Home / Crypto News / CoinGate announces payment pilot with Lightning Network for more than 100 affiliated stores | CriptoNews

CoinGate announces payment pilot with Lightning Network for more than 100 affiliated stores | CriptoNews

CoinGate, the cryptocurrency payment service portal, announced on July 10 the launch of a pilot program that will allow more than 100 online stores and sites to accept payments in bitcoin using the Lightning Network micropayment network to accelerate the process.

In a statement made public on its website, CoinGate revealed the list of companies that have joined this program. There is a wide range of merchants ranging from sites to buy tickets to events and pay for web services such as VPN or dedicated servers, to restaurants, sporting goods stores and adult entertainment sites.

In this pilot, According to information published in another medium, CoinGate offers its associates the guarantee to cover any loss they might experience in case of errors in the implementation of the protocol or the network itself. This offers a certain level of trust both to its users and to the merchants who have agreed to participate, in order to take a step forward and test this technological advance.

CoinGate has shown an interest in collaborating with the development of Lightning Network since some time ago, since for a couple of months it had already enabled a tool so that its users could test the use of LN. Since that time, they have been evaluating the possibility of launching their recent pilot. In fact, this is one of the first bitcoin payment processing platforms to adopt this technology and manage one of the 2,488 LN nodes. This, due to the growth experienced by this network, represents about 1% of its payment routing capacity.

The development of tools and applications compatible with the use of Lightning Network is still at a very early stage, therefore there is a risk of losing funds when using LN in the Bitcoin main network . However, it is a step that, however risky, is imminent to determine the capabilities of this solution and the improvements it needs to fully achieve its objective.

The need for a solution to scalability problems Bitcoin has been the main driving force behind the different teams of researchers working on the development of the Lightning micro-payment network. Their advances have prompted the adoption of this protocol between bitcoiners and businessmen receptive to the use of bitcoin (BTC) as digital cash.

Featured image for Andrey Burmakin / stock.adobe.com

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