Vaultoro Becomes The First Exchange To Implement Bitcoin Lightning Network Payments
Berlin / London, 4 May 2018.
- Traders at Vaultoro can deposit Bitcoins instantly and free
- World’s first exchange to implement Bitcoin Lightning Network
- Next iteration: traders will be able to send take orders without the need of trusting Vaultoro’s hot wallet
A Milestone In Crypto Trading
We are excited to announce that we are the first bitcoin exchange in the world to have developed and released an implementation of the bitcoin lightning network as an instant deposit method. Check out the Lightning Node explorer to see all the nodes that are already connected.
“This first implementation will allow Vaultoro’s users to send Bitcoins instantly, cheaply and privately. Our next goal is to enable people to take orders from the order book directly from their controlled wallet. Vaultoro traders will be able to deposit funds in milliseconds without having to trust our exchange hot wallet if set to instant order. Our goal at Vaultoro has always been to make the exchange radically transparent and now with lightning network, market takers will have no need to trust our hot wallet.”
Vaultoro was the first exchange to back the user activated soft fork effort in May 2017 to help unlock the upgrade stalemate that had unfortunately locked the community into a ridiculous quarrel.
“I believe bitcoin will eventually need to up the block size a little, however, we definitely also needed segregated witness which opens a world of opportunities to the bitcoin protocol including massive scalability, instant payments, almost free transactions, massive privacy boost, smart contracts and more.”
-Joshua Scigala, co-founder Vaultoro.com
How it works?
Try it out is easy. All you need is the Eclair Wallet and a Vaultoro account.
Please note that this feature is still in Beta. Use at your own risk! For that reason the maximum deposit amount is capped to 100 Satoshis per transaction for now.
NOTE: Never send Bitcoin to Vaultoro without generating a payment request first. Anyone can create a node called anything as the names of the Lightning nodes are not unique. There can be multiple nodes with the same name. The Vaultoro Node has the following URI:
Always use the Vaultoro website to generate a lightning charge payment request provided at https://trade.vaultoro.com
- Download the Eclair Wallet (Mainnet) for Android.
- Send some Bitcoin to it and open up a channel by putting some bitcoin into the network with any other connected node (currently only works with ACINQ NODE).
- Once you have a payment channel loaded, log into your Vaultoro account, enable Beta Access in the User Settings.
- In the menu bar, navigate to Lightning Beta.
- Enter an amount in Satoshi you would like to send and Vaultoro’s system generates a QR code.
- Scan the payment request with your Eclair Wallet and boom! Instant, free payments and ready to trade.
![Lightning Beta](/content/images/2018/05/lightningbeta.jpg)![Eclair Screenshots](/content/images/2018/05/eclair-how-to-1.jpg)
With this announcement, Joshua and Philip Scigala have once again made history in the crypto space by making Vaultoro the first exchange to accept payments through the bitcoin mainnet lightning network.