Lightchain promises millisecond transaction time for Bitcoin

Lightchain technology promises to shorten transaction times and help with blockchain performance issues
17 January 2018   389

Right now Bitcoin blockchain is congested with slow transactions and the fees are rising by hour. So, the Lightchain technology comes to the rescue. This double-layer blockchain aims to resolve this issues by implementing one master chain together with several sub-chains. The prime chain, like Bitcoin, will provide transparency and the overall control, while sub-chains resolve the transactions and synchronize the results on regular basis to the master chain. The developers promise the speeds up to 100 000 transactions per second with maintaining the current tamper-proof qualities of the blockchain.

This effect is achieved by implementation of “Proof of Machine” concept and using an in-memory database cache on the sub-chains. The in-memory cache reduces the time needed to fetch frequently used data, thus increasing total operating speed. The whitepaper goes on to explain, that there will be only one prime-chain, or mother chain, to provide decentralized distributed network that is immutable and transparent to public, while the number of sub-chains can be extended when necessary to increase performance.

This concept is one among many others promising to solve the existing Bitcoin blockchain problems. SegWit, Lightning Network, Schnorr signatures all devise their own way around the issues, and now Lightchain comes forward to expand the amount of possible solutions.

ACINQ to Release Lightning API For Bitcoin Mainnet

Strike is API for easy acception of Lightning network payments
25 May 2018   33

Developers from ACINQ presented a version of Strike API for Lightning-payments in the main bitcoin network.

Strike is an API for easy acception of Lightning payments. From a technical point of view, the service works as follows: ACINQ receives and aggregates incoming payments, and then periodically sends transactions to the recipient's wallet. In other words, companies can offer their clients instant and low-cost payments, receiving funds through the usual cash transaction.

We take a 1% fee on payments, and that’s it. Automated payouts to your Bitcoin wallet are free of charge, because we batch them among merchants. The threshold for automated withdrawals can be set between 0.1–1 BTC.
 

ACINQ

Also, users can make a payment to the wallet manually, however in this case you will have to pay a commission of 0.5 mBTC.

According to ACINQ representatives, although using Strike and assuming the need to trust a third party, the level of risk is minimal, since the service sends an onchain-transaction every time the total amount of payments reaches a user-adjustable threshold.

The developers noted that the Strike integration with the WooCommerce plugin is currently underway. In addition, ACINQ is considering the possibility of partnership with the Canadian Internet company Shopify, which specializes in developing software for online and retail stores. The company serves 500,000 trading companies with a combined turnover of $ 45 billion.