Vaultoro Is Positive About Bitcoin Lightning Network
Vaultoro, a popular crypto/gold exchange, has backed the Bitcoin Lightning Network on May 4, 2018. Currently, it enjoys the status of the most famous crypto/physical gold exchange in this new space.
The company came up with the information that has become the first exchange in the crypto scene to have the technical capability needed to implement Bitcoin’s Lightning Network as an instant deposit method.
In 2015, they started providing gold and bitcoin trading services. The move was recognized as a safer substitute to trade bitcoin with gold as it did not have bitcoin’s natural volatility. They aim to offer the most secure, transparent and safe trading exchange that enables the customers to supervise their orders and authenticate every transaction.
The company is able to provide a platform for easily auditing transactions. At the same time, it is making sure that its customer records remain private to maintain secrecy through its Glass Book Protocol.
CEO Vaultoro, Joshua Scigala, said, “This first implementation will allow Vaultoro’s users to send bitcoin 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.”
Since 2017, the company has been preparing its systems to instill the new technology in its framework. They also backed the bitcoin user activated fork last year to minimize the disputes arising within the community.
Scigala added, “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. I believe bitcoin will eventually need to up the block size a little, however, we definitely also needed segregated witness which opens a world of opportunities to the Bitcoin protocol including massive scalability, instant payments, almost free transactions, massive privacy boost, smart contracts and more.”
All users of the platform have been welcomed to use the new protocol implementation. The company has released some instructions that are essential in the correct use of the new implementation.
- On Android, download the Eclair Lightning Wallet
- Transfer few bitcoins in it and establish a channel by dispensing some coins into the network with a connected node using the auto-connect feature.
- Log into the newly created account after the payments channel gets loaded. Select deposit and click on the Lightning Payment option.
- Enter the payment value of your choice and a QR code will be generated by company’s system
- Use éclair to scan and an instant, free payment would have been sent through your account
- You are ready to go
It will be a historical moment to witness as the users move to this new payment mechanism. It will be revolutionary in making cryptocurrency a more accepted form of payment worldwide. It will also get rid of volatility factors and more. Hopefully, this integration will lead to several more technological advancements that could help in creating a bright future for digital currencies in the world.