Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
Bitfury strives to tackle one of Bitcoin’s eternal issue, limited scalability, with the brand-new toolkit released to boost the user experience of Bitcoin’s lightning network.
No matter how great is the concept behind seamless Bitcoin payments handled on the immutable blockchain network, it won’t be massively adopted until its major bugs that are hindering user experience would be eliminated. Prominent Bitcoin-related enterprises spur millions of dollars and workforce grappling with the system’s limited scalability and transaction time lags.
With over a decade passed from the first Bitcoin public notion, we have failed to adopt the hefty technology as our primary payment solution. However, this failure was a driving force that helped Bitcoin advocates develop a second layer of Bitcoin’s blockchain aimed to accelerate digital transformation.
Due to its speedy transaction execution and relatively low operational costs, the layer was dubbed Bitcoin Lightning Network. It doesn’t store any records into the blockchain and as a result, provide almost instantaneous confirmations of peer-to-peer transactions.
Bitfury’s Contribution to Lightning Network
At the moment the capacity of Lightning Network to streamline low-cost direct payments on Bitcoin blockchain is still being gauged, however the world’s first private provider of Bitcoin infrastructure, Bitfury is eager to participate into the process.
The company has announced a techy toolset specially designed to enhance the experience of Lightning Network users. The abundant product line includes an open-source lightning wallet and hardware and software tools for merchants and payment processors to accept payments.
It also released developer tools and a public lightning network node called “The Peach” to let bitcoin users open or create payment channels. All the tools that have been launched were developed by Bitfury’s internal development team dedicated to the Lightning Network.
Speaking of the Bitfury’s vast initiative, the company CEO Valery Vavilov cited the mainstream Bitcoin adoption as an impetus for the team efforts. He continued saying: “By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.”
It is clear that such an impressive corporate mission cannot be fulfilled without decent team members. Therefore Bitfury enrols only the best-qualified personnel to fight for Bitcoin bright future.
The other day, Bitfury announced that Marina Khaustova, a former chief marketing officer and co-founder of Element Capital Group, will add her expertise to Bitfury’s Crystal Blockchain as CEO. On the other hand, Chris Dickson, who served Panaya, an Israeli software firm for several years, is now the head of software sales at Bitfury. Both are newly created positions, underscoring the increasing importance of diversified software offerings to Bitfury, which started in 2012 as a Bitcoin mining operation.
Commenting on the new hires, the chief communications officer at Bitfury, John Mercurio reiterated that there has been significant interest in the firm’s software offerings in the past year, making it highly essential for Bitfury to hire experienced hands to take the business to the next level.