ZigZag.io is a Lightning Network payment platform to assist the exchange of crypto assets. The exchange platform declared on Saturday that it has been launched on mainnet. Now, the customers can exchange top cryptocurrencies anywhere with low fees.
In order to make such exchanges, a Lightning Network enabled wallet is needed. Some of these testnet wallets include Éclair wallet, HTLC.me, Zap and Lightning. Such wallets have all the same functionalities as regular wallets, but they also permit for direct sending and receiving of payments through Lightning Network.
Lightning is a decentralised network that makes use of smart contract functionality to allow instant payments through a network of customers. Just like how the internet has been established in layers; Lightning has built a second layer dedicated to Bitcoin. This has been considered to be the next growth phase of cash as it permits blockchains to scale up instant, high-volume payoffs.
ZigZag was developed by Bitlum, a start-up that builds products and provides services via Lightning Network. The team said it will continue to add new assets only when the Lightning Network is established on multiple blockchains, and further stated that in the current stage it is only accepting proposals.
At present, Zigzag provides customers with the ability to exchange Bitcoin (BTC) for Litecoin (LTC), Bitcoin Cash (BCH), Dash, and Ether (ETH).
ZigZag leverages Lightning Network payment platform to back the exchanges of crypto assets. Making use of such a platform offers low exchange fees and fast transactions, as they occur off-chain. All the payments are managed off the blockchain, thus avoiding time-consuming approval wait periods.
In future, ZigZag will embrace Atomic Swaps by utilising this decentralised technology that allows digital asset transactions to happen cross chain, as well as in seconds. Hence, this could remove the need for trust on third-party entities.
