Lightning Network simplifies money transmission

The forward looking technology turns introduces cryptocurrency exchange without any intermediarie
24 November 2017   1867

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 Desktop App to be Launched in BTC Mainnet

The application, which is based on the lightweight Neutrino client, is available for the macOS, Windows and Linux, however, it's oriented fro test environment
24 April 2019   120

Lightning Labs, a leading developer of solutions for the Lightning Network, announced the launch of its desktop wallet in the main Bitcoin network. An application that was previously tested in a test network is available in the alpha version.

The application, which is based on the lightweight Neutrino client, is available for the operating systems macOS, Windows and Linux, however, as the developers emphasize, is still oriented primarily to the test environment. At the same time, more advanced users can also experiment with the wallet interface and get access to their funds.

Lightning App Desktop Version Screenshot
Lightning App Desktop Version Screenshot

The Neutrino client allows non-custodial Lightning wallets to verify Bitcoin transactions without the need to synchronize with the full version of the blockchain.

The new release includes such a function as displaying a single balance, which will allow users to see the cumulative number of coins both in the network base and in the payment channels by percentage.