OpenNode, a new payment processor on the Lightning Network
Bitcoin

OpenNode, a new payment processor on the Lightning Network

By Fabio Carbone - 25 May 2018

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OpenNode is the first “PayPal” in the history of Bitcoin’s Lightning Network, designed for traders but aimed at consumers.

This new payment processor takes advantage of the high speed of Lightning Network to achieve bitcoin transactions at almost zero commission.

Bitcoin, according to the developers of OpenNode, could become what has not managed to be so far: a daily payment method and not just a store of value.

The new competitor of PayPal and credit cards

OpenNode is in direct competition with credit cards, which in the future could be replaced by fast cryptocurrency payment channels at very low costs.

The application, in the beta phase, is certainly of interest to merchants.

The first 1,500 USD per month earned by the merchant is free of charge, above which a fee of 1% applies.

opennode

A nice difference in treatment compared to PayPal and other competitors such as Stripe, although in the case of OpenNode we only talk about bitcoin and fiat payments.

One bitcoin payment processor for any business

The application developed by OpenNode is designed for businesses of any size and sector, designed in a technically simple way to integrate it into e-commerce platforms.

Retail shops are not excluded, for which the young startup in Los Angeles has a related solution.

      

OpenNode features

  • Lightning Network options and on-chain payments enabled.
  • No chargeback and no fraud.
  • Competitive prices to encourage participation by small and large enterprises.
  • In-house dashboard to analyze finances from desktops and mobile devices.
  • Automatic and manual configurable withdrawals.
  • Customizable plugins and easy-to-use APIs for integration with e-commerce platforms.   
  • Customized integration at the enterprise level.

The Roadmap

OpenNode is in beta phase.

Developers work closely with the merchant community to receive advice and software improvements.

Among the first objectives of the roadmap: the development of a plugin for Shopify and add-on for other e-commerce platforms and, finally, the creation of POS enabled Lightning Network to be installed in physical stores.

Fabio Carbone
Fabio Carbone

A freelance writer since 2013 he studied computer science, philosophy and also a bit of sociology. In 2016 he discovered the crypto economy and since then writes about blockchain technology and cryptocurrencies, to further deepen a movement that is not only made of experts mathematicians and cryptographers but also of people who generate a new economy from the bottom. He writes about the same topic on various industry websites. He writes about Industry 4.0 and digital economy in general.

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