Bitfury Shares New Bitcoin Lightning Network Tools For Developers And Merchant Payment Processors
Bitfury Releases Tools For Bitcoin Lightning Network
Bitfury has made some new moves to ensure increased adoption of the Bitcoin lightning network by releasing a new suite of tools.
Some of the tools released on January 23, 2019, for the upcoming network include an open-source lightning wallet, hardware, and software tools for merchants and payment processors. Along with this, developer tools and ‘The Peach’, a public lightning network node to help create payment channels.
These, according to Bitfury, are to help both consumers and developers use the network with ease.
What Is Lightning?
The Bitcoin Lightning Network was first announced in early 2018 and acts as a layer-2 payments technology that processes payments through the network. The advantage of the lightning network is that payments made through it are settled instantly without the need of storage on the blockchain.
Instead, the parties who are exchanging funds open a payment channel and the creation of the channel is stored on the blockchain instead of the transaction itself. The transaction history, however, can be seen by members of the channel at any time. The idea behind this is that not everything needs to be stored on the blockchain and that by storing a channel rather than every transaction, time is saved.
The Lightning Peach team, which is focused primarily on the Lightning Network, is responsible for these new offerings.
“By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants,” said Valery Vavilov, CEO of Bitfury.
Despite still being developed, the Lightning Network has already been integrated for use on BTCBIT, a cryptocurrency exchange.
The benefit of the network, Bitfury says, is that there is almost no wait time for the settlement of transactions and there are significantly lower costs associated with it. The use of the network will “help more people use bitcoin in their everyday lives in a faster and more convenient way,” according to the official press release.
Once the network goes live, it will address many of the problems faced when it comes to funds transfers as a result of bypassing the usual process of storing all transactions on a blockchain. The payment channels in question do not have an expiration date and can stay open indefinitely.
An official release date for the network is not yet known, but with the recent integration of the network onto the BTCBIT exchange and the tools that have just been released, it should be sooner rather than later,