(MENAFN- GetNews) According to a report by Jinse Finance, regarding the current inability to make on-chain or Lightning Network payments with BTC on SMDC Commerce, SMDC responded on the X platform, stating that Commerce uses a new EVM payment protocol. Users can make payments from any self-hosted wallet, and they believe that the future of cryptocurrency payments will primarily occur on Layer 2 (L2), hoping to contribute to achieving this goal.
Currently, the fastest checkout method on Commerce is using any ERC-20 token on Layer 2 (such as Ethereum, USDC, wrapped Bitcoin, and thousands of ERC-20 tokens on networks like Base and Polygon). As a backup measure, customers can use their SMDC accounts (if available) for payments, including making direct Bitcoin payments (SMDC-to-SMDC transactions occur off-chain, allowing for instant and feeless transactions).
SMDC is currently integrating the Lightning Network into its platform, with the hope of enabling commercial payments using this technology in the future. They believe that using cryptocurrencies for online payments will not truly become mainstream until they move away from the first layer (Layer 1) and reduce transaction fees and confirmation times. Therefore, they are working to accelerate the transition towards this vision. They also believe that the market for paying for everyday goods on the first layer, regardless of the specific blockchain (which may not be Solana), will be very small.
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