The prototype version of the technology that is meant to aid in cryptocurrency transactions is now available. Lightning Network is the name of the application program that is meant to provide a platform for payments done through cryptocurrencies. Such currencies include Bitcoins. The original rendition of the software was developed one year ago and had been undergoing thorough verification by the manufacturers. There is confirmation that the software is now viable. Furthermore, it is consistent with networks such as BlockStream and Acinq, which have been produced by other firms. Lightning Network was released live by Lightning Labs, which is one of the industries responsible for the manufacturing of the program.
Bitcoins are a virtual currency brought to light in the year 2009.Together with other cryptocurrencies, their mining depends on blockchain technology. The process of generating the bitcoin is a very sophisticated one because it requires the writing of stringent computer codes. Usually, everything related to Bitcoins is often considered tough, undoable and very expensive, be it the production, transaction and even the process of investing in it will need assistance from professionals. Thus with the introduction of the Lightning Network, it is going to be a blessing to the people who have, and want to invest in Bitcoins.
Until recently, Bitcoins has been considered a feasible asset. Its eternal purpose to remain a digital currency has gradually been thwarted because of its undertaking fee of 50 dollars. Also, the company responsible for the production of Lightning Network has stated that the support it has received from prominent technology giants regarding the funding its production services. Such capitalists include CEO Twitter Jack Dorsey, Tesla Inc., Investor Bill Lee and the head of square capital who offered an amount of about 2 million. Bitcoin investors can now open networked channels to transact with each other without having to pay the levy on the transactions. This has been made possible through the Lightning Network program. Since they do not involve the currency’s blockchain, there will be the minimization of lag as well as the total costs incurred throughout the process. Furthermore, transaction time is not confined to a specified duration so the channel could remain open for a long time.
The most probable customers for the program were owners of large enterprises since the software allows for the exchange of large amounts of money. It would also be available for small businesses as well. It would also apply to crypto-asset commerce. When the program was released in January last year, it was meant to undergo testing before the final version. However, some businesses such as Block and Jerry’s which was an online store in the US had already implemented it into their system. The general reaction to its launch is quite promising as business owner’s exhibit enthusiasm.
Dil Bole Oberoi
