International cryptocurrency exchange OKEx is moving into more economical and quicker Bitcoin (BTC) trades with its forthcoming Lightning Network integration.
The integration enables OKEx users to pick the Lightning Network choice when withdrawing and depositing BTC, intending to reduce transaction times and fees.
The Lightning Network is a second-layer scaling alternative and payment protocol predicated in addition to this Bitcoin blockchain. The protocol has been proposed by Joseph Poon and Thaddeus Dryja at 2015 in a bid to resolve Bitcoin's scalability issue . Based on info from crypto analytics site BitInfoCharts, the typical Bitcoin trade fee equates to over $15 on Monday.
Since the Lightning Network isn't a blockchain itself but instead a secondary coating, the alternative was originally mainly used for small or even micro Bitcoin trades. These stations are called as such since they're bigger compared to 0.1677 BTC ($5,800) limitation.
OKEx isn't the only crypto market to begin experimenting with all the Bitcoin Lightning Network. In July 2019, European crypto market Bitstamp setup its Lightning Network node to raise the community's capabilities. Another worldwide exchange, Bitfinex, allegedly became the initial crypto market to empower Lightning obligations in December 2019. Back in September 2020, Bitfinex declared aid of Lightning Network's Wumbo stations to enable it clients to deposit and withdraw considerable quantities of Bitcoin.
Amid Lightning Labs enlarging the Lightning Network's capacities, more crypto exchanges have proceeded to incorporate the protocol in recent months. In December 2020, leading United States-based crypto market Kraken declared that it also will incorporate the Bitcoin Lightning Network at 2021. OKCoin also lately declared its strategies to incorporate the community from the first quarter of 2021.