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264 sats \ 3 replies \ @andyleroy 15 Dec 2022 \ on: Synota AMA - Money at the Speed of Energy bitcoin
Congratulations on your funding and success so far! This is very exciting to see. And thanks for taking time for an AMA.
I am curious more about how this does or would work, and what you see as the biggest drivers for network effects and adoption on LN?
If I have 1 MWh I wish to sell as a supplier (lets say for $100), it sounds like I would currently have a pre-arranged contract and either have received the money upfront or have a collection process after the energy is delivered?
Pardon my lack of domain knowledge, but who currently 'owns' that contract (eg 1 MWh for $100)? Or audits the sending/receiving should there be a dispute?
Is this contract something that Synota eventually "creates" and "custodies" for the two parties - and in a sense acts as an exchange for?
Does your solution involve an LN node on both sender and receiver to get funds as the energy is transmitted and received (and accounted for on Synota) in near real time?
I welcome any insight, and of course am happy to read up on any resources you may have already published
Great question, Synota aims to provide software to help with the settlement of payments between the parties. We don't plan to broker contracts, but rather help with existing (or soon to be agreed-to) contracts.
Yes, we deploy a non-custodial, cloud-based lightning node for all parties involved. Using these nodes, payments flow directly from one entity in the contract to another atomically through lightning.
Using lightning, we can move the funds atomically and get instant finality - a HUGE gain over the existing system.
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Thanks for all the details - very cool to see everything you all are doing to push forward the Lightning ecosystem
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Looks like I may be overdue on some podcasts you all have - will take a listen here as well.
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