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Bitfury helps Crypto Exchange BTCBIT Add payments Lightning Network (LN)

/ News / 2019/01 / bitfury-helps-crypto-exchange-btcbit-add-flash-network-LN-payments /

The Bitfury Group, a leading company in the development of technologies for cryptocurrency and blockchain with "full service" technology in San Francisco, is working with the exchange of digital resources, BTCBIT to "bring the Lightning Network (LN) payments" to the platform trading company based in Poland.

According to an official blog post by Lightning Peach supported by Bitfury, the integration of LN could potentially "help more people use bitcoins in their everyday lives in a faster and more convenient way." As explained in the blog post, the LN is a second layer protocol initially created to solve the bitcoin scaling problem (BTC).

The adoption of Litecoin's LN (LTC) is growing steadily

However, the Litecoin network (LTC) and other major digital currency platforms have also started to use more and more implementations of the LN protocol to speed up payments. 1ML.com, a website that tracks the growth of LN, shows that there are now 119 nodes supporting the Layecoin payment solution for two.

These nodes have a total of 441 active channels, in particular a 51% increase compared to the last month. Litecoin's total LN capacity is currently around 50 LTC, a value currently estimated at $ 1,590, according to data from CryptoCompare. Compared to Litecoin, the LN adoption rate of the Bitcoin network is significantly slower as its ability to pay through the second-tier channel has only increased by around 5% compared to last month.

Management of off-line transactions with LN

But it is also more difficult to maintain a high growth rate for LN payments on a network that has already become as big as the Bitcoin Lightning network. The total network capacity of Bitcoin's LN channels is currently 502.60 BTC, an estimated value of over $ 1.8 million. Now there are 5,429 Bitcoin nodes running the LN protocol, with 21,344 active channels.

Explaining how the LN works, the Lightning Peach blog notes:

The main idea behind the Lightning network is that not all transactions must be recorded on a blockchain. Participants can create a payment channel between them and record the channel's opening on a blockchain.

An open LN channel can remain active for "any number of hours, days, weeks or decades" and can only be closed when participants decide to do so, says the Lightning Peach blog. After closing an LN channel, details of all transactions between the different parties are recorded on the blockchain.

BlueWallet with MIT license adds LN support

"By creating a large network of these two-party channels, consumers can benefit from the security of using cryptocurrencies while at the same time enjoying short transaction times, comparable to the use of credit cards or other payment methods. ", explains the Lightning Peach blog.

As reported by CryptoGlobe at the end of December 2018, the latest version of BlueWallet (for Android and iOS), a & # 39; mobile wallet app bitcoin (BTC), now supports the Lightning network.

BlueWallet is a MIT open source Bitcoin wallet with smartphone license developed by Nuno Coelho, a UX designer and product manager (UX) and two other programmers Igor Korsakov (from London) and Marcos Rodriguez (from Atlanta).

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