Recently, Flashnet has announced that it has collected a $ 4.5 million semi round, led by abstract initiatives with the participation of Utxo Management and others.
Flashnet is a Native Bitcoin Bitcoin based on Spark (a Bitcoin L2 designed between the Flashnet and LightSpark team). It is designed to compete with the performance of a CEX (central exchange) without custody.
Spark allows instant and unlimited self -custodial transactions of Bitcoin and token, also allowing users to send and receive in a native way through lightning. It is open and insured by Bitcoin. Spark was built to face the remaining challenges of Bitcoin and Lightning, focusing on the downsizing of the self -possessing wallets and allowing Stablecoin on Bitcoin.
Personally, I am a fan of recent L2 proposals such as Ark or Spark who tries to integrate LN instead of trying to replace it. Having this flourishing scaling ecosystem opens the design space for something exceptional – OBSOLETO UNISWAP and bringing all the commissions to Bitcoin. This is the reason why they are so adamant about Bitcoin Finance (BTCFI) for Bitcoin.
Of course, the question remains: are we really talking about a “decentralized” exchange here?
From the available documentation, here’s how Flashnet would work:
- When a user makes a limit or a market order, they send funds to an MPC portfolio (calculation to several parts), in which the user, the exchange and a series of validators act as signatories. Funds in the MPC portfolio are not sold until a game is made, similar to how the approvals in Ethereum work. For market makers and high volume actors, there is an option to maintain funds in the MPC portfolio to avoid the need for a sparkling transaction for each order, in which case they become validators, issuing a little more confidence.
- The MPC portfolio receives producer/buyer orders signed to resolve negotiations and start dispersions of funds. All validators must agree on the intention of the user to combine the counterparty order, ensuring that a limit order per 100 BTC is valid only if the counterparty order corresponds or exceeds 100 BTC. This intent is known due to the orders signed by the user sent to the positioning of the order.
- All operations are established instantly and atomically in spark through its native atomic exchange mechanism. Trust is required only during the short interval between combination and settlement, which lasts only a few milliseconds. In addition, users can unilaterally come out at the APC at any time using Spark’s unilateral output functionality, providing a further level of safety. RFQ offers are also available for wallets, swimming pools and platforms, allowing users to request market makers quotes for market -btctaken semiiless.
This development not only completes lightning, but also pushes Bitcoin’s ecosystem towards greater adoption and usefulness, showing why the rebirth of investments in adjacent lightning technologies is a positive sign for the future of Bitcoin.
This article is a Take. The opinions expressed are entirely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Guillaume’s articles in particular can discuss topics or companies that are part of his company’s investment portfolio (Utxo management). The opinions expressed are only his and do not represent the opinions of his employer or his affiliates. Does not receive any financial compensation for these filming. Readers should not consider this content as a financial advice or approval of a particular company or investment. Always do your searches before making financial decisions.