The code rebase will modernize the DeepOnion codebase to include the latest blockchain features and technology. The code rebase will allow us to have segwit and a deterministic wallet, this will enable us to integrate with and get support from Hardware Wallets (such as Ledger Nano S, Ledger Blue, Trezor and more), and in the near future it will allow us to easily integrate with the Lightning Network and enable RSK Smart Contracts.
Introduction
The work will allow us to have our codebase with all the latest code structure and advanced features from Bitcoin, and make us ready to adopt new and emerging cryptocurrency technologies. This will bring us numerous advantages. For example below are some benefits of the Lightning Network:
Instant Payments
Lightning-fast blockchain payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating a on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.
Scalability
Capable of millions to billions of transactions per second across the network. Capacity blows away legacy payment rails by many orders of magnitude. Attaching payment per action/click is now possible without custodians.
Low Cost
By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments.
Cross Blockchains
Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians.