Bitcoin as people know it today will undergo some big changes in the near future. The Lightning Network is perhaps one of the biggest developments for the world’s leading cryptocurrency to date. Slowly but surely, more and more service providers are incorporating this technology. Vaultoro is the most recent service provider to do exactly that.
A Smart Move by Vaultoro
Most cryptocurrency users will know the name Vaultoro, as it is one of the platforms allowing for the exchange of gold and Bitcoin. This platform has opened up a lot of new opportunities for the cryptocurrency industry in general, yet such services will need to undergo improvements as time progresses. This means paying attention to new developments taking place in the world of cryptocurrency, especially when it comes to technical changes.
As such, the company has now incorporated Bitcoin’s Lightning Network technology. It is an interesting choice, especially when considering that no other cryptocurrency-related exchange or trading platform has taken the same approach. Someone had to be the first, though, and Vaultoro has decided now is as good a time as any to experiment with instant Bitcoin transactions.
There are a few obvious benefits for Vaultoro users in this regard. Having access to instant Bitcoin deposits at no additional charge is certainly something to look forward to. Additionally, the Vaultoro team is already working on upgrading their LN capabilities by introducing taker orders without having to trust the platform’s hot wallet. That in itself will be a very interesting development to keep an eye on, as it highlights the potential of Lightning Network technology in general.
Vaultoro’s co-founder, Joshua Scigala, commented as follows:
This first implementation will allow Vaultoro’s users to send Bitcoins 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. 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.
As one would expect, users will need a compatible wallet to take full advantage of the Lightning Network implementation. For this reason, users are being advised to install the Eclair wallet, which is one of the solutions bringing the Lightning Network closer to Bitcoin enthusiasts all over the world. With Eclair, users can experiment with Vaultoro’s new feature, even though the latter is still in beta for the time being. This also means there is a deposit limit of 100 satoshi per transaction, although that will probably be increased in the future.
It will be interesting to see how other exchanges handle the Bitcoin Lightning Network implementation. This technology has a lot of potential, but it is still in the testing phases and should be treated as such. With more companies starting to pay attention to these developments, there is a very good chance the Lightning Network will make a positive impact on the entire industry a lot sooner than people initially expected.