Last week, the launch of a new cryptocurrency exchange platform Boltz took place without wide publicity. The site is open in alpha mode and offers Bitcoin to Litecoin (LTC) and vice versa using the Lightning Network and Submarine Swaps protocols.
The creators of Boltz also make it clear that the new platform can be considered a competitor to ShapeShift, which, after announcing new rules requiring mandatory availability of verified accounts, has been heavily criticized by the community.
“By creating an account on a custodian exchange like ShapeShift, you give the government and everyone who can access this KYC data not only to know that you have cryptocurrency assets, but also confiscate them during trading. We are creating Boltz with a dream of a more equitable financial world and with the goal of giving users financial sovereignty. Therefore, Boltz never collects data that can identify our users, ”says the Boltz website.
The exchange's blog notes that with the launch of Boltz, developers are also trying to solve the problem of creating incoming liquidity, which Lightning-node operators often face.
Boltz, a trust minimized, account-free exchange of the lightning network. Check out our blog for more info ( https://t.co/0ykR8qqPdx ) or try a swap on https://t.co/ChAqbN1t98
PS: already loops in and out @lightning
– Boltz (@Boltzhq) April 4, 2019
Until recently, merchants starting to use the Lightning Network could manually apply to other members of the network to open up a channel or use services like the Lightning Loop to receive incoming liquidity. Now the list of these options is added to Boltz.
At the same time, the platform uses Submarine Swaps technology, which provides the ability to perform transactions that do not require trust between addresses in the main Bitcoin network and the Lightning Network.
One of the first to test the capabilities of Boltz was the creator of Litecoin Charlie Lee. At the same time, he criticized the recent statement by Mike Novograc, who called Litecoin “the widely publicized test network of the first cryptocurrency” and called on investors to sell LTC.
Litecoin a glorified testnet?
BTC LN makes LTC useless?Can't be more wrong!
High BTC fees? With https://t.co/Q6tfOYkIbb , on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! ?
Fast: ~ 2.5 mins
Cheap: pennies in fees #reckless https://t.co/4NB7VO9dcT– Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2019
“There is nothing more erroneous! High commissions? Simply make a cross-platform Submarine Swap between the main LTC network and Lightning for BTC. Use LTC to replenish your Lightning wallet. Fast: about 2.5 minutes. Cheap: meager commissions, ”wrote Charlie Lee.
Recall that in January 2018, the alpha version of ZigZag was launched – another cryptocurrency exchanger based on the Lightning Network protocol. In September of the same year, ZigZag, which, in addition to BTC and LTC, also supports BCH, DASH and ETH, went into beta testing .
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