Thursday , December 13 2018
Home / News / Bitcoin / Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network

Exchanges

There’s a brand new change system underneath growth referred to as Zigzag.io, an app that enables customers to swap bitcoin core for different digital belongings like bitcoin money, sprint, and ethereum over the Lightning Network. The beta utility is at present out there to check cryptocurrency trades as the venture launched on the main-network throughout the first week of September.

Additionally Learn: Electron Money Developer Reveals In-Pockets BCH Fundraiser Prototype

Lightning Network Buying and selling

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning NetworkOver the previous few years, cryptocurrency lovers have been trying to find various kinds of change options. A brand new platform launched by Zigzag.io gives a digital foreign money buying and selling system that makes use of the Lightning Network (LN) for exchanges. The open supply venture permits customers to swap cash by making a cost with any LN pockets to the change equally to the approach Shapeshift works. The Zigzag change solely wants two cryptocurrency addresses to finish the course of, and it doesn’t require any KYC information. 

Though, to be able to use the Zigzag change, customers must ship cash with the LN enabled wallets like Zap, Eclair, Lightning, or Htlc.me purchasers. The beta model solely permits a most change of US$100 per dealer for now. Moreover, since the utility is in beta if one thing goes unsuitable the workforce has created a refund system. In the future, the workforce plans on designing a custodial pockets service the place folks can deposit BTC, BCH, DASH, ETH, and LTC and commerce with out having any prior LN information.

“We extremely admire the work of Lightning Network group. However there are nonetheless folks on the market for whom Lightning Network is tough to make use of, we predict to introduce extra folks to Lightning there must be a approach to attempt it freed from any technical experience,” the developer’s weblog states.

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network
The Zigzag change person interface.

One other Lightning Trade Service on the Horizon

After the software program’s first week of launch, the builders stated they received quite a lot of suggestions and have requests from the group. Since then, Zigzag programmers have added reverse exchanges to the utility. Two different requests they haven’t carried out but was including new buying and selling belongings and lifting the change cap of $100.

Zigzag Platform Provides Cryptocurrency Swaps Over the Lightning Network
Zigzag reveals the newest swaps.

The workforce says they do plan so as to add extra cash in the future, however it’s not a main focus. The transfer to raise the $100 buying and selling cap is a bit trickier as a consequence of the maturity of the Lightning Network, the Zigzag workforce emphasised.

“This can be a tough query as Lightning Network remains to be in beta, we’re additionally nonetheless in beta, we additionally must make clear authorized a part of our service, so for now we’re preserving limits low,” says the Zigzag workforce.

There’s been a slew of recent buying and selling platforms launching lately and testing out totally different buying and selling methods. Furthermore, a lot of cryptocurrency lovers are looking for buying and selling platforms that don’t use KYC. There’s additionally one other open supply Lightning Network change referred to as Sparkswap that gives merchants with the means to change cryptocurrencies utilizing LN know-how and atomic cross-chain swaps. The Zigzag change and Sparkswap platform introduced their platforms round the similar time. Zigzag was developed by Andrey Samokhvalov, and Denis Khvostov and the utility’s customers can provide the change operators suggestions utilizing the developer Slack channel.

What do you concentrate on the Zigzag Lightning Network buying and selling platform? Tell us what you concentrate on this know-how in the feedback part beneath.

Disclaimer: Readers ought to do their very own due diligence earlier than taking any actions associated to the talked about firm/product or any of its associates or providers. The writer and Bitcoin.com aren’t accountable, instantly or not directly, for any harm or loss brought about or alleged to be attributable to or in reference to the use of or reliance on any content material, items or providers talked about on this article.  


Photos by way of Shutterstock, and Zigzag.io


Have to calculate your bitcoin holdings? Verify our instruments part.

About Tom Greenly

Check Also

Ukrainian Village Distributes Dividends From Crypto Investment

Featured Regardless of the market stoop, the top of а village council in Ukraine has …

Markets Update: Cryptocurrency Traders Are Still Searching for the Elusive ‘Bottom’

Market Updates Your entire crypto-economy has been meandering simply above $109 billion after the final …