BitFury successfully tested Lightning Network

Promising Bitcoin scalabilty solution was successfully tested 
21 July 2017   3127
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.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   101

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.