The Lightning Network has long been called unfinished and not a suitable solution for scaling the Bitcoin blockchain. However, partnerships such as this demonstrate that the solution works, and can be used in real-world scenarios.
This technology is said to bring higher transaction throughput to the Bitcoin chain, as an upgrade from its current 5-7 transactions per second. Moreover, it will also reduce the fees that become exorbitant upon the clogging of the network, as the LN is mainly focused on micropayments.
With this partnership, users and merchants on the Paytomat network can send and receive Bitcoin payments over the Lightning Network, with payments occurring almost instantly. Moreover, Bitfury has a dedicated and specialize in-house engineering team for developing on Lightning known as LightningPeach. The head of this team, Pavel Prikhodko, stated on the partnership:
“The launch of the Lightning Network allows consumers around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”
This also proves to be an important development in the Bitcoin space, as Paytomat has systems that can plug into the existing merchant’s POS system, availability of mQR technology for low-tech merchants and POS modules. The service has already been adopted by over 300 merchants, resulting in a big push for the adoption of the Lightning Network.
They also accept 18+ cryptocurrencies, including Bitcoin [BTC]. Bitcoin Cash [BCH], Dash [DASH], Ethereum [ETH], Zcoin [ZEC], NEM [XEM], Nano [NANO], EOS [EOS], Decred [CRED], Waves [WAVES], Litecoin [LTC]. Horizen, Bitcoin Gold [BTG], and Digibye [DGB].
The Founder and CEO of Paytomat, Yurii Olentir, stated:
“Businesses are willing to accept Bitcoin as a payment method, and crypto-enthusiast are willing to pay using it. We’ll give an opportunity to do it both of them. We’re happy to develop the future of crypto-market together making the fast crypto-payments real.”