fortune jack banner

Cryptocurrency and gold exchange Vaultoro has become the first in the world to implement the Lightning Network for Bitcoin.

Currently it is only being utilised for the processing of Bitcoin deposits, but it does make those deposits instantaneous and completely free of fees.

It is in line with Vaultoro’s previous adamant backing of the soft fork that spawned the Lightning Network. They were vocal supporters of its creation in May 2017, at a time when the community was locked in debate regarding the necessity of the Lightning Network.

This first implementation will allow Vaultoro’s users to send Bitcoins instantly, cheaply and privately. Our next goal is to enable people to take orders from the order book directly from their controlled wallet. Vaultoro traders will be able to deposit funds in milliseconds without having to trust our exchange hot wallet if set to instant order. Our goal at Vaultoro has always been to make the exchange radically transparent and now with lightning network, market takers will have no need to trust our hot wallet.”

The Lightning Network is a proposed solution to the scalability problem for Bitcoin, which allows for transactions to be processed off the main blockchain, utilizing a top-layer blockchain that eventually settles via the main chain.

Currently the advantages of the Lightning Network are only available to those using the Eclair Wallet. Eclair is one of the only cryptocurrency wallets native to the Lightning Network developed so far.

Image From Shutterstock

loyakk banner