A Japanese team-up sparks payment innovation

E-vehicle drivers may soon be able to pay with digital currencies for charging the car
13 March 2018   334

One of the largest power providers in Japan, Chubu Electric Power Co. has announced today the launch of a proof-of-concept of a novel protocol. The idea behind the protocol is to cut costs for bitcoin users with Lightning platform. The PoC lets a customer with an e-vehicle to pay for charging their means of transport using Lightning network. The provider already posted a demo video of how a Lightning payment is sent to an e-vehicle charger with the latter turning on upon the payment reception and starting the charge-up.

The test is part of the company's "market research" into how bitcoin could power its IoT needs though it [company] doesn't yet have any official plans to accept Lightning payments from customers. Since the electricity charge is small, [Lightning's] necessary to reduce the fees for using public blockchains.

 

Hidehiro Ichikawa

Senior manager, Chubu Electric Power Co.

The electric company partnered with a local Bitcoin and IoT startup Nayuta. The startup specializes in Lightning network payments. The demo test was conducted on a closed test network with dummy bitcoins, and it was a success. Nayuta representative suggested such payments be established at ordinary parking lots so that users can use Lightning bitcoin payments to charge their car. Currently, Nayuta is occupied with making sure its software is compatible with Lightning Network other 3 implementations.

This test is a signal of something larger - an enterprise interest in using bitcoin to deliver IoT payments in a cost-effective manner with Lightning. For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution.

 

Kenichi Kurimoto

CEO, Nayuta

Vaultoro Exchange Implements Lightning Network

Vaultoro is implementing Lightning Network as an instant deposit method
04 May 2018   170

Vaultoro is a cryptocurrency exchange which offers such pairs as crypto and gold, and the gold is stored in a high security vaulting facility operated by ProAurum Switzerland, the largest precious metals dealer in Europe. Basically, Vaultoro is a way to buy and sell physical allocated gold and spend it anywhere Bitcoin is accepted.

Vaultoro has recently announced that it is implementing Lightning Network as an instant deposit method. Vaultoro CEO Joshua Scigala stated that Lightning is a technology that makes Bitcoins so fast that if you want to buy an order out of Vaultoro’s order book, you can hold Bitcoins in a wallet on your phone, set the order on Vaultoro, get a QR code and send the bitcoins through the Lightning Network, directly purchasing the order.

The Lightning Network takes bitcoin mainstream in terms of speed, privacy and utility. It’s the icing on this evolutionary cake and it’s beautiful to watch unfold. I’m super proud to make Vaultoro a little part of this story.
 

Joshua Scigala

CEO, Vaultoro

The users who are using Vaultoro can trade directly with other members and without a middleman, setting the prices themselves and saving expensive brokerage costs.