Coingate, the encryption platform announced this week he was starting to carry out tests for the incorporation of the Litecoin lighting network into his network of about 4,500 traders. According to the marketing director of the company, Veronika Mishura, Litecoin represents at least 10% of its monthly trading volume. The integration of Litecoin & # 39; s Lightning Network would increase the incentive for its customers due to significant tariff reductions. According to the announcement, The first trader Litecoin LN will try is Surfshark, a VPN provider.
Here is Mishura's explanation of why the company chose Surfshark as a pilot for its program to incorporate new operators into Litecoin LN:
"VPNs are, to be honest, one of the most used services by crypto-enthusiasts (this is what we see from our data.) However, due to a rather low price, it is generally not profitable to pay with Bitcoin or Litecoin; this is exactly what lightning should solve.This is what we are trying to demonstrate: payment for low-priced products should also be possible, convenient and cheap using cryptocurrency. "
Similar to Lightning network By Bitcoin, the Litecoin network is a two-level scalability solution that forms a network of payment channels that allows you to regulate offline transactions. The effective integration of Lightning Network into Bitcoin and Litecoin will ensure that most of the transaction is resolved outside the chain, which will significantly increase network performance while reducing commissions related to transaction processing.
Coingate is a payment processor focused on the European market that allows its customers (ie traders) to accept both cryptocurrency and legal tender. The company charges a commission of 1% for all transactions and supports a large number of altcoins.
After this news, the price of Litecoin has been slightly increasing, approaching 5% in the last 48 hours. It currently has a price of $ 31.29. Litecoin has recently been in the news for several developments that could be attributed to the recent price rebound to include the recent sponsorship of a UFC fighter and the addition of Litecoin to the decentralized OpenBazaar market – the latest publication of a multiple portfolio that includes three other currencies including Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC).