What is Biluminate Wallet?
Who was this wallet created for?
Anyone who wants to buy or sell goods and services with cryptocurrencies. The Biluminate Wallet is designed to be easy to use for anyone, even cryptocurrency beginners. Just deposit your Bitcoin (or Litecoin) into the wallet and you’re ready to go.
What is the Lightning Network?
The Lightning Network is a decentralized “second layer” above the Bitcoin blockchain that uses smart contracts to perform transactions. It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties.
Why I should choose the Biluminate Wallet?
Simply put; with the Biluminate Wallet you save lots of time and money. To pay or get paid via the Lightning Network normally, you need to create channels among nodes to process transactions. You then need to allocate some Bitcoin to each channel, wait till Bitcoin blockchain confirms the transaction (loading the channel) and pay a confirmation fee for each channel. With Bilumiante, all of that is taken care of for you. All your Bitcoins are available in your Biluminate Wallet and you can process payments immediately while skipping the blockchain confirmation and the associated fees.
What can I use the Biluminate Wallet for?
The Biluminate Wallet is designed for microtransactions - like paying for coffee, taxis, or everyday shopping. You can also receive funds from anyone else. On top of everything else, you’ll have access to basic banking operations thanks to the fact that these transactions can be made on the Lightning Network or on any other Blockchain.
Do I need any technical knowledge to use this wallet?
Absolutely not. Anyone who wants to use and store Bitcoin can use the Biluminate Wallet. We’ve created it so you can clearly view your balance, make payment and see the your transaction history. Our job is to take all the technical stuff and turn it into a beautiful and intuitive interface. With that being said, it is still in development and will definitely improve as we continue to innovate.
Which cryptocurrencies does it support?
Currently we support Bitcoins and Litecoins, with more to come.
What are the transaction fees?
Transactions on the Lightning Network are very cheap. You can pay them one of two ways:
- Free plan - Each transaction has a fee. Fees vary, and you will always see how much you pay.
- Paid plan - You have a monthly subscription but transactions are free.
How fast are the transactions?
Payment speed are measured in milliseconds, which allows millions to billions of transactions per second across the network. Compared to a regular Bitcoin blockchain network, which only allows 3-5, you can expect to save a substantial amount of time.
How do I run the Biluminate Wallet?
The Biluminate Wallet is a browser app with an Android version in the works. Join the waiting list to get notified about the launch.
What is a node, channel and smart contract?
Nodes, channels and smart contracts are key elements of the Lightning Network (a decentralized second layer above the Bitcoin blockchain). Users can connect to the Lightning Network throughout a node (Biluminate operates as one such node) and use our channels to other nodes to process transactions using smart contracts. Smart contracts allow for credible transactions to occur without third parties acting as middlemen. These transactions are automatic, trackable, and irreversible.
How secure is Biluminate Wallet?
We have countless security measures to keep your wallet safe. These include:
- Two-factor authentication to access your wallet
- We only store necessary data, not debit or credit card information
- Important data is split and managed separately
- We regularly and automatically update and backup the wallet