Next year, cryptocurrency exchange Kraken will hire a dedicated team that will focus on the implementation of Bitcoin’s Lightning Network on the platform, a company spokesperson told Decrypt today.
“In 2021, we are committed to hiring a team to focus specifically on the Lightning Network, as part of our continuing effort to deliver the best possible experience for traders and investors,” they said, adding, “We expect to allow clients to withdraw and deposit Bitcoin on Lightning in the first half of 2021, which will allow clients to move their Bitcoin instantly and with the lowest fees.”
As Decrypt explained, the Lightning Network is a second-layer solution developed for the Bitcoin blockchain. It helps better scale the network by taking some of the load off the main chain. It is made up of a system of channels that allow people to move money without needing to use the Bitcoin blockchain to verify every transaction as it happens.
What is the Lightning Network? Bitcoin's Scalability Solution.
Bitcoin has been hampered by its own popularity. Thanks to the way the blockchain is designed, the speed of transactions is slow and the cost of transactions has increased. Researchers, developers, and the Bitcoin community have been trying to come up with a way of allowing Bitcoin—and other cryptocurrencies—to accommodate more transactions. Their best efforts to date have focused around something called the Lightning Network. Can it fix the cryptocurrency's scaling problems? Speed and cost A bl...
To this end, the exchange has begun accepting applications from developers who “have an eye for front-end or UX design” or “experience with open-source Lightning protocol development.”
“But easier deposits and withdrawals are just the beginning of the additional features we are aiming to provide. By joining Kraken’s Lightning Network team, you can shape the future of programmable payments with digital money,” the exchange added.
As Decrypt reported, 2019 turned out to be a stellar year for the Lightning Network, and 2020 started on a high note as well.
