BTC Lightning Network Can Now Be Used To Buy Bitcoin Futures Via Suredbits On BitMEX And Kraken
The Lightning Network Can Now Be Used To Buy Bitcoin Futures
The lightning Network has become more embedded into the public consciousness of the crypto community, mostly due to the Lightning torch that has been passed around the world and is raising awareness about the network.
Now, the Lightning Network will see a new application as it will now be used for purchasing Bitcoin futures.
This was announced On March 18, 2019, that SuredBits would be launching application programming interface (API) that will enable developers access Information about which Bitcoin futures are currently available from exchanges such as Kraken and BitMEX.
“You will be able to subscribe to market data from those two exchanges with a payment over the lightning network,” said CEO Chris Stewart.
While this new development is certainly interesting, is mostly experimental and exists as a proof-of-work of the capabilities of micropayments to be used to procure data. While the information behind obtained is free, Stewart feels that the use of the Lightning Network microtransactions will make the process easier as amounts of data can purchased at a time.
Stewart also feels that this is an upgrade from the traditional system.
“We are using the new APIs to showcase that lightning allows [exchanges] to monetize things that are monetized at traditional exchanges. We are pushing the idea that lightning has a multitude of benefits when integrated into an exchange’s infrastructure that isn’t just related to withdrawals and deposits,” he said.
At Lightning Speed
The various possible uses of the lighting network have been given much more attention in the last few months following the growing popular of the Lightning Torch.
Most people are only familiar with it as a means of making Bitcoin-related payments but it does have other functions.
SuredBits, for example, launched a ‘playground’ earlier this month through which developers are able to access Information regarding the NFL using the Lightning network. Other firms are also making more use of the network.
Despite this, there is more work that needs to be done before the network can move on to wider use. This is because the network still has some glitches and bugs that have caused users to lose money. Regardless, developers are working hard to improve the network as there are plans for it to become the standards for sending and receiving Bitcoin, which is why the Lightning Torch challenge involves sending a small amount of Bitcoin before passing it onto the next participant.