- Updates aim to make Lightning easier to use
- The developers have added a commission management function
Technology startup team Lightning Labs released updating their node management tool Litd. Customers will now be able to run Lightning Nodes to send and receive BTC without the help of a third party.
The company’s statement says:
“Today, we are excited to unveil a new set of features in Litd’s latest release, including automated fee management, custodial accounts, more granular LNC permissions, and a pool order panel. All features are developed based on feedback from the developer community and node operators.”
One of Litd’s upgrades is an “automatic” fee upgrade. Usually, whoever runs the Lightning node must manually increase or decrease the fee. But Lightning Labs has developed a new algorithm to dynamically update these fees based on how many payments each user sends each week.
The next feature is the introduction of custodial accounts. Advantageously, each user has one node. But the new account system allows many users to share a single Lightning node.
Michael Levan, Head of Product Development at Lightning Labs, said:
“With accounts, developers can bring less advanced users to Lightning without having to understand any complexity. Liquidity is the main hurdle faced by new users. They need to first make sure the Lightning Channel is open to them in order to receive funds, which requires some knowledge of how Lightning works. New users don’t want to deal with all this”
All of these updates are part of an effort to make Lightning easier to use for the average user.