Crypto/physical gold exchange Vaultoro announced today that it is the first bitcoin exchange in the world to have developed and released an implementation of the Bitcoin Lightning Network as an instant deposit method.
Vaultoro was the first exchange to offer a bitcoin/physical allocated gold trading pair more than 3 years ago so users would never have to go back to fiat for hedging volatility. Vaultoro prides themselves on transparency through developing their glass books protocol so anyone could independently prove that Vaultoro was always above full reserve, making them the most transparent exchange in the world while keeping clients fully private.
“This first implementation will allow Vaultoro’s users to send bitcoin 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 Lighting Network, market takers will have no need to trust our hot wallet.”
Vaultoro supported the Bitcoin user activated soft fork effort in May 2017 to help unlock the upgrade stalemate that had locked the community into regular disputes.
Scigala added, “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.”
To try it out by following the steps below:
1. Download the Eclair Lightning Wallet on Android.
2. Send some bitcoin to it and open up a channel by putting some bitcoin into the network with any other connected node using auto-connect.
3. Once you have a payment channel loaded, log into your Vaultoro account, Click deposit and select Lighting Payment.
4. Enter an amount you would like to send and Vaultoro’s system generates a QR code.
5. Scan with eclair and boom! Instant, free payment and ready to trade.