The first tether transfer was made on the Lightning network; A historic start for Bitcoin
Synonym, a subsidiary of Tetra, a well-known Stabil Coin supplier company, successfully completed the first transfer of the Tetra Token (USDT) over the Bitcoin Lightning Network by the middle of last week. This experimental transfer is a very positive move to prove the capabilities of Bitcoin and the Latinization network to transfer different tokens in the fastest time and at the lowest possible cost.
To Report Bitcoin Magazine, China Blockchain Bitcoin is a decentralized and unchanging network, and Lightning is a payment protocol to make Bitcoin more scalable. The Synonym Institute, which conducted the historic transaction, says the addition of various tokens to the Lightning network could boost innovation in the bitcoin ecosystem, as new assets could be released using the features of this second-tier Chinese blockchain solution. In addition, future tokens to be offered on the Bitcoin Lightning Network will benefit from the protocol’s high speed and low fee, and users will have a better experience using China-based blockchain payment systems.
John Carvalho, CEO of the Synonym Institute, said two days ago when asked why “instead of using centralized databases and servers, one should choose the Lightning network to offer a token,” “Centralized databases, unlike bitcoin, “They do not provide users with digital tools that can be used to prove ownership of an asset.” Carvalho said their company encourages users and developers to introduce new technologies and alternatives, and that the Synonym Institute will ultimately choose the best way to transfer Teter to the bitcoin ecosystem.
Also read: What is Bitcoin Lightning Network and how to use it + video
Synonymy’s recent move uses Omni Layer, a bitcoin-based decentralized protocol, and the OmniBOLT platform. Omni Bolt is a Chinese blockchain solution that can be used to circulate the assets offered in Omni Lear in the Lightning network.
According to the CEO of the Synonym Institute, Omni-based transactions are actually bitcoin transactions that are associated with metadata; This means that this method, unlike other protocols, does not require a separate blockchain.
The possibility of transferring Teter using Lightning network is not yet available to the public. Paolo Ardoino, Teter’s director of technology development, said there was still a lot of work to be done to develop Omni Lear and Omni Bolt to say that another Lightning network was ready for the launch of various digital currencies.
In the coming months, Synonym will launch its wallet in the form of a mobile app and browser plug-in that will also support Lightning-based tokens and the Slashtags protocol. SlashTags is also a program of the Synonym Institute, which, like Omni Bolt, has a bitcoin and Lightning-based design. In addition, another of the company’s products, called Blocktank, is expected to help provide the necessary liquidity for the Lightning network.