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Our objective has always been to enable as many people as possible to transact with one another online. To realize this objective, we created CoinMall — a digital marketplace on which anyone can buy and sell digital products for cryptocurrencies — and, more recently, CoinTippy — a multi-platform social tipping bot. Both of these services required the ability to reliably process micro-payments in a timely manner.
In the past, we felt that there was a missing factor which we required to make the process of earning and spending crypto frictionless and therefore better suited for mainstream adoption. We started experimenting with various other cryptocurrencies aside from Bitcoin (altcoins) such as Litecoin and ZCash, however quickly came to understand that the only relevant cryptocurrency to a common Internet user was (and will always be) Bitcoin. Offering numerous altcoins as a payment option only adds to the confusion for new users and adds more friction to the process.
At present, we’re seeing a massive increase in Lightning Network adoption, with many services experimenting with the LN testnet and a number of services even offering (albeit #reckless) the ability to make payments on LN mainnet. Here at CoinMall, we firmly believe that the Lightning Network is the one missing ingredient we require. This is due to its instant transaction processing, lower fees and improved scalability, instantly making our micropayment use-cases a reality.
Starting today, we’re happy to introduce the ability to deposit funds on CoinMall as well as CoinTippy through the mainnet Lightning Network. Please do note that this implementation is more of a PoC than anything, and we highly advise all interested parties to learn about the Lightning Network on the testnet. There are many unknown (and known) bugs which will probably cause you to lose your funds. If you really want to be reckless, send a DM to @cointippy on Reddit, Telegram or Twitter with the text “Deposit BTC 1000" (where 1000 is the amount of Satoshis you want to deposit).
In the coming period, when the Lightning Network officially hits mainnet, you can rest assured that we’ll be at the forefront and ready to bring Bitcoin, the Lightning Network and micropayments to the masses. In the meantime, we’ll be diligently working towards perfecting our products and contributing to the Lightning Network wherever possible. If you feel like you could contribute to our efforts, have feedback, or want to talk about something else, then feel free to send us a message at email@example.com