Bitcoin Scalability: An Inside Look at Lightning’s Race to Save the Day
With the halving looming and transaction capacity maxed out, some are predicting a doomsday scenario. Much, therefore, depends on the Lightning Network. A “decentralized network using smart contract functionality in the blockchain to enable instant payments” which is capable of an amazing “millions to billions of transactions per second” according to the Lightning Network’s website. The Lightning Network is a fairly old — in bitcoin terms — idea which makes use of bitcoin’s inbuilt script system allowing for trustless payments through intermediaries, but enforceable on the blockchain. In....
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The bitcoin community has been discussing the concept of the Lightning Network for a year now. It is often cited in scalability debates as a solution to bitcoin's limited transaction throughput capabilities. However, it's a complicated concept and several parts of the implementation are still theoretical or in development. This article will attempt to provide more insight into how the Lightning Network will operate and the challenges it will face. The following assumes you have a basic understanding of Lightning Network. If you’re new to this concept then you can check out this explanation....
In July 2021, the non-governmental organization (NGO) Save the Children in Rwanda announced it partnered with the Cardano Foundation on a project that allows well-wishers to make donations in the form of cryptocurrencies. Save the Children Meets ADA At the time, it was revealed that Save the Children’s acceptance of ADA donations was not the first time the non-governmental organization (NGO) had accepted crypto. In fact, Save the Children says it has been accepting donations in cryptocurrency form since 2013. However, some have questioned the wisdom of accepting donations in a form....
A recent blog post by developers of the Lightning Network, has announced an alpha release of the protocol’s daemon. The release called v0.1-alpha of the Lightning Network is said to be a milestone that enables the platform to be publicly tested by developers. The Lightning Network is Now Available for Testing. With roughly fifteen developers contributing....
“The State of Lightning” report shows how the Bitcoin layer-2 is evolving to become the native transaction rails of the internet.
For the philanthropist inside you, there is great news! Prominent charities running across the globe have now started receiving donations in the digital currency Bitcoin. Among the leading charities that have started embracing Bitcoin as a mode of soliciting funding are Save the Children, Greenpeace and American Red Cross. Ettore Rossetti, Director, Social Media and Digital Marketing at Save the Children said, "There is a sense that this is growing in acceptance in the nonprofit sector." Save the Children became a beneficiary of Bitcoin donations in fall 2013 and has since raised nearly....