by Nuno Menezes
On May 4, 2018, the famous crypto/gold exchange Vaultoro announced it was implementing support for Bitcoin’s Lightning Network.
Vaultoro is one of the most popular crypto\physical gold exchanges in the industry. The company proudly announced it was the first exchange in the ecosystem that had the needed development already deployed to start supporting Bitcoin’s Lightning Network as an instant deposit method.
First Exchange Offering a Bitcoin-Gold Pair
Vaultoro started to offer bitcoin and gold trading services during 2015. With the move, the company was trying to introduce a safe way of protecting against bitcoin’s volatility.
Vaultoro is also committed to offering the most transparent, secure and safest trading exchange which allows its customers to go through their order books and verify each transaction. By implementing its Glass Book Protocol, the exchange is capable of providing the means of easily auditing transactions but at the same time makes sure to keep all the records private ensuring its customer’s full privacy.
Joshua Scigala, Vaultoro CEO, commented on the announcement:
“This first implementation will allow Vaultoro’s users to send bitcoin instantly, cheaply and privately. Our next goal is to enable people to take orders from the order book directly from their controlled wallet. Vaultoro traders will be able to deposit funds in milliseconds without having to trust our exchange hot wallet if set to instant order.”
The company was already preparing for the recent changes since 2017. The exchange threw its weight behind the bitcoin user activated fork in May 2017 to help overcome the disputes within the community.
Scigala went on to say:
“Our goal at Vaultoro has always been to make the exchange radically transparent and now with Lighting Network, market takers will have no need to trust our hot wallet. I believe bitcoin will eventually need to up the block size a little, however, we definitely also needed segregated witness which opens a world of opportunities to the Bitcoin protocol including massive scalability, instant payments, almost free transactions, massive privacy boost, smart contracts and more.”
Getting Started with Lightning
All users are now welcome to try out the new protocol implementation. The company even left some guidelines and steps that need to be followed to start using the new implementation correctly. The steps are as follows:
- Download the Eclair Lightning Wallet on Android,
- Send some bitcoin to it and open up a channel by putting some bitcoin into the network with any other connected node using auto-connect,
- Once you have a payment channel loaded, log into your Vaultoro account, Click deposit and select Lighting Payment,
- Enter an amount you would like to send, and Vaultoro’s system generates a QR code,
- Scan with eclair, and you will have made an instant, free payment and ready to trade.
With this announcement, the company is once again making history in the crypto space by making Vaultoro the first exchange accepting payments through the bitcoin mainnet Lightning Network.