100 Traders Can Test Transactions on a Bitcoin Lightning Network Risk Free

by | Jul 11, 2018 | Bitcoin, Cryptocurrency News

Coingate | Bitcoin lightning network | Lightning network trial test | Risk free

Cryptocurrency payment gateway CoinGate is launching a pilot program for 100 merchants to test transactions on a Bitcoin Lightning Network (LN) variant of their service.

According to CoinGate’s blog post, the merchants taking part in the LN trial include esports betting websites, online stores with crypto merchandise, servers and hosting services, and adult entertainment websites. The post notes that Lightning Network payments “will be” available starting on July 1.

And while many experts consider the network still is not prepared to encourage substantial commercial trades, CoinGate CTO Rytis Bieliauskas believes there is a greater good which will be accomplished in being one of the first to check the waters.

He said,

“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.”

Although Lightning bills are generally restricted by the routine itself to 0.042 bitcoin per year, or below $300 based on current rates, CoinGate CCO Vilius Semenas advised  there is no established limit to the amount of bills CoinGate will repay if funding are dropped.

A study released at the end of June alleging that the Lightning Network had a low reliability of successfully routing a payment was refuted by the co-founder of Lightning Labs, as well as other crypto experts.

Also in June, Pokémon came to the Lightning Network in the form of Poketoshi, a game using a LN-enabled virtual controller that charges users 10 Satoshi per command, with one Satoshi equal to one hundred millionth of a single bitcoin.

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