Connect with us

Altcoins

Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network

Priyamvada Singh

Published

on

Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network
Source: Pixabay

After advocating for SegWit’s activation on Litecoin and Bitcoin, Charlie Lee took to Twitter to display his enthusiasm for Bitcoin Art Gallery. It is a pixel art game powered by BTC Lightning Network that pays 1 Satoshi for changing 1 pixel on the board.

Charlie Lee's recent tweet

Charlie Lee’s recent tweet

Lightning is a decentralized, off-chain transaction network that follows a multi-hop hub and spoke model with potential to extend Bitcoin’s scalability to billions of transactions per day. The launch of Bitcoin Art Gallery has proved just how efficient the Lightning Network is. In addition to the listed benefits, this network will also enable instant, low-cost payments, and atomic cross-chain transactions.

Charlie Lee, on Bitcoin’s high transaction fee and confirmation period, says:

“Lightning Network solves both these problems for Bitcoin and SegWit solves a few more! i hope Litecoin can help Bitcoin get SegWit soon.”

How Lightning Network integrated with SegWit works

The security of BTC transactions depends on digital signatures as the prime identifiers. A blockchain ledger is immutable and alters signatures with every new message added to the ledger. In Lightning Network, the transaction is neither broadcasted or closed without the double-signed check approved by both the parties.

In this case, an attacker can change the identifier via signatures leading to an invalid transaction. SegWit’s most valuable feature is that it fixes the problem of transaction malleability. It excludes signatures as identifiers in the process.

The transactions are also confidential as a payment channel will exist only between the parties involved in the transaction.

Angelino Desmet, a crypto enthusiast tweeted:



“Last year I paid a €15 Bitcoin fee. Just now I paid a €0.00009 fee to send €0.03 worth of Bitcoin to rent 572 pixels.  is incredible.”

Deano, another Twitter user commented:

“This is the most brilliant thing I have ever seen. Finally a freaking usable platform!!!!”

Crptomon, a crypto follower tweeted:

“Seeing LN used for this kind of app makes me sad. Rather than empowering individual’s voices, this app encourages combative over powering of other’s artistic expressions via monetary means.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Trading View

Brave co-founder and CEO hints at web3 integration for Brave browser in a few months

Avatar

Published

on

Brave co-founder and CEO hints web3 integration for Brave browser in a few months
Source: Unsplash

Brave Browser, an open-source web browser based on the Chromium web browser, and its utility token, BAT has been making headlines with updates pertaining to the project’s development and the token’s price surge.

The CEO and co-founder, Brendan Eich tweeted at a software engineer at Ethereum regarding the integration of Web3 for the browser. The ETH software engineer, @cburgdof tweeted:

Burgdorf suggested an integration of Web3, which is a lightweight Java and Android library for integration with Ethereum clients. According to GitHub, web3j is a lightweight, highly modular, reactive, type-safe Java and Android library for working with Smart Contracts and integrating with clients (nodes) on the Ethereum network.

The Web3 integration allows users to work with the Ethereum blockchain, without the additional overhead of having to write one’s own integration code for the platform.

The CEO tweeted:

However, the above statement is subject to change and is only tentative.



Moreover, Brave has been seeing massive adoptions due to its unique utility. According to reports, Google Play Store saw a huge number of Brave Browser downloads following the launch of the ad-revenue program. Over the past three months, Brave crossed Chrome to become the second-most-popular app. However, in May, it lost its position and settled for the third position. Following Brave Browser on the fourth position, was the Opera browser with an inbuilt VPN.

BAT, which is obtained as rewards for the users that use Brave, was ranking 25th on CoinMarketCap and was priced at $0.36. The token has maintained consistency in price over the last seven days, however, it was down by 0.04%, at press time.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending