In the last week the term "keysends" has popped up twice in my feed. Rather than embark down another rabbit hole I figured I'd offer a bounty of 10k sats for the best explanation.
What are keysends, what are the risks and tradeoffs? Please explain like I'm an adult with Alby and Phoenix wallet.
I prefer original written explanation but feel free to add a video link or meme if it fits. The winner will be decided in 24 hours. Additional zaps to this post will go to the winner.
10,000 sats paid
A "keysend" is a special kind of payment in lightning that lets you send a payment without an invoice.
Normally, a receiver must generate a bolt11 invoice prior to receiving a payment.
Keysend payments allow senders to "spontaneously" pay over lightning (to a receiver's identity pubkey) without an invoice.
Here's a more detailed explanation... courtesy of https://chat.bitcoinsearch.xyz/?author=holocat&question=What%27s%2520a%2520keysend%2520payment%2520in%2520lightning%253F:
Thanks, this is the winner. I appreciated the simple explanation with additional detail and bonus chatbot share. 1892 sats forwarded to this comment from the post.
What is Keysend?
To make a Lightning payment, the payee needs to generate a BOLT 11 invoice and then send it to the payer by email, displaying it as a QR code or other means. You can think of this invoice as a Bitcoin address in the Bitcoin network, even though it works substantially differently. The main difficulty is when the receiver can’t interact with the payer (e.g., because he doesn’t know who/when he’s getting paid, like anonymous donations, or when the receiver doesn’t have a channel to speak with the payer). Another is if the payee needs to accept reoccurring payments with varying amounts. This is where Lightning Keysend shines. Keysend removes the need for invoices when making payments. Instead, the receiver of the funds shares their node ID (a public key) once, and then the payer can pay any amount at any time in the future. Keysend doesn’t require changes to the network, but the receiving node needs to have Keysend support enabled.
Basically this link will show you how to send sats across the Lightning Network without an invoice using Keysend!
view on youtu.beKeysend (no invoice)Keysend (no invoice)
https://guide.bolt.fun/guide/invoices/keysend
Key Sending on Lightning with Alex BosworthKey Sending on Lightning with Alex Bosworth
view on www.youtube.comKey Send is a proposed feature for the Lightning Network which would allow payers to pay receivers over the Lightning Network, without needing an invoice from the receiver.
Interestingly, the original client for Bitcoin had a Pay to IP feature — the client would connect to an IP and ask for a pubkey to send funds to.
This feature was removed quite early as Satoshi did not want to implement network protocol encryption to protect against mitm at the time. It also went against the “not online to receive” pattern of PayToPubkey(hash).
The feature wasn’t missed.
This is similar to IPIP transfers done internally by banks. I suspect this is where the idea came from.
Keysends in LN behave similarly to Pay to IP. Instead they contact the node directly and exchanges material to facilitate the payment. As LN is always online, this pattern suits spontaneous payments where the peer is alive and can negotiate cryptographic material.