TorGuard accepts Lightning Network Bitcoin Payments
TorGuard, an anonymous VPN and proxy service provider, publicized its acceptance of mainnet Lightning Network bitcoin payments. TorGuard is one of the first public businesses to initiate Lightning Network payments and affirms to reduce settlement fees to almost zero.
TorGuard tweeted “TorGuard now accepts mainnet Lightning Network BTC payments. Ask support for details!”
The Lightning Network (LN) is a decentralized network, employs smart contracts functionality to facilitate instant payments across the Bitcoin blockchain. Many crypto enthusiasts have moved to altcoins due to bitcoin’s higher transaction fees and networks congestion.
Several bitcoiners have had a trial run of the technology on both testnet and mainnet. For now, the protocol has transcended 610 nodes and 1882 channels, most of the activity has performed on Bitcoin’s testnet.
TorGuard to pay for loss of funds
TorGuard has now initiated the feature for its users. Additionally, for further information on LN payments, the company has requested its customers to talk to customer support. Moreover, the enterprise is ready to take up any losses that incur on the mainnet Lightning Network.
TorGuard tweeted “Disclaimer: c-lightning is not production ready. TorGuard will cover loss of funds when sending us LN payments. Testnet is so boring.”
According to the TorGuard customer representative, the transaction fees for one month of services costs would only cost the customer one satoshi.
Another way you can get hands-on with the Lightning Network is through Yalls.org, where you can post, read content and pay micropayments. The mobile wallet eclair, can be used to set up payment channels and begin to read, pay for, and create content on the website.
Recently, the first real Lightning network bitcoin payment was accomplished via Bitrefill, mobile top-up service, on Bitcoin’s testnet. Alex Bosworth, the software developer, exhibited the successful payment of his actual phone bill on lightning. The transaction was completed instantly with zero fees.
Lightning Network’s first mainnet translation
In the past, Bitrefill integrated lightning protocol in the tesnet mode for examining its performance. At the time the company blog mentioned: “Lightning is a promising technology currently in development that will enable people to do instant bitcoin transactions at almost zero cost.”
2018 is a crucial year for the crypto-ecosystem with a wider acceptance of cryptocurrencies into the mainstream. Proponents are sure that LN protocol will solve the issue of high fee on the Bitcoin blockchain. Also, it will lessen the waiting time that bitcoiners experience currently.
Crypto enthusiasts that have moved to altcoins such as Ripple and Ethereum are likely to revert if LN is widely implemented. Bitcoin supporters believe the Lightning Network will soon make the big issues of bitcoin, network congestion and high transaction fees, a matter of the past.
Lightning Network may kill Ripple’s market
On January 1, 2018, Bitcoin developer Jameson Lopp announced the rollout of Lightning Network. He tweeted, “The rollout has already begun. This is an iterative distributed learning process; it’s unlikely there will be a single point in time at which we say LN is “deployed” because it will grow organically. Software is never finished.”
Contrary, in the past, Ripple CEO’s Brad Garlinghouse said: “Two years ago people thought bitcoin would solve all transactions, and I think what we’re seeing is that that’s not the way it’s going to play out. I don’t think bitcoin is well-positioned to solve the payments problem.”
The Lightning Network permits users to perform transactions with each other and not publicise the payment to the world. It is fast, costs less and improves privacy as transactions are not stored in a public ledger. The sooner it’ is implemented by consumer business the more beneficial it would turn out to be for bitcoiners.
Will more business accept LN payments in the near future? Let us know your thoughts in comments section.