BitFury successfully tested Lightning Network

Promising Bitcoin scalabilty solution was successfully tested 
21 July 2017   2665
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.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.