A select group of entrepreneurs will have the opportunity to implement online payment transaction via the Lightning Network thanks to a commercial agreement with payment processing startup CoinGate.
According to information disclosed exclusively to Coindesk, CoinGate guarantees the security of the testers’ funds in case of any problems with the processing of transactions.
This implementation has been criticized by several experts who assure that since it is not yet ready, its daily use is not advisable. Others have even criticized Lightning Network as contrary to the original Bitcoin philosophy.
However, CoinGate CTO Rytis Bieliauskas is a firm believer in the potential of this technology as a second layer technology. In statements to the media It is easy to notice that according to his business vision Lightning Network has excellent potential to benefit the world of financial transactions, and is worth the risk to build a better future:
“It’s a very new technology. Inevitably there will be some bugs, either in our implementation or in the Lightning Network. It will help, not just us, but the whole community because the bugs we find might help the whole protocol.”
Community interaction is of great importance for these types of projects. The Lighting Network protocol temporarily allows a maximum limit of transactions valued at 0.042 bitcoin or 300$.
The limit in the value of the transaction was established in order to avoid significant losses of money in case the public takes the Testing as a real implementation, losing money resources.
In the case of CoinGate, this risk is assumed by them. Besides, the process of changing from crypto to fiat also runs through the company.
In this way, several important entrepreneurs have been encouraged to try this implementation. One of the most famous is the famous adult website LiveJasmin.
LiveJasmin is one of the most renowned streaming platforms in the adult entertainment world. Speaking to Coindesk, Tamás Szerencse, head of payments at LiveJasmin explained that the company is quite optimistic about the use of cryptocurrencies and how the alliance with CoinGate has helped them to achieve one of their goals:
“Instant payments are the most important from our point of view,”
The development of Lightning Network has not stopped, every day there are more and better implementations. An example of this can be the new wallets, exchanges, and cryptocurrencies that accept this protocol.
There is not an actual release date for a final version of LN but its progress can be tracked on its offical website