May 21, 2022

Node Infrastructure Provider BlockSpaces Adds Lightning Network Support for Bitcoin » CryptoNinjas

BlockSpaces, a blockchain node infrastructure provider, has announced that it will soon launch its Lightning Connect; a simplified, non-custodial solution for managing Lightning Network nodes designed to enable fast and inexpensive bitcoin (BTC)-based payment processing.

The Lightning Network is a layer two protocol that locks transactions into off-chain smart contracts through a mechanism called “channels” that are tied to on-chain bitcoin transactions.

As such, the protocol maintains Bitcoin’s security while enabling faster transactions.

With this addition, BlockSpaces continues to expand its infrastructure which currently supports over 10,000 blockchain nodes across the globe.

Management with the BlockSpaces platform

Lightning Connect will add self-provisioning and management of Lightning nodes for businesses to simplify using the network while maintaining full ownership and control of their funds.

Users can manage their node through the BlockSpaces interface where bitcoin balances, recent bills (through BTCPay app integration), and an overview of channels and liquidity will be displayed.

A wide variety of apps are available through the Lightning Connect app directory

“We are very excited to announce our enterprise-grade Lightning Nodes. It’s been a while since I’ve been interested and watched the development of the Lightning Network progress for years.
– Gabe Higgins, co-founder and chief blockchain officer of BlockSpaces

BlockSpaces will be a leading Lightning Service Provider (LSP), offering “super channels”.

Those looking to use Lightning no longer have to manually manage nodes or channels and can now take advantage of automatic balancing, receiving and sending specified amounts that scale with channel activity.

Lightning Connect provides users with fully managed infrastructure and operations to manage liquidity while reducing capital and resource requirements to run Lightning nodes.

Lightning Connect is an access ramp to the Lightning Network

The Lightning Network improves Bitcoin’s scalability in key areas:

  • Fast Transactions – Transactions can be settled instantly. Native internet speeds.
  • Low transaction fees – Fees are tiny compared to Lightning. Less than a penny.
  • High throughput – Lightning can handle tens of millions of transactions per second.
  • Security and privacy – Since the transactions are off-chain, it is difficult to trace payments on the network.

Recently, BlockSpaces closed a $6 million funding round to accelerate development and accelerate growth.