Developments

Payment platform Fold adds support for Lightning

The Lightning speed in payments

According to recent reports the Foldapp platform, which is a platform that enables users of bitcoin to spend their BTC’s at various retail stores in the U.S., with lightning network.

Bitcoins second layer solution was also added by Starbucks, which makes it now possible to pay with bitcoin fast and cheap at these stores.

The platform has integrated the power of the Lightning Network, which allows them to pay in satoshi’s instantaneously, with zero fees at retailers. These retailers also include Target, Southwest Airlines, Uber and Whole Foods. According to a few statements from the Fold team:

“While Lightning revolutionises the payments experience, you can still expect the same exciting feature that makes Fold unique: no KYC, no hidden markups, no altcoins and entirely non-custodial. Fold preserves the way Bitcoin is meant to be used.”

The exciting features of the integration

The team has said that all users of the platform will be able to make payments via the Lightning Network on the Foldapp, through simply choosing the exact retailers they would like to pay. The supported merchants will be listed in app and will be payable through the lightning wallet. There will also be an option to pay in-store through the use of a barcode or online through an alphanumeric code.

Bitcoin remains the best way to make payments, while preserving users privacy, resisting censorship and borders. As the Fold team declared:

“Against that backdrop, we build products that make spending bitcoin a no-brainer, making it as easy to use, rewarding and widely accepted as a credit card.”

The Fold team has also said that it has added other features to the platform. Which includes a list of participating retailers, new way of earning satoshi’s, along with user rewards and wallet integrations with partnering companies.

The Lightning Network whitepaper was launched back in 2016, and further developed into Lightning Labs. This is one of the most significant upgrades of the bitcoin protocol, and it has gained a lot of traction over the years. The Lightning Network brings “money streaming” to life, moving money into smaller amounts and takes away the need for transactional fees. The developments that can be achieve with the Lightning Network is truly astonishing and is very similar to Ethereum’s Raiden network.

The network is still in its infancy, but the ease of use of the network to make, machine-to-machine payments, micro-payments, streamlined payments and timed transactions without the need for human interaction, will show the true power of decentralised money.

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coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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