Upcoming Prospects of the Lightning Network

The new year for the Lightning Network promises to be interesting and intense. “Flywheel is launched,” as some blockchain network development experts say. Since last March, the beta of the payment channel was launched, and it is supported by developers worldwide.

If we examine the Lightning Network (LN) closer, these are non-block transactions. In other words – offline transactions. The main merit is that there is no need to commit the transaction into a block. Due to this, a blockchain is unloaded, and the time spent on a transaction is reduced. As for the LN technology, the transfer of money takes place directly between users, as it were, above the blockchain.

This need was due to the fact that blockchain is in constant development. Even despite the decline in popularity among investors, this technology is convenient for transactions. And in fact, “lightning” was created precisely for these purposes. The fact is that in a usual blockchain network, the transfer of coins took up to an hour, and sometimes more. This is specifically related to the beginning of 2017 and the end of 2018. It’s a lot quicker now – around ten minutes. And with the advent of non-block operations, this will help to almost completely unload the blockchain network in the future.

What are the prerequisites for the growth of popularity?

Over the past 30 days, the number of users in the LN has increased. According to media reports, the number of payment channels has increased to 36% and amounted to about 23,000. At the same time, the scale of coin skipping has increased to 500 Bitcoins. In addition, a map of the Lightning Network shows that most of the channel points are concentrated in Europe, Canada, and the U.S. But it is important to note that there is no data about mobile devices in open sources. In this connection, the information above is not accurate. In the end, we note the actual growth in popularity, even though transactions are completely anonymous and take place within seconds.

What is the news?

It is known that there is practically no roadmap in the innovations of LN. It is known that about 30 development teams around the world put their development priorities. From the words of experts, it becomes clear that the channels of “lightning” coincide with the concentration of the Bitcoin network. Also, it is known that at the beginning of 2019 the development coverage around the world has increased.

Now let’s focus on the important development of the Basis of Lightning Technology (BOLT 1.0). This is a kind of space for storing a large amount of technical information and source code. Its purpose is to gather information for future development.

During the development and utilization, new definitions are inevitable, which expand the perception of the given technology.

Splicing and AMP

It is known that before submitting payment to LN, it is necessary to block a certain amount. Therefore, these channels have a fixed bandwidth. To avoid creating a new channel and blocking amounts under it, splicing was created. It greatly improves the usability of off-line transactions. As for AMP, it is a multi-channel payment circuit. It allows you to send a payment to one respondent using different sources.

Many cryptowallets are already created with the possibility of a direct payment channel. But other blockchains do not waste time implementing this technology for their transactions. This year, the Lightcoin network is actively working on the implementation of instant payments within Lightning Network. The only question is who will be the next among Altcoins to announce new steps in favor of additional convenience for their users.

New wave of decline
Bitcoin in a state of uncertainty

Related Posts

Black and white

In the light of the blockchain technology development, there are both optimists and their opponents.…