- The Bitcoin Lighting Network, for efficient bitcoin transactions, is seeing more players who are interested in providing an offering that is low fee and instantaneous
- It is estimated that 700 million users will be utilizing the Lightning Network by 2030
- LQwD’s proprietary platform-as-a-service offering is designed to simplify users’ access to the Lightning Network and make it far easier to complete faster, more affordable transactions
- While LQwD remains the only public company focused on Bitcoin Lightning Network, a growing number of companies and entities are becoming interested in leveraging the network’s opportunities
The Lightning Network is becoming a popular way for companies to incorporate Bitcoin into their payment infrastructure. The Lightning Network, as a concept, was first proposed to the public by Joseph Poon and Thaddeus Dryja in 2015 – but has been under development since that time. The Lightning Network is a second-layer technology applied to bitcoin using micropayment channels to essentially scale the blockchain’s capability and conduct transactions quickly and efficiently.
With the Lightning Network, users of Bitcoin can say goodbye to the frustrating “mainchain” experience they often deal with when trying to send, receive, or purchase using bitcoin as a payment method. Taking the payments off the main blockchain has allowed for transaction costs to be lower and more efficient overall.
As more countries move toward the acceptance of bitcoin as a legal tender (like El Salvador), companies are being required to find ways to accept these payments, and the Lightning Network makes it possible for it to be done without the high number of fees required. This has attracted the interest of several companies and entities ready to leverage the network to both support its growth and their own development.
One such company, and so far, the only publicly listed company working with the Lightning Network, is LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a fintech firm focused on creating enterprise-grade infrastructure to drive bitcoin adoption. The company intends to grow the Lightning Network through its proprietary platform as a service (PaaS) lqwd.tech, launched on November 17. The platform was designed to facilitate and simplify access to the Lightning Network, as well as allow users to more easily send payments instantly, securely, and inexpensively anywhere in the world.
Upon the platform’s launch, the company deployed a part of its own Bitcoin holdings to procure additional nodes and provide liquidity for the platform. Aiming to empower institutions, businesses, and investors working with the Lightning Network, lqwd.tech was designed to be scalable and adaptive to the fast-paced growth of the Network, allowing for millions of Bitcoin transactions in seconds. The company expects that the Lightning Network will be a force for change globally and become the global monetary exchange of the future.
Another company making great strides at incorporating the Lightning Network into its overall infrastructure is CardCoins. CardCoins is a company that allows users to take gift cards and exchange them for Bitcoin. By doing this on the Lightning Network, CardCoins is making transactions simpler and more cost-efficient.
As the Lightning Network is being incorporated into various industries, products are being adapted for easier use. One such product is LNURLVend, a device created by developer Ben Arc which essentially works as an offline bitcoin vending machine. The device allows users to buy drinks or sweet treats from a vending machine, using their bitcoin and the Lightning Network (https://ibn.fm/hrZ6h). The operation of it is simple – choose what you want, scan the QR with a Lightning-compatible wallet and then pay, using your PIN for an additional layer of security. “With that, you get a vending machine without an internet connection, and that works with Bitcoin’s Lightning Network, fully functional,” Arc explained his concept.
To add perspective on the Lightning Network, recent research from Arcane Research indicated that the number of users on the network is likely to reach 700 million by 2030. Key factors considered by the report include remittance, gaming, streaming, and monetary transaction needs (https://ibn.fm/a76wu). The report also explained how in 2021, wallet use has increased by 20% a month, with the largest numbers coming from regular daily use as opposed to online services.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ibn.fm/LQWDF
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