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FixedFloat | Exchange Cardano to Bitcoin Lightning Network

EXCHANGE CARDANO TO BITCOIN LIGHTNING NETWORK

What do you need to know?

  • ­The average time of the exchange of ADA to BTCLN — 5 minutes
  • ­Only 15 confirmations of the Cardano blockchain are needed to complete the exchange
  • ­If there is an error about the absence of a path, then there is no channel between our node and your wallet\’s node. Try using a different wallet
  • ­If the order page indicates that the order has been completed, but you have not received funds, contact technical support. We can quickly help you

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A brief history of Cardano

At the end of 2014, former Ethereum developer Charles Hoskins put together a team to create a Cardano platform that, in his opinion, had to meet all his requirements. With the help of the platform, Charles Hoskins wanted to introduce cryptocurrency into the real economy, make microtransactions convenient and create convenient conditions for launching reliable and secure decentralized applications.

Cardano address formats

There are 2 types of Cardano addresses:

  1. Byron is the first version of an address that starts with \”A\” or \”D\”.
    Example: Ae2tdPwUPEZGJXifUWS7Dps4DU836BUKxQi11RdREsc6AkW4PZYUrVANfiJ
    Example:

    DdzFFzCqrhsejNpK4W1ez1p8vYsn24oMqHTQpFdn6VUEf4WD9MQEmsbvUioCt18ei17eAWAphZGMHJRZVLLR2qKQCBckvvTyyKWLQ3sS
  2. Shelley is a new type of address based on the bech32 format. The address starts with \”addr1\”. A feature of these addresses is their compactness. If earlier all information was stored in the blockchain, now only the most necessary remains there. Also, the new address model allows for up to 123 address versions.
    Example:

    addr1qyqlrkfrauruw27d6r9hrvu0m4lr93x4svrazsjex78yffynycyk0wy2fn6tjxexpdg9yceput30p4t5cr2kcfwv2dzs99w7ye

Speed and fee in the Cardano blockchain

The exchange requires 15 confirmations. Blocks in the ADA blockchain appear approximately every 20 seconds. The average time for confirmation of an exchange is 5 minutes.
The Cardano blockchain fees are very small — less than 1 cent.

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A brief history of the Lightning Network

The Bitcoin community has long been baffled by the scalability issue. The speed of transactions fell, and the network fees grew. In 2015 Thaddeus Dria and Joseph Poon proposed a solution called the Lightning Network. The idea was to carry out some of the transactions outside the network, thereby reducing the load on the BTC blockchain. In 2018, the Lightning Network was launched in Bitcoin.

The Lightning Network is a system that helps users move funds among themselves without having to use a blockchain to verify a transaction. Instead, there is a quick check of funds from the sender and a request from the recipient who agrees to the transaction.

Problems you may encounter while getting the Lightning Network

  1. If during the creation of an order when inserting an invoice, an error occurs about the absence of a path, this means that there is no created channel between our node and your wallet node. A channel is required to send and receive payments on the Lightning Network. If there is no open channel between our node and your wallet node, the payment will not be executed. It is recommended to try using a different wallet.
  2. If the order page indicates that the order was completed, but you did not receive the funds, then the reason for this may be:
  • Disconnected intermediate node. If one of the intermediate nodes is offline, the transaction may be delayed.
  • Insufficient amount of deposits on intermediate channels. Intermediate nodes cannot forward the payment due to lack of coins.
  • The invoice is out of date. Each invoice has a validity period. Of this term has expired, the payment will not work.

If your order is completed, but you have not received the funds, please contact technical support. We can help you quickly.

Lightning Network Speed

Since transactions on the Lightning Network do not end up on the blockchain, they are almost instantaneous. But if one of the intermediate nodes is off the network, the transaction may be delayed.