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Bitcoin Lightning network Pilot Launched for 100 Merchants by CoinGate

Crypto payment service CoinGate Launched a pilot program for one hundred merchants in a test program for the company’s Bitcoin Lightning Network variant.

Lightning Network is a second layer scaling solution for the Bitcoin network, that keeps a majority of transactions off-chain.

CTO of CoinGate, Rytis Bieliauskas said that their pilot program allows them to be the first ones to test the Lightning Network in real life, and gather valuable experience on how the technology works and can be improved.

He goes on to say that LN technology is even less user friendly than conventional blockchain payments, and will thus take 1-2 additional years for consumers to truly adopt it.

A study released in June found that the Lightning Network may have low reliability in successfully routing payments to the correct wallets.

CoinGate states that they will be covering any costs incurred in the event that funds are lost.

In short, CoinGate is leaping forward to test Bitcoin’s long-awaited, highly controversial scaling solution. Whether the Lightning Network will be successful is to be determined, but we are always ecstatic to see companies unafraid to venture into the unknown to create world changing technology.