OKEx to Launch Lightning Network to Accelerate Bitcoin (BTC) Transactions
Whenever there is mention of the term “cryptocurrencies”, the first thing that comes to mind of any person is Bitcoin (BTC). Bitcoin (BTC) is actually the asset that gave birth to the cryptocurrency industry and since then, BTC had been gaining gradual growth.
It was until 2020 that this gradual growth turned into very high surges and cryptocurrencies started experiencing their all-time highs. Out of all the cryptocurrencies that gained all-time highs, Bitcoin (BTC) has continued being the prevailing crypto-asset.
Towards the end of the year 2020, Bitcoin (BTC) gained an all-time high of $20k per BTC. From that point onwards, Bitcoin (BTC) prices went on a rampage and continued surging going all the way up to $41k per BTC.
Although BTC failed to maintain its $41k per BTC price, yet it is constantly proving to be the most reliable asset for investments. Since the beginning of the year 2020, an infinite number of investors have been rallying up to Bitcoin (BTC), dramatically increasing its price and worth.
Looking at how much user volume the Bitcoin (BTC) platform has the potential to attract, many firms have now started advancing their technologies and adoptions for Bitcoin (BTC).
As the volume and trades on the Bitcoin (BTC) platform increased, so have the lags, delays, and high fee rates while processing Bitcoin (BTC) transactions. Therefore, the firms have been introducing new services and technologies in order to surpass other firms and gain the most amount of investors.
Recently, one of the most prominent cryptocurrency exchanges known as OKEx is in the process of improving its Bitcoin (BTC) services. According to the firm, it is aiming to move towards faster and cheaper Bitcoin (BTC) transactions. The firm has revealed that it plans on achieving this goal with the launch of its Lightning Network integration.
The announcement has been made by OKEx on February 2, 2021, providing details on its Lightning Network integration. The firm has announced that it will be proceeding with the integration process in the upcoming quarter of the current year. OKEx has announced that it will be introducing a participating node in the lightning network.
Once the Lightning Network integration has been executed, the users will be able to choose it through the OKEx platform. The users will be able to use the Lightning Network option when they process withdrawals and deposits for Bitcoin (BTC).
With the introduction of the above option, the users will be able to decrease the transaction times and transaction fees.
The firm has announced that the Lightning Network is a payment protocol as well as a second-layer scaling solution that is based on top of the Bitcoin blockchain network.
The protocol was proposed by Thaddeus Dryja and Joseph Poon back in 2015, as a solution for the Bitcoin (BTC) scalability problem.