We handle the Bitcoin core and Lightning Network infrastructure for you. Our APIs can be integrated with any business or app to power crypto payments and payouts for any number of use cases. Let's look at how Speed payments are made.
Ligthning Payment’s Lifecycle in Speed:
The process is much easier because there's no need to wait for block confirmations before the payment is confirmed. It looks like a pretty normal payment process, but there are a few extra things to remember.
On the Lightning network, both the sender and the receiver must be online at the same time for a payment to go through. This means that both parties' nodes must be working. Lightning payments also need a payment channel or a route in the larger network to connect the nodes of the sender and the receiver. That's where Speed comes into play: keeping the node operational while maintaining the highest level of node ranking.
Benefits of the lightning network:
The Lightning Network has clear benefits, such as faster and cheaper transactions and the ability to make micropayments in a way that wasn't possible before.
Lightning Network takes advantage of Bitcoin's security protocols. In addition, the Lightning Network payment channels also allow for private transactions.
It is very scalable. As long as there are enough funds and a payment path, there is no theoretical limit to how many payments can happen per second on the Lightning Network.
🔷 Now that you know how to use our APIs to power your application, we want you to keep building. Bitcoin and the Lightning Network are both fairly new technologies. There are no limits to the new applications that could be made.
Updated 6 months ago