Greg Flor, THNDR co-founder, about Lightning Network underestimation

Kateryna Skrypnyk November 12, 2024
Greg Flor, THNDR co-founder, about Lightning Network underestimation

At THNDR, financial technology platform with a gaming core, they combine the best of old-school simplicity with cutting-edge technology. Their games draw inspiration from classic games like blocks or solitaire, which are easy to learn and play. But beneath this nostalgic exterior, they implement the power of Bitcoin and the Lightning Network – and that’s where things get really interesting. Thanks to this technology, players can compete with each other in skill-based wagering PvP matches, free from time pressure, in asynchronous games, without needing to make deposits, and with automatic payouts after every win.

Even THNDR affiliate system runs on the same technology, so players who refer others receive earnings daily – they can literally wake up to notifications of new payments, sometimes even hundreds during a single night, from people they’ve referred halfway around the world who are playing our games. In short, it’s nostalgia meeting high-tech innovation, creating something truly ahead of its time – a new standard that everyone in the industry will need to hear about.

SiGMA News had the opportunity to discuss this promising approach with THNDR co-founder and CPO Greg Flor after his speech at the SiGMA East Europe summit.?Below are Greg’s comments on the highlighted topics.

Bitcoin in-game economy based on Lightning Network 

Bitcoin is a currency, just like dollars, so it follows the same principles. We don’t really have much else to add. The only difference is that users need Lightning Network accounts instead of traditional bank accounts, and there are many of these on the market, which we support. The only bigger difference is that it’s possible to operate with much smaller amounts. When creating games where players compete for certain sums, these don’t have to be large amounts, such as 1 or 2 dollars, to cover transaction costs. With Bitcoin you can work with amounts as small as 1 cent, as transfers are still cost-effective. Additionally, payments are much faster because they come through automatically without weekend breaks or other delays, as is the case with traditional banks.

Lighting Network technology benefits 

To be honest I was shocked that only a few people realize the huge breakthrough that the combination of Bitcoin and the Lightning Network brings. The Lightning Network is a second layer on the Bitcoin network that enables ultra-fast and incredibly cheap payouts – perfect for microtransactions, which are essential in modern gaming. THNDR was the first company to launch mass-market Bitcoin-payout games on Google Play and the App Store, and 24% of the entire growth of the Lightning Network is thanks to our games. Most of the transactions we process are under a cent – something unachievable with the current payment systems on the market.

But we’ve taken it a step further. Our system, which is continuously “live-tested” in Google and Apple stores, is also embedded in our skill-based wagering widget. This widget can be integrated with any operator, including gaming and sportsbook platforms, just like a new icon or a game on a web. This allows players to participate in games without deposits, placing low-stake bets as small as 10 cents or making larger transactions if they choose.

The simplicity of the system is key: it can use operators’ existing deposits, whether in dollars, pesos, gems, or even other cryptocurrencies, and gives the option to allow players from different platforms to compete in the same games. All bets and transactions are seamlessly converted and settled via the Lightning Network, making it incredibly efficient and cost-effective, on top of not being visible for players. We even support Lightning wallet payments and USDC through Coinbase, expanding accessibility for users and operators alike.

So the main feature is that instant automatic payouts cost up to 100 times cheaper than classic payments.

Effective by the easy system we can manage an unlimited number of payouts for affiliates, without any tracking links, data analyses, since everything is done automatically and after every action.

SiGMA Insights

My experience at the SiGMA conference was incredibly enlightening. I saw so many payment companies covering various niches, and honestly, I have no idea how operators are supposed to choose.

What surprised me the most was the lack of knowledge about Lightning Network, both among operators and professionals in the payment industry. I thought that, given the rise of Bitcoin and the Lightning Network, this knowledge should be widespread. We’ve been working with this technology for years, yet out of nearly 120 meetings, only about 5 people knew what Lightning payments were. This was an absolute surprise, especially since Lightning Network is a technology that is faster, cheaper, and safer than traditional payment solutions. It’s like a Black Swan in the world of payments.

I honestly didn’t realize how huge of a space we can fill and how different we are from other payment operators.

That’s why we’ve already started working on a solution that allows companies to quickly integrate Lightning Network into their operations without any prior knowledge. We have experience in handling this technology (our CEO, Desiree Dickerson, co-created the Lightning Network), and our solution can fully relieve companies from having to build expertise in this area.?

We’re working on an API that automatically handles payments and fund transfers via Lightning Network, designed to function similarly to plugging in an advertising system or subscription management system. This way, companies could quickly implement our solutions without unnecessary complications — starting from companies wanting to create Bitcoin play-to-earn games, to wagering games, offering walls, sportsbooks, and even affiliate systems based on mass media like Telegram.

With all this said, I definitely recommend the SiGMA conference, it’s a great way to broaden your knowledge!

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