A non-custodial wallet and payment platform, Breez is set to launch its services for the iPhone. With this launch marks the first payment project built on Neutrino, a bitcoin lightning network client.
In a statement by the company founder, Roy Sheinfeld stated that
“Breez has resolved the issue that has to do with dispute purchases and receive refunds, therefore it’s suitable for every kind of purchase even right down to a cup of coffee or paying back a friend.”
Breez automatically opens a payment channel to the Breez hub when a user installs the app. This Breez hub is connected to other Lightning nodes, which allows users to transact with anyone on the network. Users can be individual or merchant.
Both parties cryptographically sign an updated balance sheet whenever a transaction is made to reflect the changing amounts of Bitcoin stored in the parties’ respective wallets. As soon as the transaction is finished, the resulting balances are registered on the blockchain. To recover their share of the wallet in a situation of dispute or when any form of issues arises, both parties involved can use the most recent signed balance sheet to achieved this.
The project, now in beta, builds on the success of Breez’s open network for Android, According to the firm says, the project which is now ‘beta’ builds on the success of Breez’s open network for Android and has gained hundreds of users just in two months.
Sheinfeld stated that , The ‘beta’ for iPhone will initially run on Apple Developer’s Test Flight, which is the publishing platform for beta apps and the company are able to have access to around 98 percent of mobile users worldwide by developing an iOS product.
This statement is in hand with a $500,000 investment from Recruit Strategic Partners and Fulgur Ventures. Nishal Ratanji the spokesperson for Breez views the investment as validating the company’s vision for a “Lightning Economy,” where transactions could take effect without the expense and hassle of intermediaries such as credit cards, online payment processors, banks and others
“Before now, Bitcoin was quite expensive, so difficult to move and most of the intricacies involved are cumbersome. “Bitcoin is positioned in a way that it can actually make all other mediums of exchange including cryptocurrency and fiat currency obsolete, it controls their relevance” according to Sheinfeld.
“ It was like that until other technologies came onboard and things changed.”
The company states The additional capital will contribute to the development of Breez’s point-of-sale Lightning app used by merchants to accept bitcoin payments. “The rapid uptake” of the POS technology in markets such as Japan is being anticipated by Yuki Tanaka, the vice president at Recruit Strategic partners and investor in Breez.
According to the company,
Breez’ technology has undergone testing in sandboxes and other multi-tiered environments.
Credit: Nikhilesh DeJOIN OUR COMMUNITY