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Bitcoin’s [BTC] Lightning Network is ready for ‘widespread adoption’, claims developer




Bitcoin [BTC] Lightning Network is ready for "widespread adoption", claims developer
Source: Pixabay

Bitcoin’s second layer off-chain solution for payment channels managed to take significant leaps this year, owing to the massive support from many luminaries in the cryptocurrency space, participating in the LN Torch experiment. Even as the technology continues to be in its formative stages, one of its developers is fairly confident that the channel is ready for “widespread adoption”.

Bitcoin Lightning Wallet Developer, Anton Kumaigorodskiy, in a recent interview with ChangeNOW!, stated that the Lightning network’s plus points, as well as its drawbacks, have been “fairly understood”. He revealed that important updates were underway, which would make the running of the Lightning Network node less perilous and increase efficiency.

According to the developer, systems like the Lightning Network are complex, have a huge scope for improvement, and are “never ready”. However, he opined that it is “almost ready” for extensive adoption as it has been successfully operated on the mainnet for more than a year.

While talking about the market ecosystem, Kumaigorodskiy said,

“Lightning economy is still nascent but we can already see a number of businesses and individuals becoming noticeable.”

His vision for the P2P mesh network is essentially a “network of hundreds to thousands of large payment hubs”. He cited that the technology is trustless, but at the same time, could be distinguished and was reliable in the cryptospace. He is of the opinion that LN will definitely play a vital role in Bitcoin transactions in the years to come. Kumaigorodskiy also advised that if anyone wanted to be part of this new and developing technology, they should “act now”.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand



Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:

“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”

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