Non-custodial wallet and payment platform Breez is introducing its services for iPhone. The company announcement said that this is the first payment initiative developed on Neutrino, a bitcoin lightning network client.
Breez founder Roy Sheinfeld said in a statement that the company has fixed the issue of how to dispute purchases and facilitate refunds, “so it’s suitable for every kind of purchase right down to a cup of coffee or paying back a friend.”
Once an individual or merchant installs the app, Breez automatically directs the user to payment channel Breez hub, which is linked to other Lightning nodes, enabling users to deal with anyone on the network.
The two parties cryptographically sign an updated balance sheet every time a transaction is done to update the balance in their wallets. Once the transaction is done, the final balances are recorded on the blockchain. When a dispute arises, both parties can utilize the latest signed balance sheet to retrieve their share of the wallet.
The project, which is now in beta, develops on the success of Breez’s open network for Android, which the company states added hundreds of users in a span of two months. Initially, the beta for iPhone will be running on Apple Developer’s TestFlight, the publishing platform for beta apps. Sheinfeld stated that building an iOS product enables the firm to reach roughly 98 percent of mobile users around the world.
The announcement comes following a $500,000 investment from Fulgur Ventures and Recruit Strategic Partners. Nishal Ratanji, a spokesperson for Breez, sees the investment as confirming the firm’s vision for a “Lightning Economy,” where transactions are made without the hassle and cost of intermediaries like banks, online payment processors, credit cards, and other custodians.
“Bitcoin has the potential to make all other mediums of exchange – including crypto and fiat currency – obsolete,” Sheinfeld stated. “Unfortunately, until other technologies caught up with it, bitcoin was expensive, cumbersome and difficult to move.”
According to the company, the additional fund will assist in creating Breez’s point-of-sale Lightning app utilized by merchants to receive bitcoin payments. Breez investor and Recruit Strategic Partners VP Yuki Tanaka expects “rapid uptake” of the POS technology in markets like Japan.
The technology of Breez has undergone trials in sandboxes and other multi-tiered environments, the company said.