What is a LITbox?
LITbox is a compact plug and play (PnP) hardware device (presumably ARM-based.)
How does the LITbox work?
The device connects to the user's router and remains online to provide remote access to the user's digital assets (funds) via multiple devices, e.g. phone or tablet. The device stores the user's private keys and allows the user to send/receive any Bitcoin protocol coin-agnostic LN address per-user while preventing reuse of on-chain public keys.
What is the purpose of the LITbox?
User's can "be your own bank." It's a user-friendly device which solves the complexities for the average cryptocurrency investor.
What is in the LITbox?
A series of Docker containers. See here.
How much does the LITBox cost?
The retail price will be determined by the marginal cost of production (target price of ~$30.)
When can I purchase a LITBox?
TBD. Minimum viable product available at the end of Q2, 2018.
Are there cryptocurrency hardware devices similar to the LITBox?
Ledger has the Ledger Nano S and Ledger Blue. See also Trezor, KeepKey, and BitSeed.
What is ARM-based?
ARM, previously Advanced RISC Machine, originally Acorn RISC Machine, is a family of reduced instruction set computing (RISC) architectures for computer processors, configured for various environments.
What is a docker container?
Docker container is an open source software development platform. Its main benefit is to package applications in “containers,” allowing them to be portable among any system running the Linux operating system (OS).
What is plug and play (PnP)?
A plug and play (PnP) device is one with a specification that facilitates the discovery of a hardware component in a system without the need for physical device configuration or user intervention in resolving resource conflicts.
How can I contribute to this project?
Go to https://github.com/vertcoin-project/litbox.
For additional questions contact:
email: jlovejoy@mit.edu
twitter: @jamesl22
website: https://vertcoin.org/
github: vertcoin-project/litbox
References:
James Lovejoy's Lighting & Vertcoin Talk at the MIT Bitcoin Expo 2018
What is #Vertcoin?
Things people don't know about #lighting
What are your options?
Be Self-sufficient when using #LightingNetwork
Welcome to Reality. #lighting
What is #LITbox?
What's in the #LITbox ?
What are the implications of #LITbox ?
How can we make this all real? #Vertcoin #LITbox
Please suggest corrections or additional questions and answers in the comments. My intentions were to create a dedicated discussion thread for investors interested in LITbox. The original post is here.