Lightning Network simplifies money transmission

The forward looking technology turns introduces cryptocurrency exchange without any intermediarie
24 November 2017   2443

The Lightning Network, or LN, is one of the most expected protocols. It can help to solve the problem of transaction’s speed. The main difference is that the blockchain doesn’t includes the information about accomplished micropayments. It means, that users can make so many payments as they need and only a total balance of transactions will be recorded in the blockchain.

There is nothing to worry about safety because a recipient can’t get money until he or she signs a special agreement. According to this document a remitter can get paid back, if other party of the contract fails to comply fully with the requirements.

Speaking of advantages of LN, it should be noticed that the technology allows to make micropayments without any impacts on the blockchain. Users can also exchange cryptocurrency without intermediaries with the help of so called atomic swap. The essence of this process is in specific terms of a bargain. A transaction must be fully accomplished or the deal is off.

Atomic swaps has already been tested with the following blockchains: Litecoin, Decred, Vertcoin and Bitcoin.

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   307

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.