Bitfury Launches Suite Of Lightning Network Tools To Increase Bitcoin Adoption

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Blockchain technology provider Bitfury has released its new suite of tools for the bitcoin Lightning Network solution.

Although the lightning network remains under development, the Bitfury Group’s set of products are designed to help merchants and consumers adopt, and use much more accessible.

Announced on Wednesday, the suite of products includes an open-source lightning bitcoin wallet, a hardware terminal, software tools for vendors and merchants, payment processors and a set of other developer tools for accepting bitcoin payments.

The firm also released “The Peach,” a public lightning node that allows bitcoin users to create payment channels.

The lightning network is a layer-2 payments technology solution that deployed on the bitcoin network in early 2018. The LN is hailed as a game-changer in the race to scale up bitcoin adoption, enabling users to complete transactions at near-instantaneous speeds.

And all this happens without the need to have the transaction information stored directly onto the bitcoin blockchain.

Bitfury CEO Valery Vavilov noted that the technology would play a significant part in the eventual adoption of bitcoin for everyday use. He added that “by providing these products to the market,” the company was trumping for global adoption of the LN technology.

At the same time, the firm’s co-founder noted, they were doing their part by “providing unparalleled support to consumers and merchants.”

Per the company’s announcement via a Medium post, the new business tools are a result of the Lightning Peach team – an internal group of Bitfury developers working on developing lightning tools.

The company, which also runs data center operations in Canada, Iceland, Norway and the Republic of Georgia, announced last Tuesday that the LN technology was now available on the crypto exchange BTCBIT.

The integration allows the exchange’s users to make faster and low-cost bitcoin payments, which would, in turn, see more people use the crypto “in their everyday lives.”

Bitfury is among several companies that view the lightning network as the tech that will see bitcoin become a global currency. In a recent article, a Forbes report suggested that the technology had the potential to replace most of the altcoins that, supposedly offer faster transactions than bitcoin.

For instance, the online retailer Bitrefill recently said that payments processed via the LN were near twice those made on all the altcoins combined.

In November last year, Bitfury closed an $80 million funding round that saw it join a select group of cryptocurrency and blockchain unicorn with a valuation of $1 billion.

The company is most associated with the manufacture of cryptocurrency mining hardware, like its latest ASIC chip dubbed the “Clarke” launched in September 2018. But in an effort to become a market leader in the adoption of blockchain technology, Bitfury has sought to diversify its operations.

In early 2018, the group launched its “Crystal,” a blockchain-based toolkit for identifying and investigating criminal activity. On January 22 this year, the firm hired two new executive-level talents from Element Capital Group and Panaya in order to boost Crystal’s division.

The company has also launched a blockchain-based music platform SurroundTM, which will help the industry transfer copyright assets simply and securely.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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