Coingaming Group sees the need for speed

Coingaming Group sees the need for speed

Monday, January 15, 2018 Posted by Craig Davies
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New agreement with Lightning Network announced

The Coingaming Group hopes to see a multitude of benefits, after revealing it has rolled out a Lightning Network closed beta test to a selection of its users.

If successful Lightning Network, “an in-development solution to the bitcoin scalability issue", will be made available across the Sportsbet.io and Bitcasino.io Coingaming brands.

Reio Piller, CTO of the Coingaming Group, has been speaking to TotallyGaming.com addressing the plus points of this latest link up: “We are optimistic our Lightning Network trial will be successful, and we’ll be first-to-market with a revolutionary technology in the space, firmly securing Sportsbet.io and Bitcasino.io at the cutting-edge of the bitcoin betting and gaming industry.

“The beauty of this trial is that it’s unlikely players will notice they’re utilising Lightning, instead they’ll just see near-instantaneous transactions, a seamless user experience and in general, the bitcoin betting experience they expect and deserve.

“In the next few months, the potential for this technology will confirm bitcoin as the go-to cryptocurrency, with customers no longer susceptible to payment lags and operators able to deliver more innovative products and services on the back of it.”

The Lightning Network allows for micropayments to be made between two parties without broadcasting directly to the blockchain, stating a reduction in transaction fees, quicker payment process and considerable increase of privacy as three benefits of such a process.

Participants instead assign bitcoin to a payment channel, and confirm the amount each party can redeem. Either party is able to close the transaction at any time, which then triggers the latest balances to be uploaded to the bitcoin blockchain.

Coingaming states that it hopes to “leverage the greater speed and flexibility this provides to cut confirmation times for payments, while also offering cheaper transaction fees".

Totally Gaming says: Speed has never been more important than in the present day, a statement that could stretch across many sectors worldwide. Utilising this new link up could be of the utmost importance for Coingaming, with it also detailed that it will generate “the best user experience in the process".

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