Lightning Transaction Protocol Successfully Tested by Blockstream
Blockstream successfully tests Lightning payment protocol on Bitcoin blockchain. The Bitcoin Lightning micropayments protocol has successfully passed the test. The protocol was tested recently by researchers from Blockstream, a company contributing towards the maintenance and development of Bitcoin Core protocol. People from across the world are increasingly using Bitcoin as a medium of value exchange and storage. This has led to a sharp rise in the number of transactions being processed by the Bitcoin blockchain on a daily basis. As the community continues to grow, the Bitcoin network....
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Progress on the bitcoin lightning network continues to advance. Following a promising trial of its routing network last week by French startup Acinq, Montreal-based Blockstream has announced that it has sent the first end-to-end transaction over the Lightning Network, a highly-anticipated top layer for the bitcoin network designed to boost transaction capacity. What the team called "Lightning's first strike" saw its developers send a transaction across a test version of the network successfully to another party, a process that included invoicing that party for bitcoin and routing....
Blockstream engineers Paul “Rusty” Russell and Dr. Christian Decker completed their first lightning transaction on Bitcoin’s testnet this week. The test transaction was made using the latest version of the Blockstream’s lightning prototype software, lightningd 0.5 and consisted of a digital purchase from a web-store. Speaking to Bitcoin Magazine Decker said: “This is a big milestone for us. It's the first time we have a channel setup on a real blockchain, with real latencies and block rates, and it's the first multi-hop transaction, where a payment for a digital good routes from one node....
Is the scaling effort leading to Bitcoin’s privatization? NodeCounter.com accuses Blockstream of crippling Bitcoin for financial gain. Since Blockstream got involved in the scaling of Bitcoin, the issue of Bitcoin privatization has sprung up. Blockstream President Adam Back is of the view that a plan for scaling Bitcoin to handle more users over the next few years would double the on-chain transaction capacity on the network three years in a row, while simultaneously allowing for the development of layer-2 solutions, such as the Lightning Network, which could allow for millions or billions....
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....
French Bitcoin technology company ACINQ has successfully tested and implemented leading Blockchain technology company Bitfury’s algorithm solution for instant payments routing on the Lightning Network. Bitfury’s Lightning Network-based algorithm solution Flare was introduced in July 2016 in collaboration with the Lightning Network team, with the vision to deploy a hybrid routing algorithm, The objective and intention behind the creation of Flare was to establish a more efficient and improved ecosystem for the settlement of microtransactions in the Bitcoin network. The BitFury development....