The Lightning network has been available for years, but at least for the most part, the Bitcoin exchanges still need to join the party.. Bitfinex is the most notable exception to this rule, as Lightning Network was added last December.
During her appearance at the Kraken Block Drop VR Halving Party on Sunday was the CEO of Lightning Labs, Elizabeth Stark, explained why the vast majority of exchanges did not implement this payment method for faster and cheaper Bitcoin transfers.
“”The Bitfinex started [el soporte para la Lightning] December was a very exciting step for me“Said Stark.”It was the first major exchange to do this. There were also a number of smaller exchanges that started supporting Lightning, and they were pioneers. “
Exchanges require a larger transaction capacity
According to Stark, the basic problem with the Lightning Network is when it comes to acceptance by exchanges For security reasons, it is reduced to the channel and transaction limits that were initially imposed on the second-tier payment network.
“For me, this is the key to the adoption part of the exchanges, because if you can only have $ 1,500 per channel, it turns out it’s not a lot when it comes to exchanges,” said Stark, a balance that naturally occurs got to. We don’t want people to have massive channels while Lightning is still in its infancy. “
Even walletthat gives consumers discounts on their Amazon purchases when they pay in Bitcoin, He recently cited the relatively low limit on the amount of money that can be sent over the Lightning network as a reason why they haven’t decided to work with her yet..
Wumbo channels fix this
Ultimately, increasing the standard capacity of the Lightning Network nodes will be possible through an extension known as Wumbo channels.. The feature’s name is based on a reference to an episode of Sponge Bob Square Pants, in which Patricio uses the word “wumbo” to refer to “very large.”
When Wumbo channels are activated, LND users canThis is the Lightning implementation managed by Lightning Labs. You can lift past restrictions on the amount of Bitcoin they can store and send through their Lightning network node. According to Stark The opt-in nature of this functionality is important to ensure that the average user doesn’t accidentally open an extremely large channel or send a jumbo-sized payment through Lightning.
Although Wumbo channels are not currently available on LND, this has not prevented some users from activating the feature themselves. Also The feature has already been added to at least one other implementation of the Lightning node software. Channel limits are not a consensus-based rule, meaning users can choose their own limits with a little extra work.
“Welcome to Bitcoin,” Stark said. “You can’t tell people what to do.”
According to Stark Lightning Labs expects support for Wumbo to be added in an official LND post later this year., but Bitcoin companies Bitfinex, Bitrefill and Fold have already activated the wumbo channels on their nodes:
“Wumbo can be activated [en LND] at any time. From a code perspective, it’s trivial … But we want a security mindset. We want to be in a place where we feel comfortable with people who don’t [pierde dinero]. “
In September A critical vulnerability has been identified in Lightning deployments that could result in the loss of user resources.
According to Stark Various exchanges such as Bitstamp are currently experimenting with the Lightning network run their own nodes.
“It’s something that people know, before they make full deposits and withdrawals, they can jump, try technology, get in touch with the community, and all of that,” said Stark.