NordikCoin launches Bitcoin Lightning protocol support

Thursday 8 April 2021 09:38 CET | News

Estonia-based NordikCoin, a cryptocurrency exchange, has announced it is launching full Bitcoin Lightning protocol support.

The Lightning protocol is a second-layer payment protocol that enables peer-to-peer cryptocurrency transactions outside the main blockchain to make them more efficient and cost-effective. NordikCoin's implementation of the new technology is currently in the beta stage, with selected users being able to send Bitcoin via the Lightning Network.

NordikCoin provides free Bitcoin wallets and enables users to buy Bitcoin by utilising a fully automated, legally compliant KYC process. With its host of electronic ID solutions and cybersecurity practices in place, it provides secure Bitcoin transactions.

The Lightning Network is built on a network of payment channels. A payment channel consists of funds divided between two parties, where one party can send part of the funds on their end over to the other end at any time, off-chain. A participant on the Lightning Network can send payments to any other participant by sending their payment through a chain of payment channels across the network.

A payment channel can be closed at any time by settling it as a single transaction on the blockchain. In the normal, cooperative case, the funds are available on-chain as quickly as any other on-chain transaction. In the case that one party does not cooperate, the funds are secured by a smart contract that ensures that each party can always close the channel to settle the funds on-chain.

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Keywords: blockchain, Bitcoin, cryptocurrency, cryptocurrency exchange
Categories: DeFi & Crypto & Web3
Countries: Estonia
This article is part of category

DeFi & Crypto & Web3

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