Financial solution provider, based on the Bitcoin network, IOV Labs has introduced a mobile friendly light client for the smart contract-compatible Lumino Payments Network, the company said in a press release on 13 May.
According to the announcement, the Lumino Light Client will run on mobile devices via integrated wallet apps, and will enable mobile payments integration for the Lumino Payments Network, a third-layer Bitcoin scaling solution. The light client comes nearly a year after the firm, formerly known as RIF Labs, introduced Lumino, which secures smart contracts and ERC-20 compliant tokens through the Bitcoin Network.
Ale Narancio, Head of RIF Payments, said in the statement:
“We are already working with several wallets to integrate the Lumino Light client. Our goal is to make Lumino compatible with the Lightning Network and other off chain networks to enhance interoperability and user experience.”
While not at the level of Visa’s network, which could reportedly host 65,000 transactions per second (TPS), the new Lumino Light solution is able to process around 100 TPS, and has a scaling potential of around 20,000 TPS. The new solution is a step in the right direction, considering that the Bitcoin network can only process about 7 TPS.
Diego Gutiérrez Zaldívar, CEO of IOV Labs, commented:
“Developing a truly inclusive financial system is a driving force behind our work at IOV Labs. The RIF Lumino Light Client will grant millions of unbanked mobile users access to micropayments transactions at high speeds and near-zero cost, backed by the unparalleled security of Bitcoin.”
As per the post, programmers using the light client do not have to operate a full blockchain node when creating blockchain-based solutions, but only need a mobile hardware and internet access to build a decentralized application. Currently, the firm hopes that the light client will become Lumino’s most critical gateway, and expects that 99 percent of the users will access the network through the mobile light client.