Bitcoin Lightning Network Payment System to Enable Drinking at a Japanese Bar
Lightning Network To Enable Drinking At A Japanese Bar
Many people think that Bitcoin still has the potential to end the year in grand style regardless of current behavior or how many more pullbacks we still see in the near future. Among the reasons given for this optimism is the predicted growth in adoption that Bitcoin seems to currently be enjoying. The use of the Lightning Network (LN) to further improve the asset’s chances is something that has been noted a few times as an important driving force and a sure reason why Bitcoin will more than do just fine.
Drinking With The Lightning Network
The LN improving Bitcoin’s scalability is expected to make the asset a lot more attractive to many different mainstream sectors and that’s already happening. Recently a partnership between a Japanese LN startup, Nayuta, and a local bar was announced. This partnership helps to let the bar’s patrons use Bitcoin and the LN to pay for their drinks. Awabar Fukoka, the Japanese bar, will do a test of the payment platform throughout the month of June to ensure its usability and to have it properly optimized and hopefully continue usage if everything goes as planned.
Adoption Of The Network
There are many who believe that the Lightning Network is the answer to all of Bitcoin’s scalability issues. Pretty much every fine point anyone can make about Bitcoin’s scaling might be answerable by the LN. Awabar Fukoka has also noted that even though they aren’t exactly in the tech or crypto business, they are quite delighted to join the sector and try Nayuta’s solution. According to them:
“We hope it helps familiarize the community with the Lightning Network payment system.”
However, even with all the prospects for adoption, some experts, including Bitcoin core developers, have warned that the LN is still considerably new and experimental and should not be relied on completely. The counter-argument for that has been that one of the best ways to optimize the network for better use is to use it. This is probably the driving force behind Nayuta’s continued use of the network.
This isn’t the first time Nayuta is creating applications based on the Lightning Network. Recently, a version was created particularly for use by devices produced for the Internet of Things (IoT). This was done to ease the usage of IoT devices on the internet and also exchanging data and other information amongst themselves.
Other Uses Of The Lightning Network
A few days ago, it was also revealed that Bitfinex, the Hong Kong based cryptocurrency exchange is making plans to launch the USDT stablecoin by Tether, on a platform reliant on the Lightning Network. Bitfinex’s Chief Technical Officer (CTO), Paolo Ardoino, has described the project as “one of the coolest things” Bitfinex has tried in quite a while. Before now, the Bitcoin blockchain’s Omni Layer together with Ethereum and the TRON (TRX) platform have been responsible for the development of the USDT stablecoins.
Currently, the number of LN Nodes is more than 8,600 with 35,706 channels and a network capacity of about 1,014.06 BTC which is worth at least $8,590,900.