Lightning Network is being used to receive payments for Africa Bitcoin Conference
The tickets can be bought digitally on the official ABC website.
Bitnob’s Lightning-powered ticketing service will be used for the upcoming inaugural Africa Bitcoin Conference (ABC), which will happen from Dec. 5 to Dec. 7 in Accra, Ghana.
ABC will bring stakeholders from Africa and beyond together to discuss blockchain adoption on the continent. Twitter co-founder Jack Dorsey is one of the event speakers.
ICYMI, @Bitnob_official launched a lightning-powered ticketing solution which is being used for the @AfroBitcoinOrg conference. If anyone knows of any other conferences or events they can power, hit them up. Nice work @bernard_parah.
— Mike Jarmuz ⚡️Muzz ⚡️ (@MikeJarmuz) October 6, 2022
The details
- Bitnob is an African startup building Bitcoin-based financial products.
- The company initially launched its ticketing service in August, providing event organizers a way to serve entities that prefer to pay with cryptocurrency.
- Bitnob’s products primarily use the Lightning Network to settle transactions.
What is the Lightning Network?
The Lighting Network is an example of what crypto-nerds call a “layer-2” network, which is used to settle transactions outside the main “layer-1” blockchain. The Bitcoin and Ethereum blockchains are examples of layer-1s.
Layer-2 networks generally help users avoid network congestion on Layer-1s in order to conduct faster and cheaper transactions. The Lightning Network is used to send and receive bitcoin transactions faster and affordably.
Zoom out
- The portability of the Lightning Network makes it a potential candidate for enabling micropayments in the event industry — especially as more events switch to a hybrid model.
- Beyond merely using crypto as a means of payment, though, the events space could use the help of other blockchain-based products.
- For instance, non-fungible tokens (NFTs) have been touted to have the ability to solve some of the event industry’s longstanding problems, including fake tickets, scalping, scams, etc.
- For instance, an NFT can help event organizers track every ticket from the point of sale until the event to prevent malicious activity.
- Nigerian blockchain company Blocverse currently offers an NFT-based ticketing product via its TixHive platform.
