Bitcoin Lightning Network Development
What is a lightning network?
When bitcoins are being transferred, the sellers will have a doubt in successful transactions and it’s a timely process. In order to overcome that,the lightning network is used which enables quicker exchange of bitcoins without any delays. The lightning network is defined in simple words as the second layer protocol operating on the bitcoin blockchain to perform faster and small payments.
General use cases
We all know that Industries like Hyper-markets, finance organizations, E-commerce networks perform many transactions on a daily basis.These ventures will ensure that transactions must be in a safest and secure way.
Shopify, Microsoft have already started to accept cryptocurrencies(bitcoins) nowadays assuming that the lightning network favors them in scaling and reliability. When Look at the dramatic changeover in the transaction speed, lightning network pulls the massive adoption of crypto in small scale payments.
Online shopping has become the fashion with millions of customers transacting daily.The payments done through online can be lightened so as to ensure the verified transfer process without any delay, no failed transactions, correct target reach etc.
Lightning network development for exchange
Bitcoins are still the evergreen cryptocurrency bought and used globally in spite of altcoins divergence. People prefer exchanges for buying or selling bitcoins instantly. Imagine an exchange letting the users wait for 3 hours to complete the transactions. But the user is debited with money but not receiving bitcoins for 3 hours. Sounds frustrating right? That’s why the lightning network is introduced in exchanges for instant approval and settlement.
Lightning network development for wallets
People use wallets to hold their bitcoins to earn the profit, trading with it and also selling it. Due to delay and fluctuation in wallet transfer, Bitcoin transactions and other activities based on bitcoins are getting deviated back. If lightning networks are adopted in wallets, these disadvantages are brought to an end and successful involvement of bitcoin activities can be made.
Mastering the lightning network
We at Hivelance, with 10+ years specialized professionals in blockchain technology, leverage lightning networks for your crypto-wallets, as wallets are the integral part of cryptocurrencies, mainly in the trading/exchange part.
The lightning network transactions per second is approximately 1 millions transactions. Our blockchain professionals excel in designing lightning nodes that connect main blockchain networks and lightning systems efficiently without lag.
Lightning network implementations so far
Coinbase, Binance, Kraken, Exodus, Trezor, and Twitter have successfully implemented lightning network protocols in their platform. The privacy, speed and success rate are the key drivers for every company to use lightning networks in their transaction system. Even countries like El Salvador use lightning networks, adopted bitcoin wallets and legalized the currency recently.
Moreover, the benefits of the lightning network have been numberless. The merchants can connect with lightning network payment to receive micro payments globally and extend their business borders.
Advantages of bitcoin lightning network
1. Transaction speed
Each and every bitcoin holder will have the need of several bitcoin exchanges on a certain condition.But there is always a limitation in these transactions and the capacity of bitcoin network also ranges from 6 to 8 transactions per second.
To perform several hundreds of transactions per second, you need a lightning network for enhanced security and a higher level of transaction speed. During these transactions,cryptographic confirmations will be recorded on the bitcoin blockchain network bringing-in the faster procedure.
2. Transaction fees
Bitcoin transactions on a distributed ledger to various platforms have some fees to be paid by the users. Millions of transactions can be controlled by the lightning networks and the smaller transactions will not be charged any more. Lightning network supporting APIs will give instant and free transactions for all micro payments in merchant stores.
3. No minimum payments
There is no need for minimum and maximum payouts defined when using a lightning network. Even a small amount of bitcoin transactions can happen seamlessly with the highest speed per second. The lightning network is mainly discovered for bringing mass adoption of bitcoin among the people.
Features of bitcoin lightning network development
We at Hivelance create a lightning network for your bitcoin exchanges, exchange wallets, payments solutions with astonishing features like,
- Two Factor authentication
- Quick transaction
- Secure payment
- Multi-language support
- Transaction history
- Multiple wallets
- Global access
- Lightning network API
- Lightning nodes development
Multiple wallets integration
Our developers guide you in every phase of bitcoin exchange related functionalities. Through the use of a lightning network, you can enable your exchange users to process the transactions faster in any wallet they have. Wallets are the storage where users can access and involve their cryptos for trading. We create & integrate lightning networks for your crypto wallets to ensure high security.
Why hivelance for lightning network development project?
Hivelance is the topmost Lightning network development company assisting you very closely in this area. Make your business grow with quicker and safer transactions by using our lightning network implementation. Reason to choose us,
- 20+ crypto projects delivered
- 10+ years of experienced developers
- 24/7 assistance for customers
- Quality assurance team.