LitPay

Like BitPay, but more 'lit'

This project is a work in progress.

Designed to provide a Lit based payment gateway. Lit is a multicoin LN payment channel client (working on BTC, LTC and VTC). A user makes a channel with a LitPay gateway ahead of time, and then makes a free and instant push at the time of payment as opposed to an additional on-chain payment. This would be especially useful for Bitcoin whose transaction fees and confirmation times are prohibitively high for small payments. The effective fee from using this scheme is (2*txfee)/nTxs, or in other words, cheaper than an on-chain transaction as long as the channel is used more than twice.

Components (so far)

• litpay-webapp: an angular/express web application for the frontend control of LitPay
• litpay-watcher: a node daemon for managing Lit channels with users and updating their states for the frontend
• lit: MIT LN daemon