First Lightning crosschain swap from BTC to LTC performed

Atomic swap between Bitcoin and Litecoin successfully performed
17 November 2017   6708

First transaction between Bitcoin and Litecoin performed using the Lightning Network.

The ability to instantly exchange currencies using the Lightning solution offers a number of advantages, such as instant settlement, increased privacy and low commission fees.

Under the hood, the Lightning Network uses a special type of payment called a Hashed Time-Locked Contract (HTLC). HTLCs are structurally very similar to the contracts used in our previous example—they use timelocked refunds for safety, and atomically move funds by revealing preimages. In fact, at the scripting level, an HTLC is differentiated only by one additional clause, which can be used to indefinitely extend the life of a channel in the cooperative case.
 

Lightning Team

First successful atomic swap is a big step for whole cryptocurrency community and for the blockchain technology. 

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   253

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.