The Zigzag platform allows traders to swap coins utilizing Lightning Network. This is a different type of exchange solution that everyone has been looking for in recent times. Bitlum, an open source project allows users to send and swap their virtual currencies over any lightning network. More importantly, Zigzag doesn’t require any KYC details, but only the address of the receiver and the sender.
The platform allows users to send their payments over any lightning networks like Zap, Eclair, Lightning, or Htlc.me clients. And the platform only allows sending a maximum of $100 per trader as of now, since its still in beta testing and will help the refund process be easy.
The team has further planned to develop a custodial wallet service where users can deposit BTC, BCH, DASH, ETH, and LTC without needing previous knowledge of the lightning network.
Currently, the exchange only allows an exchange of the above five mentioned coins but has plans to add more coins. Users can suggest more coins on their webpage. The zigzag team is working on lifting the $100 trading cap but said its trickier due to the maturity of the lightning network and quoted,
This is a tricky question as Lightning Network is still in beta. We’re also still in beta, we also need to clarify legal part of our service. So for now, we’re keeping limits low.
The aim of Zigzag and slew of other exchanges emerging all over the world is to bypass the KYC. Sparkswap is one among the other open sources that aim to do the same.
What do you think? KYC elimination is a good step moving forward for exchanges and faster transactions?
You can also read:
- Bitcoin Lightning Payments to Be Abstracted Steadily
- Spark Offline Wallet Can Exchange Bitcoins via C-Lightening