Lightning Network Maybe the Future of Bitcoin Micropayments
The Lightning Network offers an efficient micropayments channel that reduces load on bitcoin blockchain. Ever heard of the term “Bitcoin Dust”? That’s the case when the transactions are too little in monetary value that it is just not profitable for the network to support such transactions, hence a transaction fee is usually levied. That’s one issue which needs to be addressed and how it can be done is a matter of choice. Let’s say you read something great on the Internet over the weekend and thought it might be a good idea to tip the author with 10 cents, for what it’s worth. Your part is....
Related News
Ryan X. Charles, co-founder and software engineer of Bitcoin-based content sharing platform Yours, officially introduced the world’s first Bitcoin micropayments web wallet that is structurally similar to Core’s Lightning network. Upon the introduction of Lightning by Joseph Poon and Thaddeus Dryja in 2015, developers and startups saw the first potential of a Bitcoin micropayments system which would allow applications and platforms to rely on the security measures of the Bitcoin network but benefit from increased flexibility and scalability. Steemit under fire of criticism. Essentially, the....
Bitfury Group, in collaboration with the open-source Lightning Network community, has released a white paper that explores how the in-development micropayments protocol could more effectively route bitcoin payments between users when launched. Long an outstanding question facing the Lightning Network, one of the more acclaimed proposals aimed at scaling the bitcoin network to accommodate higher transaction volumes, the 40-page white paper introduces a new routing system it calls Flare, which employs a hybrid of existing strategies for path discovery and selection in decentralized systems.....
A combination of BitTorrent and Lightning network can potentially offer stiff competition to Netflix and similar services. Luke Cage fans on Netflix had to go without their usual daily fix for a while last week, following a massive DDoS attack on the internet. While the DDoS attacks can be considered as acceptable risks for an internet based business, a combination of Bitcoin and BitTorrent presents itself as a huge threat to services like Netflix. Since Bitcoin gained popularity, it was considered as an ideal method for micropayments. The low transmission cost advantage which Bitcoin had....
Applications built on top of the Lightning Network allow for micropayments, opening the door for integrations with existing video games and podcasts.
The Bitcoin block size is a hot topic in Bitcoin. Gavin Andresen has been at the center of the heated discussion of how to scale Bitcoin to accommodate higher transaction volumes. The Lightning Network has garnered much support as a possible solution to this problem. The co-authors of the Lightning Network white paper, Joseph Poon and Tadge Dryja, gained credibility with the release of their ideas. Many projects have already seen the benefit of something like Lightning Network to their projects. And, according to Joseph Poon, this will be an easy thing for them to do. "Most companies can....