- The Lightning Network has seen substantial growth during 2021, some of which is attributed to El Salvador’s adoption of BTC as legal tender
- LQwD launched its lqwd.tech platform November 17, while simultaneously deploying Bitcoin to ensure platform liquidity
- Companies leveraging LQwD’s Lightning Network nodes will be able to monitor, deploy, and manage these nodes with no-to-low levels of technical expertise
One of the biggest problems described by users of the bitcoin blockchain is the slow transaction speed, right along with the fees associated with the transaction itself. The innovative Lightning Network was designed as a solution to these issues. The network is a layer 2 payment protocol that uses micropayment channels that promise faster transaction times and lower associated costs. The use of the Lighting Network helps decongest the blockchain and facilitate Bitcoin transactions. This concept was originally proposed in 2015 by Joseph Poon and Thaddeus Dryja and has been in development since.
In 2021, the Lightning Network hit several all-time highs, denoting the network’s growing popularity and supporting its expansion. Some of the network’s growth can be attributed to El Salvador’s adoption of Bitcoin as legal tender. At an overall total of 3,255, there is now a record number of bitcoins (“BTC”) in the network. In just one month, approximately 834 BTC has been added to the Lightning Network, and the number is expected to grow even more in the upcoming months (https://ccw.fm/CU5J1).
Dedicated to enabling easier access to the Lightning Network, and driving bitcoin adoption through an enterprise-grade infrastructure, financial technology company LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF) recently launched a Lightning Network platform-as-a-service (“PaaS”) offering that allows users to send and receive payments instantly, securely, and inexpensively worldwide.
LQwD’s opportunity promises:
- Bitcoin Exposure: LQwD is already securing a substantial position regarding Bitcoin. With increased global adoption, fixed supply, built-in deflation properties, and expanded utility in payments through the Lightning Network, the value of the virtual currency is expected to grow into the next decade.
- Lightning Network: The use of the Lightning Network is being facilitated by LQwD’s PaaS, which supports the growth and usage of the network by establishing payment channels across the network’s ecosystem.
- Rapid Growth Industry: Globally, virtual money is becoming revolutionary. The reinvention of currency and the finance industry is happening right before our very eyes while giving users control of their money. Users can use the LQwD platform to send, receive, earn, and conduct transactions 24 hours daily with low associated costs.
LQwD’s platform, lqwd.tech, was launched on November 17. Simultaneously, the company deployed a portion of its own Bitcoin holdings to procure additional nodes and provide liquidity for the newly released platform. Companies leveraging LQwD’s Lightning Network nodes will be able to monitor, deploy, and manage these nodes with no-to-low levels of technical expertise.
LQwD believes that the Lightning Network will be a force of global change and the premier monetary exchange network of the future. “The Lightning Network is an extremely dynamic new global monetary network that’s growing exponentially, and we’re excited and fortunate to be a solutions provider in the space,” Albert Szmigielski, Chief Technology Officer for LQwD, stated (https://ccw.fm/GjRG5). “Developing countries such as El Salvador are using and seeing significant adoption, and one of the world’s largest social media platforms – Twitter – is making global tipping on the Lightning Network mainstream with its tipping feature called Tips. Needless to say, we’re looking forward to becoming a major contributor to (and supporter of) Bitcoin’s scaling layer – the Lightning Network.”
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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