BitUN defines Lightning Network 2.0 – the universal protocol for value transfer that crosses Blockchain networks of different structures by establishing cryptocurrency liquidation and settlement network that resolves the hard problem to perform asset management and circulation on many Blockchain networks securely and conveniently. As Bitcoin, Ethereum and other Blockchain networks apply different network protocols, it’s hard to establish a channel for the lightning network between Blockchain networks of different structures. According to the BitUN developers, Lightning Network 2.0 is a protocol that can securely transfer Bitcoin and other cryptocurrencies from the main chain of Bitcoin to other Blockchains and can securely return them to the main chain of Bitcoin.
“No confirmation from main chain is required when a user’s in Lightning Network changes and cross-chain assets exchange and they are only recorded on BitUN’s Blockchain network and such records can be queried through the Blockchain browser. Only when a user requests to deposit or withdraw BTC it will be written in Bitcoin’s main chain (original chain) block. Therefore, all operations that the user performs through Lightning Network can achieve millisecond speed and Blockchain level security. At the same time, the transaction charge can be reduced to zero due to the automatic execution of Lightning Network through Smart Contract”, said an executive.
According to the executive, Lightning Network 2.0 can be applied widely due to such characteristics as cross-chain, security, high efficiency, and zero service fees. “It’s widely known that currency deposit from the exchanges to wallet or other addresses not only requires a great deal of service fees but also needs quite a long time to be received due to block size limits, network congestion and other reasons, which often brings additional losses to the users. There are the same problems with the currency transfer from wallet to exchanges or other addresses.”
As for common wallets and exchanges, not only do the user needs to register and save different accounts, but also the whole process may take a few minutes or even dozens of minutes and the user needs to bear high service charge at the same time. However, with Lightning Network 2.0, only one account and a very short time are required. In addition, just like it happens in the stock trading market, users can transfer the currency in the wallet to the exchange in the blink of an eye to make transactions quickly following the market trend. Furthermore, no service fee is required for the whole process.
The CEO and managing director of BitUN said that with the deployment of Lightning Network 2.0, users can participate now in high-quality Blockchain projects and market movements faster and safer and will never miss good opportunities due to slow currency deposit. Up until now, BitUN has reached collaboration with dozens of exchanges around the world to create a better Lightning Network 2.0 ecology together. At the end of March 2018, BitUN is about to sign a strategic cooperation agreement with an exchange in Hong Kong to complete the deployment of Lightning Network 2.0, the CEO informed the press.
“Lightning Network 2.0 can also achieve secure and fast decentralized OTC transactions. Essentially, OTC is a currency-to-currency transaction and the buyer pays the cryptocurrency accepted by the seller to complete the transaction. At present, both parties of OTC work through a centralized system and the centralized system restrains both parties. Because of the lack of sufficient trust between strangers, centralized OTC transactions have to face many complaints”, he stated.
“On BitUN, which is established on Lightning Network 2.0, when the buyer and the seller reach a transaction intention, any one party can initiate an OTC transaction contract through BitUN’s Lightning Network to lock the money into the contract and send it to the counterparty after receiving the contract. On the other hand, the counterparty can lock the tokens that it needs to pay in the contract; the transaction is immediately reached when the tokens that both party need to pay are locked. OTC transaction can be completed securely and quickly without the restrictions of earnest money and other centralized conditions and the trust in the counterparty. Lightning Network 2.0 also has a cross-chain feature and can almost support all currencies on the market”, he added.
About the Company
BitUN based on Lightning Network 2.0 is dedicated to building Lightning Network 2.0 into an open protocol of the sector, establishing the world’s largest cross-chain cryptocurrency transfer and liquidation ecosystem with the enterprises in the sector and the community, and promoting faster, safer and more convenient transfer of assets over all chains.