Suredbits unveiled the application programming interface (API) on March 18, allowing developers to access data regarding available futures contracts, particularly. CEO Chris Stewart said, “You will be able to subscribe to market data from those two exchanges with a payment over the lightning network.”
This information from well-known exchanges BitMEX and Kraken is usually free. The new service, in this way, is not essentially aimed to be utilized. It is rather a proof-of-concept for how lightning network micropayments can be utilized to obtain information.
Suredbits believes lightning will play a huge role in the future developer APIs since the payment network enables smaller payments or micropayments, allowing developers to easily purchase small amounts of information—perhaps even less than a cent’s worth at a time.
Stewart even called traditional API models and market data “broken,” adding:
“We are using [the new APIs] to showcase that lightning allows [exchanges] to monetize things that are monetized at traditional exchanges. We are pushing the idea that lightning has a multitude of benefits when integrated into an exchange’s infrastructure that isn’t just related to withdrawals and deposits.”
Considered as still risky to use, lightning has remaining bugs causing some users to lose money. However, developers are still constructing on top of the network, since it is broadly seen as the future of bitcoin payments.
Iowa-based startup Suredbits is one of the rare companies centered primarily on lightning projects. Still, it is one of the developing bitcoin startups linking the lightning network into their business.
Suredbits also recently launched a “playground” developers can utilize to test its service for retrieving NBA, NFL, and cryptocurrency information—all employing lightning.