Social media is catching onto the blockchain craze at a fast rate. Whatsapp is working on a native payment system, Facebook recently acquired a blockchain startup under its umbrella – and now Twitter is enabling small Bitcoin transactions between users.
Tippin.me is the new Chrome extension which allows people to send people tips over Twitter using the Lightning Network. The feature is very simple – once the extension is added, a lightning bolt symbol appears within every tweet along with the basic “like” and “retweet” options.
On their website, Tippin.me describes their activity as making “Lightning Network easier, by giving you a simple web custodial wallet to receive and manage Bitcoins through Lightning Network… Right now, it only allows you to receive and cashout Lightning Payments; however, there are a lot of features in the roadmap if this gets traction: integration with merchants, better wallet functionality, etc.”
Sergio Abril, Tippin engineer, imagines the project to expand their support on other social media. The problem with the custodial wallet offered by the platform is the lack of security due to the centralized control over people’s funds. Without decentralized organization, funds are susceptible to hacks and manipulation.
Abril, however, says that the app is easier to use this way. While the current arrangement of fund ownership can make the app more accessible, users must treat it with caution and awareness of the risk. As previously written on Crypto Insider, there is a “dark side to convenience.”
Nonetheless, Tippin shows great potential. Abril said to CoinDesk:
“In my opinion, tipping is going to be incredibly popular with lightning network; It’s the first time we can send small amounts almost at no cost, and we can do it incredibly fast.”
Indeed, while the other social media giants are slow in developing their blockchain business, Twitter has launched this initial perk which sets them ahead of the game. With a large and active crypto community on Twitter, Tippin is hoping to drive use this power to grow.