By Nathan Ferguson
Kraken – one of the famous American crypto exchanges – reportedly began the implementation of BTC (Bitcoin) Lightning Network for customers sometime after the original plan by the platform. On Wednesday, Mr.Hodl – a Bitcoin maximalist – turned to Twitter to report that the venue has executed the Lightning Network.
In the post, a screenshot presenting the supposed unique withdrawal process for Kraken (through which the customers would be permitted to finalize a withdrawal request made from a Lightning wallet to obtain Bitcoin from the accounts thereof) was attached. The screenshot of the withdrawal notice of Kraken mentions that Lightning Network operates on the peak of the BTC blockchain to allow additional use cases of Bitcoin.
It seems that none among the other customers of Kraken has informed the supposed implementation of BTC Lightning on the venue up till now. Rather, a few consumers from Kraken indicated that the Lightning option is not available to them for the withdrawal of BTC, recommending that the implementation of Lightning should be enhanced within 24 hours for the entirety of the accounts.
The initial reports regarding the Bitcoin Lightning application were witnessed during mid-March, and the crypto proponents suggested the start of implementation according to the data out of Amboss (the explorer of the Lightning Network). On 16th March, an Amboss spokesperson stated that a network gossip, airing the node alias thereof as Kraken with a lightning emoji and octopus, was received by the explorer, disclosing that any node could theoretically alter the alias thereof and play a role of an imposter.
However, the spokesperson added, this is in advance a very big node in capacity at 7 BTC. According to the representative, Kraken has not interacted with them to confirm that the respective node is utilizing their standard verification process of digital signature to authenticate the ownership. Nevertheless, assessing via the limited channel policies, their selection of channel participants as well as the size of the channels and nodes, this seems to be legal.
At present, Kraken’s reported cumulative node alias capacity of Kraken on Lightning is nearly up to 2.8B satoshis (approximately 28 Bitcoin), as per the data shown by Amboss. It was formerly reported that Kraken formally declared a strategy to integrate support for BTC Lightning Network during 2020’s later period, planning 2021 for the respective implementation. Having been released in 2018’s March, the Lightning Network is termed a layer 2-based BTC protocol developed to provide cheaper economic and rapid Bitcoin transactions.