Announcing the Lightstreams Wallet
We excited to announce the upcoming launch of the new Lightstreams Wallet. The Lightstreams Wallet is an easy to use browser plug-in, that allows fast and low-cost token transfers, and will provide DeFi applications and marketplaces with new access control features that are not currently possible with other cryptocurrency wallets.
From the inception of Lightstreams, our vision has been about enabling decentralized control and management of digital assets via smart contracts. We have developed and launched various platform layers to support this vision such as the Smart Vault that distributes files in a peer-to-peer manner using smart contract access controls. Recently, digital assets linked to smart contracts have captured mainstream attention in the form of Non-Fungible Tokens (NFTs).
An NFT is essentially a smart contract that manages the unique ownership of a digital asset, currently most popularly used for digital artwork. The smart contract is encoded on the blockchain and stipulates the ownership and resale rights for the artwork that is typically linked in the contract but hosted elsewhere.
Even though the possibilities of NFTs are promising, there remains a glaring gap limiting the potential of this technology. NFT owners don’t have authority and control over the distribution rights of the asset they are supposed to own. In any NFT sale, the new owner merely purchases a fingerprint reference of the digital asset that is hosted elsewhere. The asset can be copied multiple times where the owner has no authority and control over the distribution rights and therefore cannot monetise the asset that they own.
With Lightstreams’ decentralized access control technology, the NFT smart contract can control the access and distribution of a digital asset and at the same time charge a fee as copies are made during distribution. This will enable the NFT to generate income for the owner via leasing or renting their digital art, video, or music to applications and their users. Enhancing an NFT with not only the potential to generate a profit on resale but the ability to earn revenue as the NFT owner holds the asset.
A beta version of the Lightstreams wallet will be released in the coming weeks with initial support for the Chrome browser and support for other major browsers in following releases.