NeverFiat Crypto Marketplace Starts Accepting Lightning Network Payments

The cryptocurrency marketplace known as Neverfiat is now accepting Lightning Network (LN) payments for the products sold in the platform. The information has been released in a blog post by the company on June the 26th.

In order to enable LN payments, the company had to partner with GloBee an important cryptocurrency payment processor in the market.

The Lightning Network is one of the most important solutions for Bitcoin’s scaling problems, which are affecting the overall performance of the network. Users have been paying enormous fees and waiting an important amount of time to process transactions. Lightning Network solves this by operating off the chain and registering the transactions later.

In order to pay with LN, two participants need to create a ledger entry on the blockchain. This requires participants to sign off on any spending of funds. After it, both parties create transactions wich refund the ledger entry to their individual allocation, but the information is not broadcasted to the network.

Only the most recent version is valid, which is enforced by blockchain smart contracts. In this way, it is possible to close an entry at any time by either party without having to put their trust in other parties.

The company wrote about the blockchain as Arbiter:

“It is possible to conduct transactions off-blockchain without limitations. Transactions can be made off-chain with confidence of on-blockchain enforceability. This is similar to how one makes many legal contracts with other, but one does not go to court every time a contract is made.”

If there is an event of non-cooperation, then the blockchain result is deterministic to define and clarify the situation.

The Lightning Network is expanding and the network currently has a capacity of 26.2 BTC. Moreover, there are 7,835 channels registered and 2,577 operative nodes, of which 1,974 are public nodes.

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