Blockchain Releases a Bitcoin Lightning Network - Thunder
- Blockchain's bitcoin lightning network has reportedly achieved "better-than-Visa scale" with 100,000 transactions per second.
The team at Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Ltd., the firm behind Blockchain.info, has released the first practical implementation of the Lightning network concept for off-chain bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Called Thunder, the implementation that is now in its alpha version is meant to bypass the current scaling problem with bitcoin that prevents it from mass user adoption.
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The concept of Lightning is using smart contracts to build "super-charged" cheap and fast payment networks that later settle transactions back to the main bitcoin blockchain. The basis of the technology behind Thunder was developed by Mats Jerratsch who Blockchain hired last year for this purpose.
Blockchain writes: "Thunder has the potential to facilitate secure, trustless, and instant payments. It has the ability to unleash the power of microtransactions, to allow the bitcoin network to handle heavy loads, and to increase user privacy. In this Alpha version, we prove that it can be done." They also report that in tests so far, the network can achieve "better-than-Visa scale" at 100,000 transactions per second (TPS) with only a few thousand nodes.
As the alpha status suggests, the solution is still in the early development stages, and Blockchain warns that until both CSV and SegWit are implemented on the bitcoin blockchain, transactions are not enforceable at the bitcoin protocol level. Therefore, the current Thunder prototype is best only used for transactions among a trusted network of users as well as for testing its applications with various other interfaces.
The team at Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Ltd., the firm behind Blockchain.info, has released the first practical implementation of the Lightning network concept for off-chain bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. Called Thunder, the implementation that is now in its alpha version is meant to bypass the current scaling problem with bitcoin that prevents it from mass user adoption.
The new world of online trading, fintech and marketing – register now for the Finance Magnates Conference.
The concept of Lightning is using smart contracts to build "super-charged" cheap and fast payment networks that later settle transactions back to the main bitcoin blockchain. The basis of the technology behind Thunder was developed by Mats Jerratsch who Blockchain hired last year for this purpose.
Blockchain writes: "Thunder has the potential to facilitate secure, trustless, and instant payments. It has the ability to unleash the power of microtransactions, to allow the bitcoin network to handle heavy loads, and to increase user privacy. In this Alpha version, we prove that it can be done." They also report that in tests so far, the network can achieve "better-than-Visa scale" at 100,000 transactions per second (TPS) with only a few thousand nodes.
As the alpha status suggests, the solution is still in the early development stages, and Blockchain warns that until both CSV and SegWit are implemented on the bitcoin blockchain, transactions are not enforceable at the bitcoin protocol level. Therefore, the current Thunder prototype is best only used for transactions among a trusted network of users as well as for testing its applications with various other interfaces.