Pay with Moon: a Lightning Network Pioneer

Moon: the First Lightning Checkout Solution for Major eCommerce

In the fast-paced world of cryptocurrency, where innovation moves at light speed, Pay with Moon was an early and consistent beacon of futurism in its adoption of Lightning Network, the leading Layer 2 protocol built on Bitcoin (BTC).

In early 2019, months after its founding, Pay with Moon caught the attention of the tech world with its first product feature on TechCrunch: a browser extension that allowed users to shop at e-commerce sites using Bitcoin's Lightning Network.

This was a significant leap forward because, at the time, the mainstream adoption of cryptocurrencies for everyday purchases was still largely theoretical. The Lightning Network, designed to facilitate faster and cheaper Bitcoin transactions, was a nascent technology, and Pay with Moon was one of the first to bring it into practical use. Their extension enabled consumers to pay for purchases at sites like Amazon, not by directly using Bitcoin, but by instantly converting it into credit on Amazon's store.

The impact of this innovation was immediate. By facilitating transactions on one of the world's largest e-commerce platforms, Pay with Moon not only demonstrated the potential of the Lightning Network but also educated the public on its benefits. This was a pivotal moment for Lightning Network adoption. Users could experience near-instantaneous transactions with significantly lower fees than traditional Bitcoin transactions on the main blockchain, which was a revelation for both enthusiasts and skeptics of cryptocurrency.

Moon's inaugural product profiled on TechCrunch in October 2019: https://techcrunch.com/2019/10/21/moons-browser-extension-lets-you-pay-with-bitcoin-on-amazon/

Moon's launch of Visa cards profiled on CoinDesk and Yahoo Finance in 2021: https://www.coindesk.com/tech/2021/03/09/bitcoin-startup-moon-brings-the-lightning-network-to-all-visa-e-commerce-merchants

The Moon Visa Prepaid Card

Soon after, Moon launched its flagship prepaid card: the Moon Visa Prepaid Card, in partnership with Visa, the leading global payments network, and Sutton Bank. This integration was groundbreaking as it bridged the gap between the traditional payment systems and the burgeoning crypto economy, making Bitcoin spending as seamless as using a credit card.

As part of this launch, Moon had partnered with Visa through the Fintech Fast Track program, further solidifying their role in pushing Lightning Network payments into mainstream use. This partnership allowed Pay with Moon to introduce a service where users could purchase virtual prepaid cards with Bitcoin's Lightning Network and use these cards across any Visa-accepting merchant on the web. This move was not just about expanding the utility of Bitcoin but also about showing the world that cryptocurrencies could work hand-in-hand with established financial infrastructures.

The adoption of Pay with Moon's technology by consumers and merchants alike catalyzed a broader acceptance of the Lightning Network. It wasn't just about making Bitcoin transactions easier; it was about proving that blockchain technology could offer practical solutions to everyday problems like high transaction fees and slow processing times. Their work inspired other startups to explore similar integrations, thereby fostering a mini-ecosystem around the Lightning Network.

Global Expansion & Leadership

Over the years, Pay with Moon has been celebrated for its community participation and leadership efforts within the crypto space. They've participated in workshops, steering groups, and developer conferences and communities to advocate for the Lightning Network. Moon's been a critical partner in demystifying the technology for new users and also encouraging developers to build upon it, creating a virtuous cycle of innovation and adoption.

Today, Pay with Moon stands as a testament to what Lightning can power in the real world. From its early days of being profiled on TechCrunch to becoming a significant player in Lightning Network adoption and in Visa payments, the company has navigated the complexities of cryptocurrency and the traditional financial system.

Some Leading Lightning Wallets:

The Lightning Network

What is Lightning on Bitcoin?

Lightning is a Layer 2 protocol for lightning-fast payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating an on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.

How does Lightning Work?

The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin blockchain transactions and using its native smart-contract scripting language, Lightning Network creates a secure network of participants each of which are able to transact at high volume and high speed.

Who is Behind the Lightning Network?

The Lightning Network was conceptualized and originally described in a white paper published in January 2016 by Joseph Poon and Thaddeus Dryja. Joseph Poon is known for his research in blockchain scalability, while Thaddeus Dryja has worked as a research scientist at MIT's Digital Currency Initiative. Since launch, key additional support and development have been contributed by:

  • Lightning Labs: This company was one of the first to build on the Lightning Network concept, creating the LND (Lightning Network Daemon) implementation. Elizabeth Stark and Olaoluwa Osuntokun (also known as "Roasbeef") are the co-founders of Lightning Labs. Stark has been instrumental in leading the company's efforts to make Lightning Network technology accessible and usable, while Osuntokun focuses on the technical side, including the development of LND.
  • Blockstream: Known for its work on the c-lightning implementation of the Lightning Network. Blockstream's involvement includes developers like Christian Decker who have contributed to enhancing the network's capabilities.
  • ACINQ: This company developed Eclair, another major implementation of the Lightning Network. ACINQ's work has been crucial in expanding the network's functionality, especially in terms of integration with real-world applications.
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