BitFury successfully tested Lightning Network

Promising Bitcoin scalabilty solution was successfully tested 
21 July 2017   1968
Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks.

Bitcoin and Blockchain technologies provider Bitfury conducted a successful experiment with Lightning Network technology by sending real bitcoins to the test version of the protocol. This is reported by the Bitcoin Magazine.

As the publication notes, BitFury implementation of the technology is compatible with the current bitcoin protocol and, accordingly, can work without the Segregated Witness (SegWit) protocol.

This is a major accomplishment by our technical team and an important step forward for the Lightning Network and the growth of Bitcoin. The Lightning Network has the potential to solve Bitcoin’s scalability issue and provide instant payment functionality. By demonstrating that the Lightning Network can function now, Bitfury has cleared the way to increased transaction processing and further adoption of Bitcoin. The Lightning Network will be the most effective when used with SegWit, which is why we are fully committed to SegWit’s implementation, and we will continue working on a version of the Lightning Network that is compatible with SegWit.
 

Vitaliy Vavilov
The Bitfury Group, CEO

Lightning Network represents the decision on scaling bitcoin thanks to which instant and inexpensive microtransactions should become possible. 

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

During its experiment, the BitFury team created two LN transactions. One of them was a direct transaction from one node to another, which actually simulated the payment channel between the two users. Available here.

The second experiment was to create a single-hop transaction, designed to better simulate the main task of the Lightning Network. Users pay each other through a common third-party trust. Available here.

It is noted that since this was just a test, the developers in both cases limited themselves to only one transaction, although they could create thousands of such transactions without additional costs.

The most interesting thing about the experiment is that it was held with real Bitcoins, in valid protocol.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.