Lightning Network comes to Bitnovo! What does our CEO think?

lightning network llega a bitnovo Bitnovo
7 min read

We are proud to announce that Bitnovo now has its own Lightning Network node! powered by our incredibly talented innovation and development team.

And of course, how can we not flatter them in such a way, if thanks to them Bitnovo becomes one of the first companies in the world to have its own active node!

Why did we do it?

    • Firstly, because as a company we have a great commitment to the crypto community and its growth. And this helps to enhance the capabilities of the Lightning network and contribute to more users experiencing this technology.
    • Secondly, because this development will allow our users to make instantaneous and zero-commission network transactions on our platform.
    • And thirdly, simply because we love to be up to date.

For those who don’t know yet, Lightning works as a second layer on top of the Bitcoin blockchain and is designed to allow transactions to be executed in the blink of an eye and to make transaction fees literally insignificant.

This is done by creating payment channels between users outside the blockchain (with total security) and whose final amount is reflected in the original blockchain (onchain). This allows for infinite scalability of the Bitcoin network by not having to record all transactions in the blockchain.

lightning network bitnovo Bitnovo

Transactions in the block chain vs. transactions outside the block chain, thanks to Lightning Network 

The launch of our own LN node, aims to promote the growth of the Lightning Network, encourage the crypto industry to adopt this technology and allow our users to exchange Bitcoin for other crypto currencies or FIAT incredibly faster and without network fees.

To understand the magnitude of this innovative development, we talked with Bitnovo’s CEO and Founder, Marcos Muñoz.

– Why is it important for Bitnovo to have its own Lightning node?

Our goal is to provide the best service available to our users, who are the ones we work for every day, and to do so, we must be leaders in the application of new technologies. What better way to remain at the forefront than to offer them the possibility of opening payment channels with us, through which they can make instant payments with bitcoin at practically no cost and maintaining the privacy of their data compared to other nodes.

– How important is LN to Bitcoin?

This is a crucial development. Public blockchairs like Bitcoin have always been blamed for not being able to be robust, decentralized and scalable at the same time. Bitcoin has been demonstrating its robustness and decentralization for almost 12 years, but it lacked growth at the transactional level. LN will allow you to achieve the desired scalability by processing thousands of transactions immediately, without waiting and practically for free.

– Do you think we will see a greater adoption of this technology in the future?

Absolutely. This exponential increase in the number of transactions processed per second will make bitcoin more usable, making it an everyday payment method.

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Curve showing the increase of the total value stored in the Lightning Network.

– When do you think Bitcoin will finally be used as a payment method?

As for the time frame, it is difficult to make predictions. The Internet started slowly and then it was a boom. We have experienced something similar with the passage from cell phones to smartphones. I can’t give you a deadline, but I think the take-off is much closer than we think.

“Spain is an incredible reservoir of talent, but it is necessary to create the right environment to retain them and not to leave or take them away because they find a more favorable environment outside.”

– Do you think it is important that other companies in the sector join this initiative to promote the use of Lightning Network?

Of course we do. We are among the first, but it is necessary for others to follow and do the same. It will be an excellent sign for the market as many more of us are competing, because we will be making the sector grow and mature.

-What other R+D+I advances (research, development and innovation) is Bitnovo currently working on?

Among other novelties, we are going to launch a TPV so that any store can accept cryptos as a means of payment and receive euros without volatility, in which of course payments with Lightning Network will be integrated.

– How do you see the Spanish crypto market in terms of technological developments, innovation and creativity?

Spain is an incredible reservoir of talent, perhaps more in quality than in quantity, although it is very positive to see that the sector does not stop growing year after year. There are great ideas and projects underway, but it is necessary to create the right environment to retain them and not let them leave or take them away because they find a more favorable environment outside.

– What points should I improve in Spain if I want to be a crypto power?

Two fundamental aspects: education and regulation. It is necessary to educate not only in the new technologies, but in the key concepts on which they are based. We live in a society in which the objective is to train to look for a job and earn money, but we don’t study what money is, so it’s very difficult to explain why Bitcoin is the best money.

But for Spain to be a reference in crypto, the most important thing is regulation. It is essential to have an adequate regulatory framework, which promotes entrepreneurship, transmits security and attracts investment. Without this, not only will no investors come, but talent and entrepreneurship will sadly continue to emigrate.

If you want to know more about how LN works, see our article: What is Lightning Network?

You can also find a step-by-step guide on how to interact with the Bitnovo node explained by our blockchain engineer, José Molina.

If you already know how to do it, you can check the information of our node in this link and open a channel so we can interact directly without routing problems. This way you will be able to send payments as big as you want in thousandths of seconds and with zero network commissions.