Lightning Network comes to Exodus to streamline Bitcoin transactions : btc

Lightning Network comes to Exodus to streamline Bitcoin transactions : btc

 

Exodus, a well-known platform with support for multi-cryptocurrency wallets, recently announced the integration of the Lightning Network (LN) to its services to send and receive micropayments with Bitcoin.

Currently, the LN wallet is only available for the mobile version of Exodus, that is, for iOS and Android devices. However, despite the fact that the platform’s website does not comment on this, it is expected that later, bitcoins can be sent via the Lightning Network through its PC application.

The LN wallet may not appear immediately when accessing Exodus. In this case, it should be enabled through the menu, in the configuration section.

One of the most admired features of the Lightning Network is the low cost of its transaction fees. Being processed outside of the main Bitcoin blockchain , it is much faster and cheaper to send BTC this way. In this sense, apart from the commission that the Lightning network may charge, Exodus charges 0.3% for any type of transactions, be they operations between LN wallets, deposits or withdrawals. Although, the latter adds an extra commission of around 5,000 satoshis.

If a user interested in using LN already has a bitcoin wallet on Exodus, they can send funds from their BTC wallet to the Lightning network. It is also possible to do the opposite, that is, send funds from the LN wallet to the bitcoin wallet, as long as you are aware of the commissions that this implies.

The collaboration between Exodus and Wallet of Satoshi

The Lightning Network wallet that Exodus offers to its users is the product of an alliance with the Wallet of Satoshi (WOS) team. This platform is itself an LN wallet, but it provides services to other sites that want to have its application.

It should be noted that the Wallet of Satoshi portfolio is custodial. This means that the satoshis that a user has are not entirely in their power, as would the money that they have in the main Bitcoin network; rather, there are third parties that safeguard the funds stored in the wallet.

Exodus joins many other platforms that send bitcoin with Lightning Network

The Lightning Network has already been deployed to a number of platforms that work with Bitcoin. On the one hand, there are wallets that work only with Bitcoin through LN, such as: Wallet of Satoshi, Bluewallet and Phoenix. On the other, those that also allow BTC transfers on the main network, such as: Bitcoin Lightning Wallet (BLW), Electrum, Eclair and Munn (developed by Argentines). Finally, exchanges, payment platforms and wallets for multiple crypto assets, such as: Exodus (the most recent in this list), Paxful , OKEx, Decred and BTCPay.

The growth of the Lightning network from its inception to now, both in terms of implementation and technological development, has been outstanding. Although compared to the potential of this tool, its scope has been little so far. However, LN has maintained a constant and increasingly firm step towards normalizing its daily use.

One of the events that mostly drove the use of the Lightning Network this year, and that we covered in Crypto news, was the adoption of Bitcoin as legal tender in El Salvador. In towns like El Zonte, there are projects like Bitcoin Beach, which has helped every citizen get used to the use of Bitcoin and LN wallets.

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