Kraken supports Bitcoins Lightning Network after a delayed start
Kraken supports Bitcoins Lightning Network after a delayed start
- As a scalability solution, the Lightning Network enables faster and cheaper Bitcoin transactions
- Kraken originally expected to enable customers in the first half of 2021 the withdrawal and deposit of Bitcoin in Lightning Network
Kraken has implemented Lightning Network in order to enable customers to be handled immediately in order to accelerate the use of the wealth value as an exchange.
The Lightning Network is a scalability solution or layer-2 that builds on the Bitcoin blockchain and enables users to send and receive BTC practically without fees.
"Krawen not only enables immediate and inexpensive deposits and withdrawals, but also offers core network services that enable the Lightning network to forward payments," a company spokesman told Blockworks. "Overall, we hope that our integration of the entire industry will signal our support from Lightning."
The network can do millions of transactions per second - compared to Visas processing of around 65,000 transactions per second, according to the company.
his system of payment channels does not publish intermediate transactions in the blockchain while it is open and keeps it outside the chain to enable an immediate and efficient value transfer, according to a octopus blog contribution from April 1. These off-chain channels remain secured by the multi-signature and timelocking functions of the Bitcoin blockchain.
"Bitcoin has proven to be effective in the past ten years and is now increasingly being used as an unlimited global currency," said Pierre Rochard, Bitcoin product manager from Kraken, in an email to block works. "The Lightning Network offers real-time processing of Bitcoin payments, a greater capacity than any other system and for the first time microtransactions on a large scale."
The integration comes after octopus had December 2020 is announced that customers in the first half of 2021 are expected Bitcoin in Lightning Network can lift and deposit.
The crypto exchange announced at the time that it would hire a team that should concentrate specifically on the network. The blog post states that "simpler deposits and withdrawals are only the beginning of the additional functions that we want to offer".
The spokesman rejected it to comment on possible future functions.
The “quick scaling” of the business of octopus had led to the that the Lightning integration took longer than expected, the representative added and found that the commercial volumes reached all markets and doubled the customer base in 2021.
Matthew Gould, founder and CEO of Unstopable Domains, found that Layer 2 solutions contribute a large part to improve the usability of digital assets and make it easier for the mainstream population to accept and act digital currencies.
"The Lightning Network is a rescue for the scaling of Bitcoin, and this is a large -scale test for the network," said Colin Pape, founder of the decentralized search engine. "I hope that the integration of octopus is proof of the validity of the Lightning Network and something that is considering other stock exchanges, because the success of Bitcoin is the success for the area of digital assets as a whole."
spokesman for competing stock exchanges did not immediately answer inquiries about comments.
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The article Kraken Supports Bitcoin’s Lightning Network After Delayed Launch is not a financial advice.