Could the Bitcoin Lightning Network Solve Blockchain Scalability?
The blockchain's increasing size continues to raise concerns about its ability to accommodate transaction growth. But, could a decentralised system where transactions are sent over a network of off-blockchain micropayment channels solve the ledger's scalability problems? Joseph Poon and Thaddeus Dryja, the developers behind the Bitcoin Lightning Network, think so. Although still in its nascent stage, the Lightning Network - based on a recent white paper - aims to solve the scalability issue by implementing hashed timelock contracts between users. The Bitcoin Lightning Network came to life....
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As Lightning Labs continues to expand the Lightning Network’s capabilities, another major exchange announces its plans to integrate. Global cryptocurrency exchange OKEx is moving to cheaper and faster Bitcoin (BTC) transactions with its upcoming Lightning Network integration.According to a Tuesday announcement, OKEx’s Bitcoin Lightning Network will be integrated “in the coming quarter,” making OKEx a participant node in the Lightning Network.The integration will allow OKEx users to select the Lightning Network option when depositing and withdrawing BTC, intending to decrease transaction....
Cash App mentions that the Lightning Network feature is not available to users located in New York. Mobile payment service Cash App revealed that Lightning Network can now be used to transfer Bitcoin (BTC) through its app. With the new feature, its users can send their BTC to any Lightning or on-chain BTC address.Lightning Network is now available on Cash App. It's the fastest, free way to pay anyone in bitcoin. Buy tacos, tip your favorite Twitter comedian, or send a friend money abroad—anywhere that accepts lightning. pic.twitter.com/65TXSJ6yL6— Cash App (@CashApp) February 7,....
The Lightning Network may well be Bitcoin’s primary solution to the issue of scalability, but many skeptics believe there are unresolved issues with this layer-2 system for the blockchain. The possibility of too much centralization via so-called “supernodes” is one of the common criticisms of the Lightning Network, and attached to that is the fear of these new, mostly -centralized payment hubs having the capacity to censor transactions. Bitcoin Magazine recently reached out to BitGo Engineer and Statoshi.info creator Jameson Lopp to get his thoughts on the possible privacy issues....
The Lightning Network may well be Bitcoin’s primary solution to the issue of scalability, but many skeptics believe there are unresolved issues with this layer-2 system for the blockchain. The possibility of too much centralization via so-called “supernodes” is one of the common criticisms of the Lightning Network, and attached to that is the fear of these new, mostly -centralized payment hubs having the capacity to censor transactions. Bitcoin Magazine recently reached out to BitGo Engineer and Statoshi.info creator Jameson Lopp to get his thoughts on the possible privacy issues....
BTC added the layer-2 protocol to mitigate the scaling challenges, Bitcoin Lightning Network (BLN). The BLN was created to offer better scalability, make transactions cheaper, and increase the transaction speed on Bitcoin Network. Scalability has been a deterrent factor to the mass adoption of many cryptocurrencies. For example, High transaction fees and slow speed are […]