Bitfury has partnered with Paytomat, a blockchain startup that incentivizes businesses to accept cryptocurrencies, to push the Lightning Network (LN) adoption. Paytomat users can now handle Bitcoin transactions in near real-time via the LN. Users will benefit not only from high transaction completion speeds but also from the security of the blockchain.
The gradual transition will be carried out by the Bitfury LN developer team LightningPeach. Pavel Prikhodko, head of LightningPeach, said that many end users around the world would soon feel the benefits of the LN.
“The launch of the Lightning Network allows consumers around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”
The LN is an off-chain scaling solution for Bitcoin, allowing it to handle a large number of transactions without burdening the main chain. The payments are recorded in an open payment channel, which can be left open for a specific period. Only when both parties signal that the transaction has been completed is the total amount or balance written in the blockchain and the channel closed.
The platform uses a merchant’s existing PoS system. Hundreds of retailers in Italy, the Ukraine, Spain and the Netherlands, espresso bars, restaurants, and sports clubs are now using the system.
Paytomat CEO Yurii Olentir adds that companies have been willing to introduce Bitcoin as a legitimate means of payment for a long time, but the adaptation needs to progress even further before it becomes widely available:
“Businesses are willing to accept Bitcoin as a payment method, and crypto-enthusiast are willing to pay using it. We’ll give an opportunity to do both of them. But with the Bitfury partnership and implementing of the Lightning Network to our ecosystem, this opportunity becomes really quick and efficient. We’re happy to develop the future of the crypto market together, making fast crypto payments real,” Olentir said.