Improve cryptocurrency :
The move is part of the exchange’s broader plan to improve cryptocurrency-based payments globally.
Lightning Network, the popular layer-2 scaling solution for Bitcoin, is set to come to Coinbase, CEO Brian Armstrong said late on Tuesday.
Coinbase (COIN) is looking to add Bitcoin’s Lightning network for payments as part of a broader plan to offer more cryptocurrency payments to users around the world.
How to best add Lightning:
We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin,” CEO Brian Armstrong said on Wednesday. “Let’s build it together,” he added in response to a tweet by Jack Dorsey, founder of financial services company Block Inc.
Building on the Lightning Network comes with its own set of challenges. David Marcus, CEO of Lightspark, recently outlined the difficulties they faced. Marcus revealed that building on Lightning and Bitcoin is at least five times harder than other protocols.
In a tweet on April 8, Armstrong said that “Lightning is great and something we’ll integrate” in response to a tweet criticizing him for “actively ignoring” the network.
BTC Lightning adoption grows :-
He Lightning Network was designed to address the scalability issues of the Bitcoin network, enabling users to open payment channels between themselves to conduct off-chain transactions. These off-chain transactions are much faster and more cost-effective compared to traditional on-chain Bitcoin transactions.
LN adoption has grown since the beginning of the year, evidenced by the recent partnership between Bitcoin Lightning infrastructure provider, Voltage and Google Cloud to increase its hosting capacity and locations globally.
Data from Glassnode further shows that the total value of assets locked on the network peaked at over 5,000 BTC in early July. This represents significant growth for the web, considering it had around 4,000 BTC at the beginning of this year.
Binance’s move was prompted by the explosion in transaction fees due to the creation of memecoins on Bitcoin in the form of a new token standard on the network – BRC-20 tokens – in May, as a result of which the exchange had to temporarily pause BTC withdrawals.