10101 Vision Idea

[bonomat]

Hi there,

I've done a bit of research and wrote this wall of text together to foster our vision around TenTenOne.
Let me know what you think below:

TenTenOne

Background

There are a handful of Lightning Wallets available yet. From my limited research I came across:

• Wallets to connect to your existing node
  • BlueWallet
    • Needs LNDHub
  • Zeus
    • Can connect to LND or C-Lightning
  • FullyNoded
    • Can connect to LND or C-Lightning
• Full nodes
  • Breez
    • Uses a forked LND version
  • Phoenix
    • Uses a custom lighting implementation

And then there are custodial wallets which I leave out for now. Here is a list of other wallets - not sure how up2date this is though.

Form my personal opinion

• BlueWallet:
  • is great for on-chain transactions. I'm using it myself for that. For LN it sucks a bit
• Zeus:
  • if it is working, it's great for controlling LND or CLighting. I've been using this myself for a while. However, I constantly have to restart the app due to connection errors. Could be related to connecting to my nodes via Tor but who knows
• FullyNoded:
  • works great for managing your Bitcoin node. Haven't used it for LN yet
• Breez & Phoenix:
  • Both look and feel fabulous to me. Great UX and easy to use. It's hard to compete with their UX
  • As far as I can see, they (Breez and Phoenix) manage the channels for you. Or differently said, you have one channel open with them. This is sub-optimal if you want to be close to your usecase.

Conclusion

To the best of my knowledge there is no full lightning node for the phone yet which provides great UX and flexibility to open channels to whoever you want.
Additionally, there is no lightning wallet which allows you to trade in a non-custodial way.
What we can learn from Breez and Phoenix in particular is: they offer a service to open channels and have a great UX. Both of them seem to be well adopted in the wild.

Problem

As of today, there is no awesome lightning wallet which

• runs on mobile as well as on rpi/desktop (if wanted)
• has an on-chain wallet and lightning wallet
• allows non-custodial trading (or other non-custodial financial products)

Proposal

Build an one-stop app for Bitcoiners. A mobile lightning wallet in the first place which offers non-custodial financial products (e.g. CFD trading).

Feature ideas

1. Mobile & Desktop & RPi
   While mobile seems to be the first option for most users, it does not provide the flexibility for expert users (ourselves). Ideally, there is a lightning wallet which can run on my phone but can also be started on my RPi or server.
   Particularly the latter one would allow usecases which require 24/7 availability (e.g. our current CFD protocol).
   Idea: when starting the app one can chose whether to connect to an existing ItchySats daemon or start from scratch (relevant for [#Approach] further down below)
2. Ligthning
   The core functionality of this app should be lightning, i.e. a wallet to send and receive lightning payments. This means, it needs to be possible to open channels and get in-bound liquidity somehow.
3. Trading
   Our bread and butter is non-custodial trading. CFD and other derivatives seem to be the way to go given we don't have any other assets on Bitcoin. If we want to be relevant in the space we would need to provide same or better UX with better features (non-custodial).
   In the long run we could look into Taro and other assets on Bitcoin (if it ever comes).
4. DCA
   Dollar cost average would be cool
5. Salary to Bitcoin?
   Receive your USD/AUD/EUR salary directly in Bitcoin
   And many many more :)

Approach for the Tournament:

1. Build a mobile interface which connects to an itchysats node (we can potential reuse quite some code from our UI).
2. Add an on-chain wallet to the mobile app: opening a position should then ideally take funds from the mobile wallet, removing the hot wallet from ItchySats
3. Add lightnig functionality (to be defined)
4. Add feature to start ItchySats from the App without needing a daemon.

// edit 13.10.2022: @bonomat fixed formatting

[bonomat]

Project description for the tournament is live: https://makers.bolt.fun/project/10101