| submitted by /u/quinsolo
David Schwartz is CTO at Ripple. This exclusive opinion piece is part of CoinDesk's "Bitcoin at 10: The Satoshi White Paper" series.
Google Alert – bitcoin
I work as an advisor at Buda.com and I have awesome news to share with you.
As most of you at /r/Bitcoin probably already know, in addition to being a way to pay Bitcoins with very low fees and practically infinite scalability, the main feature of the Lightning Network is that it is built as a layer on top of the Bitcoin Blockchain, so it provides a decentralized protocol where you don't have to trust intermediaries.
Most of LN wallets that are being developed in the world have a strong focus on decentralization, and that’s very good news. As what is sought is that the user does not depend on anyone, these applications generally include a lightning node and a sometimes even a bitcoin node, which allows monitoring transactions on their own. The problem is that this keeps some users out, as installation, configuration and use is still a bit difficult for many.
At Buda.com even though we're an exchange, we are also convinced that the future is going towards total decentralization, so we know we will have to reinvent ourselves eventually. But we also know that along the way the world needs some temporary centralized services that allow less technical users (or with less time!) to try and use this technology. This will surely allow the ecosystem of crypto payments to keep growing while more decentralized solutions mature. As long as the base protocol is decentralized, competition in the long run will move intermediaries (even part of our current business model) out of the way.
Therefore, after much effort we are very happy to tell you that from today we are giving the possibility to any Buda.com user to pay in Bitcoins using Lightning Network without having any technical knowledge at all. All accounts now have a simple way to pay with Lightning and payments will be deducted directly from their Bitcoin balance in the exchange.
For those who do have more technical knowledge and want to try on their own, we invite them to connect directly to our Lightning node or to build something by reviewing the documentation of our API.