Lightning Network has been a hot topic in the crypto community, and the network is likely to gather only more hype now that the famous VPN service, Torguard has implemented Lightning Network payment support.
Lightning Network (LN) has been a much-discussed subject ever since the novel network showed significant promise in alleviating several issues experienced on the Bitcoin network. Earlier this week, LN reached over 610 nodes on the Bitcoin testnet. The entire community seems eager to embrace LN. A few weeks ago, the firm, Bitrefill, made headlines when its platform was used to conduct the very first transaction using LN on the Bitcoin mainnet.
Alex Bosworth, a programmer, involved in the initiative, successfully settled his phone bill instantly, and with no added transaction fee via LN. However, several other companies seem eager to utilize this new payment method, including the virtual private network (VPN) service, Torguard. The company recently announced that they are accepting all LN mainnet payments. Torguard encouraged interested clients to contact support for more details and even confirmed that they were prepared to take possible losses on the LN mainnet.
According to the VPN and email/proxy services provider, they will not yet accept c-lightning payments but were willing to cover any losses incurred through LN payments. The company took to Twitter to announce their new payment option:
— TorGuard (@TorGuard) January 8, 2018
The Tweet includes a handy demonstration which illustrates to users exactly how to go about making LN transactions. Also, Torguard support staff representatives have confirmed that the invoicing fee for one month’s Torguard services would amount to 1 Satoshi. Once a user has access to an LN mainnet node, they have been encouraged to reach out to the Torguard platform to establish a transaction via the protocol. However, interested users should note that they should have available funds before being eligible to set up a transaction channel with Torguard and to set up.
Bitcoin evangelists have been highly enthusiastic about the dawn of the LN protocol, as many believe that the LN will significantly enhance the general bitcoin experience which is currently subject to increasing issues of heightened transaction times, which come attached with exorbitant transaction fees. According to the prominent bitcoin developer, Jameson Lopp, the protocol rollout is already in progress.
However, Lopp warned that the process would remain a learning curve. Lopp added that there will likely never be a point in time where LN will be considered officially “finished and deployed” as the bitcoin developer noted that software is always expanding, updating, and growing.
Advocates of LN are hoping that it could be the solution to several issues on the bitcoin network including problems with settlement time, as well as the continually increasing fee involved in settlements. Other crypto blockchain networks are not necessarily faring better than bitcoin. For example, while a system such as Ethereum has a higher transaction processing capability, the network remains subject to various scaling issues.
However, as major platforms such as Bitrefil and Torguard start embracing LN payments, cryptocurrencies are progressing by leaps and bounds towards being endowed with more utility. While several software developers are still in the process of testing the possibilities of the LN, it is likely that 2018 will see several more platforms implementing support for LN payments.