OKEx to accelerate transactions with Bitcoin Lightning Network

OKEx to accelerate transactions with Bitcoin Lightning Network

Malta-based cryptocurrency exchange- OKEx has reportedly announced the integration of the Bitcoin Lightning Network, a blockchain-driven second-layer scaling solution, in the forthcoming quarter. This development will help reduce transaction time and fees, enhancing user experience on the exchange platform.

In addition to the above, lighting integration will outline the company’s commitment to extend the most advanced Bitcoin technology, globally.

Notably, the idea was first proposed in the year 2015 by Thaddeus Dryja and Joseph Poon. As a Layer 2 scaling system, the Lightning Network will deploy smart contracts on Bitcoin’s blockchain to allow instant payment solutions across the platform.   

It is worth mentioning that the Lightning Network functions as a payment protocol on top of the blockchain technology, routing the payment through the participating nodes via a peer-to-peer solution that reduces overall time and fees of transaction. 

Seemingly, with BTC adoption becoming extremely popular and more users interacting with the Bitcoin blockchain, the total cost of transaction has significantly increased, while its speed had drastically reduced.

Presently, the BTC on-chain fee is over $10 and takes around 10-30 minutes to complete, disappointing many users from interacting with the network. Collaborating the Integrating Lighting system with the OKEx platform will allow users to transact BTC in real-time and at an affordable rate.

With OPKEx becoming a participant node in the novel network, users will also be able to choose the Lightning Network option while depositing and withdrawing the BTC.  

According to Jay Hao, CEO, OKEx, by integrating the Layer 2 payment protocols such as the Lightning Network, the company offers competitive products to its users, at the same time, demonstrates the Bitcoin network by increasing the number of participant nodes in the Lightning Network.

Source Credit: https://www.prnewswire.com/in/news-releases/okex-to-integrate-the-bitcoin-lightning-network-enabling-cheaper-and-faster-transactions-for-users-849001815.html