Bitlum launched Lightning Network exchange alpha version

According to the developers, ZigZag will provide 10-second operations for the exchange of assets without the need to register
12 January 2018   835

The developers of Bitlum reported the launch of the alpha version of ZigZag, a crypto exchange based on the Lightning Network protocol. As the project team promises, ZigZag will provide 10-second operations for the exchange of assets without the need for registration, while the use of payment channels will avoid high transaction fees.

The vision of the company is to provide a gradual transition from the model of centralized exchanges to decentralized solutions. This model is designed to meet the growing demand and solve user problems, which often face problems when exchanging crypto assets.

Bitlum plans to split its strategy into several stages. At the first stage, the team will focus on solving the problems of high commissions and long time confirmation of transactions. Also work will be done to integrate LN-purses, increase the user base of nodes, increase security and overall stability of the service.

At this stage, the company notes, users will have to trust it as a third party when transferring funds to recipient addresses. Bitlum intends to eliminate this mediation as soon as atomic exchanges between assets are available.

The second phase of the platform development assumes that ZigZag will become a full-fledged provider of payment channels of the Lightning Network. Also at this stage, it is expected to develop internal tools for managing funds in the payment channels.

In addition, ZigZag will offer external investors the opportunity to earn money by depositing their funds in payment channels and partially solving the problem of the bandwidth of the channels.

At the third stage, the Bitlum team expects that a sufficient number of payment channels and tools to connect to the platform to manage these channels will allow it to concentrate on experiments with atomic swaps and eliminate the need to act as a third-party trust.

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   34

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.