Subsidize bitcoin development
The major overseas crypto asset (virtual currency) exchange OKX announced on the 19th that it will participate in Okcoin’s open source developer subsidy program to support independent developers working to build the Bitcoin (BTC) ecosystem. Announced.
OK Group subsidiaries Okcoin and OKX have also announced that they will jointly back bitcoin developer Dusty Daemon. Daemon is working on a new feature called “Splicing” that will improve the usability of the Lightning Network.
I quit my job in 2021 and started learning about the Lightning Network with all my might. The Lightning Network expands Bitcoin payments globally and offers true and reliable instant payments. It will go far beyond traditional payment methods and help people have more freedom with their money. With the support of OKX and Okcoin, such activities can be done full-time.
What is Lightning Network
An off-chain technology that uses Layer 2 to eliminate the transaction processing capacity of Bitcoin.
Okcoin’s Open Source Developer Grants program is an initiative to fund developers who contribute to the development and adoption of Bitcoin and Lightning Network protocols. Since its establishment in 2019, it has donated more than 200 million yen ($1.5 million) in total.
OKX has consistently shown its willingness to support the development of the Bitcoin ecosystem. In 2021, the Lightning Network will be integrated into the exchange, and in 2023, it will partner with the open source wallet “Unisat” that supports the Bitcoin token standard (BRC-20). Started a joint project aimed at decentralizing the trading system of BRC-20.
Commenting on Okcoin’s participation in the open source developer grant program, Jason Lau, Chief Innovation Officer at OKX, commented:
Bitcoin is constantly evolving with open source developers contributing to the development of the protocol. We believe such developers deserve industry support and recognition. OKX has always remained a strong supporter of the Bitcoin community and is pleased to partner with Okcoin to provide a grant to Dusty Daemon.
connection:Major Exchange OKX Partners with Unisat to Establish Trading Environment for Bitcoin Token Standard “BRC-20”
What is Splicing
“Splicing” is a function that allows you to freely increase or decrease the amount of Bitcoin that can be used within the Lightning Network channel. A channel is a contract to enable high-speed off-chain transactions, and is a mechanism for high-speed off-chain transactions within the amount of deposited bitcoins.
Until now, it was necessary to close the channel to make a payment that exceeded the deposit limit, but by using “Splicing”, it will be possible to inject additional funds without closing the channel. This feature will allow for more flexible payments without being bound by deposit limits.
Daemon has also received grants from the Human Rights Foundation and Superlunar. Then, with subsidies from Okcoin and OKX, Daemon developed “Splicing” to improve convenience, reduce costs, and strengthen privacy protection for users and operators who transfer funds between Bitcoin and the Lightning Network. is the goal of
connection:What is “Lightning Network” that even beginners can understand? | Explanation of features and mechanism