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The payment processing company CoinGate worked with a Surfshark privacy service provider for a pilot project on the long-awaited Litecoin Lightning Network (LN) solution. Surfshark is the first company in the world to accept Litecoin payments through the Lightning network during the test phase, which begins January 17, 2019.
The partnership between Surfshark and CoinGate in the implementation of the LN payment solution for Litecoin transactions is an important milestone for the entire community of cryptocurrency supporters. It shows that, despite the complicated nature of blockchain architecture, the exchange of cryptocurrencies between peers can be instantaneous and uninterrupted.
"Surfshark's main premise is the privacy of our users.Most privacy enthusiasts, and in particular of crypto owners, will always choose cryptocurrencies to register for our service, so it is essential that these transactions take place in a timely manner. CoinGate's Lightning network will help us achieve it, "says Magnus Steinberg, Surfshark's Chief Marketing Officer.
Lightning Network has been developed to provide a cheaper and faster way for cryptocurrency transactions. It allows the exchange without interruptions of large volumes between users, without the need for the network to confirm each exchange between peers. The transactions carried out on Litecoin LN are verified and managed by the LN nodes, so they must not be immediately resolved on the Litecoin network itself.
"For privacy reasons, the VPN industry is one of the most common for encrypted transactions, hiding the real IP address of the user and encoding any information that the user has sent and downloaded online , a VPN provides the level of protection needed to make the cryptocurrency owner truly safe from being identified, "explains Magnus Steinberg.
Last year the LN solution was successfully tested by over 4,000 CoinGate traders for Bitcoin transactions. Following an overwhelming interest, the LN has been implemented for Litecoin payments to increase the scalability of cryptocurrency transactions.
For this pilot project, CoinGate chose Surfshark as a reliable VPN provider, which is only one of the very few who have completed an independent security audit. Surfshark's safety assessment concluded that the applications tested are not exposed to problems, neither in the private sphere nor in the more general security systems. The audit was carried out by the well-known German security company Cure53.
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