Introduction
Global cryptocurrency exchange OKX, ranked second in trading volume worldwide and a leading Web3 technology company, has announced its participation in Okcoin's open-source developer sponsorship program. This initiative will support independent developers in building and optimizing the Bitcoin protocol.
Joint Sponsorship by OKX and OKcoin: Advancing Lightning Network Technology
OKX and Okcoin have jointly sponsored Dusty Daemon, the latest grant recipient, who is working on "Splicing"—a groundbreaking technology designed to enhance the scalability of the Lightning Network. This innovation aims to facilitate micropayments and instant settlements, making Bitcoin more accessible for everyday use.
Jason Lau, Chief Innovation Officer at OKX, stated:
"Bitcoin's growth relies heavily on the contributions of open-source developers. We believe these developers deserve industry-wide support. As staunch supporters of the Bitcoin community, we are thrilled to collaborate with Okcoin in funding Dusty Daemon's invaluable work on the Lightning Network."
👉 Discover how the Lightning Network is transforming Bitcoin transactions
Dusty Daemon’s Four Key Goals for Bitcoin Lightning Network Splicing
Dusty Daemon shared his vision:
"In 2021, I left corporate competition to focus entirely on Lightning Network research. This technology enables global, trustless, instant Bitcoin payments, empowering financial freedom. With OKX and Okcoin's support, I can now dedicate myself to full-time Splicing development."
Goal 1: Unified Bitcoin Balances
Eliminate distinctions between "on-chain" and "off-chain" balances, ensuring users always benefit from Lightning Network advantages while wallets automatically adjust channel sizes.
Goal 2: Enhanced Privacy
Enable multiple Lightning nodes to splice within a single transaction, improving privacy and reducing costs.
Goal 3: Lower Operational Costs
Facilitate fund transfers between channels without fee-based services, cutting costs for large-scale operators.
Goal 4: Seamless Channel Adjustments
Optimize inbound/outbound liquidity management for zero-downtime fund flows.
Industry Support and Funding Background
Dusty Daemon has also received grants from the Human Rights Foundation and Superlunar. Okcoin’s developer sponsorship program, launched in 2019, has donated over $1.5 million to Bitcoin Core and Lightning Network R&D. OKX integrated the Lightning Network into its centralized exchange in 2021, reinforcing its long-term commitment to Bitcoin.
👉 Explore OKX's latest initiatives in cryptocurrency innovation
FAQ Section
What is the Lightning Network?
The Lightning Network is a Layer 2 Bitcoin scaling solution enabling fast, low-cost transactions by processing them off-chain.
Why is Splicing important?
Splicing enhances scalability and privacy while reducing transaction fees, making the Lightning Network more practical for daily use.
How can I participate in Bitcoin’s ecosystem?
Start by using exchanges like OKX that support Lightning Network deposits/withdrawals, or contribute to open-source projects.
How does OKX support Bitcoin developers?
Through sponsorships, grants, and integrating cutting-edge technologies like the Lightning Network into its platform.
What are the benefits of micropayments via Lightning?
Instant settlements, minimal fees, and seamless integration with apps/services for real-world usability.
Conclusion
OKX and Okcoin’s collaboration underscores their dedication to advancing Bitcoin’s infrastructure. By funding innovators like Dusty Daemon, they aim to accelerate adoption of technologies that make cryptocurrency faster, cheaper, and more private.