JoyID, the multi-chain wallet, has launched a test phase for the Bitcoin Lightning Network, running from November 1st to November 7th. By completing this test, participants will earn a test badge and become eligible for future airdrop rewards.
[Event Duration]
November 1st to November 7th
[Participation Cost]
This test takes place on a test network, so there’s no financial cost—only a time commitment. You’ll need to collect tBTC from the test network, receiving 0.000048tBTC every hour. Collecting about 4 times will provide enough to complete the test.
The Lightning Network operates as a peer-to-peer payment system, requiring both sender and receiver to be online simultaneously. To avoid delays in finding a pairing partner, it’s advisable to set up two accounts and conduct transactions between them. This setup allows you to complete the test efficiently.
1. Overview of JoyID
JoyID is a pioneering multi-chain Bitcoin wallet that incorporates Passkey technology. Beyond supporting Bitcoin and other blockchains, it’s set to enable both the Lightning Network and Fiber Network, along with stablecoin payment options. This aims to position JoyID as a primary gateway for stablecoin payments via the Lightning and Fiber Networks. Furthermore, JoyID will integrate the UTXO Stack’s staking protocol, allowing users to stake BTC, CKB, and stablecoins to DLSP, enhancing Lightning Network liquidity. Thanks to JoyID’s user-friendly interface, this staking process is simple and accessible.
With over 800,000 users, JoyID combines security, ease of use, and multi-chain compatibility, making it a versatile wallet that’s driving stablecoin payments on the Lightning Network.
2. Overview of Lightning Network
The Lightning Network facilitates Bitcoin payments through off-chain transactions, with independent channels that don’t interfere with one another. Its parallel processing capability allows it to surpass the transaction speeds of centralized systems.
Instant Settlement: Payments on the Lightning Network are confirmed in seconds, providing real-time finality due to off-chain channels.
Scalable Throughput: Using payment channels, the Lightning Network significantly boosts transaction capacity. Theoretically, TPS (Transactions Per Second) can be unlimited, as transactions in separate channels don’t interfere with each other.
Enhanced Privacy: Since transactions occur in private off-chain channels, sensitive data isn’t broadcasted on the main blockchain, offering enhanced privacy.
Speed and Cost Efficiency: Compared to traditional payment systems, the Lightning Network boasts faster transactions and lower fees.
The following image demonstrates a Bitcoin Lightning Network test, completed with just a 1 sat (0.00000002BTC) transaction fee.
Limitations of the Lightning Network
One limitation is that both parties must be online simultaneously to complete transactions. The Lightning Network was initially designed for small, high-frequency transactions, such as retail payments where both parties are available for instant, peer-to-peer payments.
Bitcoin’s goal, as outlined in its whitepaper "Bitcoin: A Peer-to-Peer Electronic Cash System," aligns with the Lightning Network’s extension of this vision. For this vision to be fully realized, however, widespread adoption and understanding are necessary.
[1. Participate in the JoyID Wallet Test – Preparing Your Account]
To earn the exclusive airdrop through JoyID’s multi-chain wallet, remember that the main network and test network are separate Dapps, so keep them distinct. The goal is to accumulate points and earn the test badge, with points earned only on the main network.
All tests mentioned here are conducted on an Apple device with VPN enabled. Android devices may encounter compatibility issues, though the test can also be completed on a PC.
To participate, visit on your mobile browser. Use the invitation code to invite up to 10 people and earn 400 points.
