The First End-To-End Bitcoin Micropayment Test on Lightning Network is Successful
Readers may remember our coverage of a Roger Ver interview from a few days ago where the veteran Bitcoiner and entrepreneur told Bitcoin Uncensored that Lightning Network was still untested and could take a long time to get off the ground. At the time, he was right. But this morning CCN can report that a successful test, using Bitcoin testnet coins, has been conducted by developers at Blockstream. In the test, the developers used an ASCII cat picture as a demo product. The developer below can be seen manipulating a combination of bitcoind and lightningd, the Bitcoin daemon and Lightning....
Related News
The end-to-end Lightning micropayment transaction test shows to the Bitcoin community that it is possible to perform payments on a public Blockchain, says Christian Decker, a developer with Montreal-based Blockstream on the significance of the exercise. Decker says: “The test has uncovered a number of bugs, that were quickly fixed, and has shown that it is indeed feasible to perform payments on a public Blockchain.” Blockstream had announced that it sent the first end-to-end transaction over the Lightning Network to another party through a process that included invoicing a party for....
Lightning Labs, one of the prominent companies working to realize the lightning network, announcedthis week the alpha release of the open-source lightning daemon they've been spearheading: LND. While only compatible with Bitcoin’s testnet so far, the software is relatively feature-complete and operational. “We’re now looking for the wider community to test the software,” Joseph Poon, Lightning Labs developer and co-author of the lightning network white paper, told Bitcoin Magazine. “To get it ready for widespread use, but also to explore new use cases this enables.” The Lightning Network.....
Bitfury’s new payment routing algorithm (known as Flare) has been implemented on the Lightning Network following a successful test period by French startup ACINQ. The idea stems back to July of this year, when Bitfury released a white paper discussing the algorithm and what would be needed to grant it successful, “lightning-fast” integration. ACINQ then spent time testing the algorithm with approximately 2,500 AWS nodes, and discovered that payment methods were typically found roughly within .5 seconds about 80 percent of the time. The algorithm is slated to be fast, effective, and likely....
We (up 'til now) haven't talked to much about the Lightning Network. In order to understand the Lightning Network, one must first have a basic understanding of bitcoin. Duplex micropayment channels solve a multitude of problems. For one they enable near-infinite scalability for digital payments based on Bitcoin. Bitcoin transactions are no longer used directly to transfer bitcoins from a sender to a recipient, instead they are used to setup micropayment channels and handle conflict resolution. The Lightning Network is a network of payment channels. When Alice wants to pay Carol, or Dave,....
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....