Back in October news.Bitcoin.com reported on the influx of development tied to Drivechain, a project initiated by software developer Paul Sztorc. At the time we also covered the project’s extension applications coded by the programmer Andreas Brekken. One of those applications Brekken conceived allowed any Drivenet coins to be swapped between any blockchain protocol. On Friday, an application called Sideshift.ai was used to demonstrate a bitcoin core (BTC) to tether (USDT) swap using the Lightning Network.
Also Read: A Look at Some of the ‘Next Generation’ Bitcoin Mining Rigs Available Today
Introducing Sideshift
Jan. 11 saw a demonstration of Sideshift.ai, an application that allows users to swap cryptocurrencies between chains. Sideshift was first revealed last year by Andrea Brekken among the suite of applications he created for the Drivechain project. Brekken is the chief executive officer of the review site Shitcoin.com and the infamous coder who once held the most BTC ($220,000) on the Lightning Network last year. The Sideshift platform allows people to convert coins for a small fee with a processing time of under five seconds.
In the demonstration, Sideshift, processes a swap between BTC held on the Lightning Network and tether (USDT) using the Eclair mobile wallet for Android. At the moment the Sideshift application is in its very early stages, but users can experiment with the “test pilot stage.” However, in order to access the testing stage, a special code is required and Sideshift’s Twitter handle will only give codes to eager testers who have a Bitcointalk.org account that’s more than two years old.
Furthermore, the Sideshift application is not accessible to residents living in North Korea or the United States. Of course, the U.S. ban is likely due to the overreaching financial laws in the country. U.S. law enforcement agencies and regulators could potentially prosecute individuals and organizations by threatening them with criminal charges for performing financial transactions.
The post Sideshift App Demonstrates a Trade Between Lightning Network BTC and Tether appeared first on BlockBoard.
