=&rs=AOn4CLAq53lG9oddARa3klEu_J3FDoEv_g
There are also challenges for non-developers. Have a look: Lotes bounties For more information you can check out GitHub:
