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Lightning Network Payment System “SparkSwap” Makes Its Official Debut

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Lightning Network Payment System “SparkSwap” Makes Its Official Debut

A new way to trade bitcoin and digital currencies is now in the books. SparkSwap is the first crypto exchange to be built on the Lightning Network. It allows users to trade both bitcoin and altcoins in seconds without depositing assets with a third party.

In a blog post, SparkSwap founder Trey Griffith said, “You can trade between different blockchains (currently Bitcoin and Litecoin, with others coming soon), with trades settling in about a second — a transaction time comparable to some of the leading centralized cryptocurrency exchanges.  Read more...

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Lightning Network Passes 3000 Nodes, Capacity Approaches 100 BTC

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The Lightning Network active on the Bitcoin mainnet has passed 3000 nodes with capacity for almost 100 BTC in August.

Capacity Expands 85% In July

Data from monitoring resource 1ml.com confirms that network capacity increased 85 percent in the past thirty days, bringing mainnet Lightning’s total funds accommodation to 97 BTC ($ 628,000).

Lightning originally debuted around the start of 2018 in its mainnet form, with growth accelerating through Q2.

In May, Twitter commentator Kevin Rooke notes, capacity remained comparatively low at just 18 BTC before a dramatic increase began in July.  Read more...

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One Guy Controls the Lightning Network’s Biggest Node

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One Guy Controls the Lightning Network's Biggest Node

BTC supporters were elated to discover recently that the Lightning Network’s (LN) capacity had spiked by 216 percent in just one day. Some individuals suspected the Build on Bitcoin conference had sparked more LN interest. However, onlookers have found the spike was due to a single node created by the owner of Shitcoin.com. According to LN explorers, the node holds more than 49 percent of the Lightning Network’s total funds.

Also read: Study Finds Cryptocurrency Rebalance Portfolios Outperform ‘Hodling’

Everyone is Talking About One Node That Holds More Funds Than 49% of the Entire Lightning network

One Guy Controls the Lightning Network's Biggest Node  Read more...

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Lightning Network Can’t Guarantee Transactions Larger Than 3 Cents…Yet

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Digital assets industry newsletter Diar.co has poured cold water on Bitcoin’s Lightning Network, claiming low transaction success rates and issues with node dominance.

A Classic Beta Landscape?

In its latest issue June 25, the weekly publication identified statistics about the current state of Lightning, highlighting problems for which the likelihood of improvement remains “unclear.”

“Nodes are up by 8600% and the Bitcoin funds on the network are up by 3600% from the start of the year. It’s less clear, however, whether the concentration of capacity amongst the largest nodes will improve with more adoption,” Diar writes.  Read more...

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Lightning Network Gets 3 Beta Implementations as Adoption Spreads

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The week of June 25 marked a new array of firsts for Bitcoin’s Lightning Network with acceptance rising and all three of its implementations entering beta.

c-lightning, lnd And Eclair Go Beta

The product of intense development, c-lightning, lightning network daemon (lnd) and Eclair formally entered beta release Monday.

Commenting on the milestone, c-lightning developer Blockstream said hinted the technology would now become more straightforward for end users – a key aspect in driving acceptance.

“It migrates away from the protocol used while designing the specification and toward a new architecture that is modular and extensible, to better adapt to your needs and your infrastructure,” a blog post explains.  Read more...

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‘Lightning War’: Bitcoin Battles Bitcoin Cash on a Digital Canvas

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A digital canvas dubbed Satoshi’s Place appeared online, allowing users to draw whatever they find fit, one pixel at a time. The MS Paint-like experience costs one Satoshi per pixel and users are free to show off their talent in whatever form they find fit.

Censorship Resistant Digital Canvas

Satoshi’s Place is a simple online artboard which is powered by the Lightning Network. The digital canvas is comprised of 1 million pixels and each one of them will cost you 1 satoshi to paint. Apart from providing wide leeway for users to express their fine art skills, it’s also intended to provide a way to experience the way micro-transactions are handled through the Lighting Network of Bitcoin.  Read more...

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Development of Lightning Mobile Wallets Promises Faster Bitcoin Payments

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Development of Lightning Mobile Wallets Promises Faster Bitcoin Payments

Since the turn of the year, the price of bitcoin has been battered with investors left to lick their wounds. Behind the scenes though, the development of Bitcoin has continued to defy market movements with the continuous development of the Lightning Network (LN), which has led to the creation of several bitcoin LN wallets.

The Lightning Network ushered in the promise of easing network congestion by moving on-chain transactions to the second-layer protocol.

Here are some of the mobile wallets currently in development.  Read more...

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Merchants Will Soon Be Able to Accept Lightning Payments Through CoinGate

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Merchants Will Soon Be Able to Accept Lightning Payments Through CoinGate

CoinGate, a payment gateway for cryptocurrencies, is planning to launch Bitcoin Lightning Network payments on its platform. As explained in an update published by the company on Reddit, the company is currently testing the technology, and users are invited to join in the tests.

The Lithuanian company serves over 4,000 merchants globally by allowing them to accept bitcoin and altcoin payments which can then be converted into BTC, EUR or USD as payouts.

Utilizing the Lightning Network, merchants could accept payments instantaneously at reduced transaction fees.  Read more...

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Why Lightning Network Will Finally Help Bitcoin Beat Credit Cards, PayPal

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The Lightning Network (LN) is approaching 2000 functional nodes as users begin to highlight the conspicuous cost savings using the technology.

Lightning: 1997 Nodes, 6600 Channels, $ 150,000 Capacity

Data captured from an overview of LN’s Bitcoin mainnet integration showed 1997 reachable nodes (with the actual number presumably much higher) at press time, with 6614 open channels and a total network capacity in excess of $ 150,000.

Despite remaining a challenging tool in terms of user interface, the technology has markedly improved in the approximately five months it has been active.  Read more...

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Vaultoro’s Bitcoin-to-Gold Exchange Implements Lightning Network Payments

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Vaultoro Is the First Exchange to Implement Bitcoin Lightning Network Payments

The world’s first crypto-to-physical-gold exchange, ​Vaultoro​ has announced that it is now the first bitcoin exchange with an implementation of the Lightning Network as an instant deposit method.

The company allows customers to trade gold with bitcoin directly, all the way down to 0.1 gram in quantity. Customers can hold the asset for seconds or years, with their ownership certificate securely stored on the blockchain. All gold holdings are physically stored by Pro Aurum in Switzerland and audited by BDO. The physical gold can be requested by customers or left in the vault, where it is also insured. Vaultoro is also working on a gold-backed debit card.  Read more...

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