CoinGate, a Lithuanian Bitcoin payment processing service, has launched the Lightning Network on its platform, enabling its four thousand customers to accept payments via the Lightning Network.
Lightning Network is a network of payment channels that allows users to make micropayments between two parties outside the blockchain. The Lithuanian cryptocurrency processing service CoinGate, which provides a payment gateway, allows you to accept bitcoin payments, converting them into fiat for clients who want to avoid the risks of volatility. In a blog announcing the launch of the Lightning network on its main network, CoinGate explained that buyers can send Bitcoin to merchants through transactions on a standard blockchain or through the Lightning network built on top of the blockchain protocol.
“The Lightning network aligns with our vision of what Bitcoin should look like in the future,” CoinGate CEO and co-founder Dmitry Borisenka said in a statement. However, the network is “still in the implementation stage and is more suitable for advanced users and Bitcoin enthusiasts.”
As one of the options for solving Bitcoin's scalability problem, the company is confident that the Lightning network will make transactions faster and reduce fees. The Bitcoin blockchain can only process seven transactions per second, and it takes a minimum of 10 minutes to confirm a transaction, and large fees make minor purchases unprofitable.
CoinGate launched a pilot program allowing 100 different web properties to test the Lightning Network technology back on July 1, 2018, to make sure everything works and customers are happy. The network itself was conceived by researchers Taj Dria and Joseph Poon, who first proposed the idea in a white paper in 2015. The goal of the network is to make bitcoin more useful for everyday purchases and micropayments.
It will be some time before the Lightning network is widely adopted, but CoinGate has already taken a step in this direction in favor of bitcoin supporters.
According to bitcoinmagazine.com
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