CoinGate launches Bitcoin Lightning Network for 100 merchants
A select amount of merchants have been granted the ability to accept Bitcoin (BTC) payments through a Bitcoin Lightning Network (LN) thanks to payment processor, CoinGate.
The recent update has been announced via a CoinGate blog post. The company has developed an experimental program for 100 merchants to test BTC transactions. The official announcement indicates that the vendors selected for the trial include adult entertainment websites, esports betting websites and online stores with crypto servers, hosting services and merchandise.
Initial launch of the program began at the start of this month.
It is said that CoinGate will continue its principal services of the crypto-to-fiat exchange. During the trial, CoinGate vows to cover costs of lost funds due to trial and error of this concepts’ early stages. According to a recent report by CoinDesk, company CTO Rytis Bieliauskas states,
“It's a very new technology. Inevitably there will be some bugs, either in our implementation or in the Lightning Network. It will help, not just us, but the whole community because the bugs we find might help the whole protocol."
CoinGate aims to be among the first to try out LN capabilities out in real world scenarios. This will allow the company to accumulate useful information about technological improvements and use cases.
This pilot program could be a key into adoption for crypto as it will test whether LN capabilities will address and strengthen the issues that could dissuade mainstream audiences from embracing crypto payments.
Executive editor： Sarah