Vaultoro became the first bitcoin exchange house to implement the Lightning Network micropayment protocol, a second layer solution for payment channels over Bitcoin's blockchain. To use this new feature of the platform, users should only have an eclair wallet and their Vaultoro account.
With this launch, the exchange house becomes the first exchange to adopt the beta protocol for its operations. The objective is that merchants who use this exchange platform can send their bitcoins in a cheaper way in milliseconds. And that, in the long run, they can take orders directly from the order book from their own wallets without having to place their funds in the Vaultoro hot wallets.
The implementation is in beta version and that's why the company has set the limit per transaction in 100 satoshis.
This is a first stage, since they seek that users have greater control over the operations they perform, with almost instantaneous deposits and greater autonomy for their transactions with physical gold and bitcoins.
This first implementation will allow Vaultoro users to send bitcoins instantly, economically and privately. Our next goal is to allow people to take orders from the order book directly from their wallet. Vaultoro merchants can deposit funds in milliseconds without having to trust our wallet and can establish an instant order. Vaultoro becomes the first exchange to implement payments from the Bitcoin Lightning Network.
The company published a statement explaining the process to use this implementation.
Users must have an eclair portfolio. Then they should send funds and open a payment channel by placing some satoshis in the network, using the node ACINQ NODE. The idea is that this send can be done using any node of the network, but at the moment it only works with that of this company.
Once the portfolio has the funds, the user must use their Vaultoro account, access the configuration and enable access to this Beta, Lightning Beta version.
To deposit you must only define the amount of satoshis to send and the Vaultoro system will generate a QR code that the user must scan with his eclair portfolio to complete the payment.
The implementation was unveiled by Joshua Scigala, co-founder of Vaultoro in the Chainges event, held in Amsterdam, Holland, where specialists and leaders of companies dedicated to the development of blockchain technology and cryptocurrencies met. The implementation had been announced by Scigala at the end of April.
The exchange office located in Switzerland is characterized by offering exchange of physical gold for bitcoins, audited publicly and legally. The platform offers commissions that vary from 0.5 to 0.2% depending on the operations performed by the user. It handles an exchange volume of 44,537,815 dollars, which is equivalent to more than 4,500 bitcoins.
The eclair portfolio is being developed by ACINQ, a company that works on the Lightning Network protocol. Other work teams around LN are Blockstream and Lightning Labs. Currently this network of micropayments has 1869 active nodes and a total of 5821 payment channels through which a little more than 160,000 dollars can be transferred.