ElenPAY is a payment service provider (PSP) that leverages the Lightning Network to facilitate business transactions. If you have an online business, ElenPAY can help your customers pay quickly and securely, with minimal transaction fees. This service enhances the customer experience by offering lightning-fast payment processing.

The Lightning Network is a second-layer payment protocol designed to facilitate fast, secure, and low-cost transactions using blockchain-based cryptocurrencies, particularly Bitcoin. By leveraging a network of bidirectional payment channels, it enables participants to conduct micropayments efficiently without having to wait for blockchain confirmations. This innovation addresses the scalability issues inherent in the Bitcoin network, making it more practical for everyday transactions.

The Lightning Network is crucial because it addresses Bitcoin’s scalability issues. By handling transactions off-chain, it reduces the load on the blockchain, allowing it to process more transactions per second (TPS). This makes Bitcoin more practical for everyday use, such as buying coffee or paying for a taxi.