Bitrefill, a crypto startup has launched a new service by the name Thor Turbo which seeks to make it easy for users to set up payment channels on the lightning network. The new platform was demonstrated for the first time today during the Understanding Bitcoin conference that was held in Malta.
Thor Turbo will help users to understand how the lightning network works today. Currently, the process is quite slow as users need to wait for a whole hour before initialising a lightning channel. However, with the new service, users will be able to utilise turbo channels that will make the process of setting up channels for would be transactors smooth.
Thor Turbo Will Allow Bitcoin Transactions To Be Instantaneous
Generally, lightning is quite fast compared to standard Bitcoin transactions. It allows for transactions to be sent instantaneously across the globe. However, before users can take advantage of its speed, they first need to change their bitcoins to lightning which isn’t always a straight forward process.
To do so, it takes six confirmations on the Bitcoin blockchain which roughly translates to 60 minutes in wait time before discovering if the transaction has settled securely and the network has officially accepted it.
Now with the new Thor Turbo app, users will be able to bypass the initial waiting time by opening a “turbo channel” with Bitrefill of any size. Users will be able to pay for the new channels in BTC, ETH, Dash, LTC and Dogecoin. The new service is based on the idea of Martin Habovstiak who is a developer.
It was put into practice by Anton Kumaigorodskiy, another developer in the Bitcoin Lightning Wallet.
John Carvalho who is the CCO of Bitrefill had the following to say about the new service:
“We want to show the world what’s possible with ‘layer 2’ scaling technology. Words can’t do justice to the feeling of using bitcoin instantaneously. Everyone needs to try this, and once they do, they will never go back. This expands the entire paradigm of what’s possible for internet commerce.”
What’s your take on the Thor Turbo a new service that seeks to simplify the process of setting up payment channels on the lightning network? Share your thoughts in the comment section below.