The Coingaming Group, the company behind leading bitcoin-led igaming brands Bitcasino.io and Sportsbet.io, says it set to test the Lightning Network with a selection of its users.
The Lightning Network is a well-followed development in the cryptocurrency space, which aims to deal with the scalability issues that have more recently started to plague bitcoin.
The added layer allows for micropayments to be made between two parties without broadcasting directly to the blockchain, which avoids high transaction fees, and slow transfers times currently associated with bitcoin – thus solving its scalability issues.
Instead of going through the bitcoin blockchain for each transaction, participants instead assign bitcoin to a payment channel, and then confirm the amount each party can redeem. Either party can close the transaction at any time, which would then trigger the latest balances to be uploaded to the bitcoin blockchain.
Coingaming said it hopes to leverage the greater speed and flexibility to cut confirmation times for payments, while also offering cheaper transaction fees.
In keeping with the Group’s focus on the customer, a successful beta test will see the solution rolled out across its Sportsbet.io and Bitcasino.io brands, to ensure transactions remain the fastest in the industry and the user experience the best it can be.
Reio Piller, CTO of the Coingaming Group, said: “The Lightning Network is a potential solution that could revolutionise bitcoin as a payments platform. This trial will pave the way for a roll out very soon as we cement our position as the leading bitcoin operator.
“The Coingaming Group have been industry pioneers since founding, with the purpose of providing our customers with the most functional and expansive offering, generating the best user experience in the process.
“We expect the Lightning Network to be a key part of bitcoin-led iGaming companies in the near future, and we’re proud to be the first operator bringing its massive potential to the market.”