Binance Plans to Integrate Lightning Network

On May 31, Binance CEO Changpeng Zhao spent an hour on the Twitter Spaces platform where answered to questions from the audience. He was asked when Binance will implement the Lightning Network on its exchanges. Here is what CZ said:

“We use a secure wallet infrastructure where addresses are pre-generated in a separate secure environment and public keys are then migrated to a production environment that is different from the wallet environment.”

CZ also said that pre-generation of addresses is not possible in the Lightning Network. And in order to do this, you need to change something in terms of security. The team is already working on it, however it is not easy to install and use the wallet. Behind the scenes, there is a significant amount of security that the team is worried about. They pay special attention to the development of various solutions, as they have significant experience in the field of Lightning Network.

“We may first consider allowing transactions using the Lightning network for small amounts. While I don’t have a specific date, our team is looking into the matter carefully. In the end, I believe that every exchange will need to support the Lightning network. The sooner we do this, the better. Users will then be able to reap benefits such as lower costs by speeding up transactions. This will be a valuable innovation in the future, especially for the Binance Pay payment system and various wallets,” Zhao said.

Source: Cryptocurrency

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