THELOGICALINDIAN - Storj the blockchain based decentralized billow accumulator casework provider has abutting armament with Counterparty a Bitcoin blockchain based acute arrangement accoutrement provider to actualize a new payments approach technology The technology developed by Storj is currently in the affidavit of abstraction date and it will be acclimated for enabling payments on the Counterparty arrangement application Counterparty tokens
Storj’s concept payments technology is congenital to abutment the new Lightning Network. Recently enabled on the Bitcoin Core, the Lightning Network is advised befitting Bitcoin network’s scalability in mind. The Lightning Network is an ideal band-aid to action again affairs amid two parties after accepting to almanac anniversary transaction on the bitcoin blockchain, appropriately abbreviation the miner fees and processing time.
Lightning Arrangement is a band over the primary Bitcoin agreement that allows two bodies to actualize a defended channel, kept accessible for a specific duration. As continued as the approach is open, the parties can conduct absolute burning affairs amid anniversary other. Irrespective of the cardinal of affairs conducted amid the participants, the arrangement will actualize alone two transaction annal on the blockchain, one during the admission of the payments approach and addition aloft abortion of the channel.
The Storj’s payments technology currently supports unidirectional transaction of crypto-assets like SJCX and others. It will accommodate bidirectional transaction abutment in the advancing days. While talking about the Stroj’s new project, the CEO Shawn Wilkinson says,
“Payment channels acquiesce for instant, ‘streaming’ payments of SJCX, which is a Counterparty token, in barter for accumulator amplitude on our network.”
The accomplishing of Storj’s payments technology will additionally mark the acknowledged acceptance of a bidirectional micropayments adjustment for Bitcoin and Counterparty assets, which has been allotment of the Counterparty development roadmap for a continued time now. Counterparty’s advance developer Ruben De Vries had this to say about it –
“We’re aflame about this development, and acknowledge the action Storj took here. This is a huge footfall advanced that will absolutely acquiesce for rapid, about bland Counterparty badge payments, as able-bodied as closing use of Counterparty tokens on the Lightning Network.”
Storj’s new payments technology is accepted to access the beta testing appearance after in the third division of this year.
Other Bitcoin companies like 21 Inc. and Blockchain are additionally alive on payments technology based on Lightning Network. The Blockchain Thunder Network created by Blockchain is additionally currently in the alpha date and accessible to be implemented already the acceptance of Lightning Network on Bitcoin Core catches up.
