Bitfury Launches Product Suite to Promote Adoption of Bitcoin’s Lightning Network

Siamak Masnavi

Last week, blockchain technology company Bitfury Group ("Bitfury") launched the Peach product suite, a set of tools designed to make Bitcoin's Lightning Network easier to use for both vendors, consumers, and developers. This article focuses on the Peach products aimed at the first two of these three groups of potential users.

 The Peach product suite includes 

  • Peach Wallet: "An open-source, cross-platform and user-friendly bitcoin wallet built for the Lightning Network"
  • Peach Public Node: "Connect your node or personal wallet to our public Lightning Network node for easier and quicker payment channel creation"
  • Peach Commerce: "An easy to use web-based API and e-commerce platform plugin for merchants to use bitcoin as an instant and low-cost payment method"
  • Peach Terminal: "A cashless payments hardware device for vending machines and  point of sale terminals that enables Lightning Network payments."

Bitfury's Medium blog post says that these products were "created and are supported by Bitfury’s Lightning Network engineering and research team, Lightning Peach."

Valery Vavilov, the founder and CEO of Bitfury, had this to say:

“The Lightning Network will enable people to use bitcoin in their everyday lives. By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.”

Pavel Prikhodko, Head of Lightning Peach, told Bitcoin Magazine:

"Merchants want a new payment method if it provides fast and easy transactions that drive new customers. Lightning makes it easier for merchants to accept bitcoin by enabling instant payments and minimal transaction fees. The scalability that the Lightning Network enables is essential if we want more merchants to begin accepting bitcoin payments. The currently missing piece in the ecosystem is a merchant solution that hides all the operational complexity of the network behind a clean, user-friendly, and reliable merchant product that enables a new payment method and drives new business at no extra financial or behavioral cost."

Peach Wallet

Peach Wallet is available in both desktop (Linux, MacOS, and Windows) and mobile form (iOS and Android). It is "a free, cross-platform mobile wallet that enables users to explore and experiment with the Lightning Network," and is "compatible with all existing implementations of the Lightning Network."

Key features:

  • "Send and receive payments within the Lightning Network using payment requests."
  • "Send and receive on-chain payments with regular transactions in the Bitcoin Blockchain."
  • "Create invoices."
  • "Create a custom channel via a Lightning address ID and the host IP of a peer."
  • "Send and receive payments within the Lightning Network via the Lightning ID address book."
  • "Recurring payments for subscription services between Lightning Peach users, which is useful when paying per-second or per-minute charges, such as video or voice calls."

Peach Public Node

Bitfury’s Lightning Peach team says that it is "committed to running a reliable, stable, and well-connected Lightning node to help facilitate easier channel creation between Lightning Network users." The Peach Public Node can be used for both outbound and inbound channels.

Peach Commerce

Peach Commerce is "a suite for both individual merchants as well as the payment processing companies to easily start accepting Lightning Network payments."

Merchants do not need to run their own Lightning node to "accept instant and low-cost bitcoin payments." Using Bitfury's web-based Peach Merchant API, they can "start receiving Lightning Network payments with just a few lines of code." The Peach Merchant Plugin is currently available for the PrestaShop e-commerce platform, and Bitfury is promising that support for Magento and WooCommerce is coming soon.

Peach Terminal

The Peach Terminal offers these benefits to businesses:

  • "Increased sales by offering flexible payment options"
  • "Security and innovation"
  • "Fast transactions"
  • "Small transaction costs"

 

Featured Image Courtesy of Bitfury Group

OKEx Was the Top Crypto Derivatives Exchange in September, Report Shows

Leading cryptocurrency exchange OKEx was the top crypto derivatives exchange in the month of September, trading a total of $90.3 billion in total. Huobi followed suit, trading $84 billion.

According to CryptoCompare’s September 2019 Exchange Review, the crypto trading platform represented 33.7% of the daily derivatives volumes, trading $3.08 billion per day. Behind OKEx was Huobi with $2.82 billion traded a day, followed by BitMEX’s $1.88 billion.

Cryptocurrency exchanges like Deribit and CryptoFacilities, which is FCA-regulated, represented only $334 million and $74 million a day, respectively.

Top derivatives exchangesSource: CryptoCompare Exchange Review

The report notes that the most traded derivatives product by trading volume was BitMEX’s perpetual BTC futures contract, as its total trading volume for the month was of $41.7 billion. Other top traded products were BTC futures contracts expiring on September 27, with Huobi’s contract seeing $23.3 billion traded, while OKEx saw $17.4 billion traded.

OKEx’s lead when it comes to cryptocurrency derivatives was likely derived by its offering. The cryptocurrency exchange has various futures contracts being offered on its website – not just for BTC but for other top cryptocurrencies like BCH, BSV, EOS, XRP, and TRX.

Similarly the cryptocurrency exchange, which earlier this year announced it’s working on developing global compliance standards for cryptocurrency exchanges through a Self-Regulated Organization (SRO), offers perpetual swaps for these cryptos.

As CryptoGlobe reported, CryptoCompare’s report for August found similar results when it came to OKEx. Despite a market-wide drop in terms of derivatives trading volumes, the cryptocurrency exchange managed to capture over one-third of the market in August.

CryptoCompare’s September 2019 Exchange Review also found that lower-rated cryptocurrency exchanges – according to its Exchange Benchmark Ratings – have been gaining market share in terms of spot volumes.

Per the report, exchanges with an “E” rating represented a total trading volume of $179 billion in September, after seeing an increase of over 30% from the prior month. Exchanges like OKEx, which is A-rated, represented a smaller piece of the pie, with only 14.3% of the market share.