The Lightning Network project has been hitting the headlines today, as they hit their final stages. According to Lightning Network’s engineers, the project is wrapping up their last stages of development.
However, only just a few minor changes are halting the total completion of the network. It has also been mentioned that a few inconsistencies need to be figured out.
What is the Lightning Network?
The whole project has been announced for over a year now. Despite its longevity in the market, the Lightning Network still mystifies a bunch of coin enthusiast in the market.
To simplify the lightning network, it is a decentralized network, which utilizes smart contract functionality that is located in the blockchain; it also enables fast and even instant payment across different participants.
According to the project’s website; “The Lightning Network is dependent upon the underlying technology of the blockchain. By using real Bitcoin/blockchain transactions and using its native smart-contract scripting language, it is possible to create a secure network of participants which are able to transact at high volume and high speed.”
Lightning Network Updates
Headlines and recent news has been suggesting and hinting that it is near completion, according to the Blocksteam engineer and co-author of an early Lightning research paper at ETH Zurich, Christian Decker, “The specification is mostly complete, with minor amendments and inconsistencies that we are figuring out,”
On other news, the Lightning Network recently unveiled their third release which featured Bitcoin and Litecoin atomic swaps. The LND or the Lightning Network Daemon development team announced that “they are extremely excited to see Lightning integrated into the ecosystem, and to see all the novel applications that developers will build out.”
According to the LND’s Laolu Osuntokun, “This release marks the third major release for LND,” and “With this release, LND is now has gained a considerable feature set, a new automatic channel management operating mode, RPC authentication, additional persistence logic, and further major strides towards complete spec compliance.”
Bitcoin Hovers at $4,000
Bitcoin has been showing a massive work of volatility in the past few weeks and days; it manages to claw back some of the previous loss it suffered from the start of the week and was hovering at the $4,414.31 price point in one point this week. It didn’t stop there, Bitcoin was playing around the $4,500 levels last August 18 tallying a total of 40% increase on its price this month alone.
A lot of investors are extremely in shock on the current price volatility that Bitcoin had shown, this is all considering the most recent Bitcoin fork it has and giving birth to the BitCash. Although analysts are particular that we are yet to experience the full wrath of the split, some are saying that it will take until November till we see and feel the fundamental changes that the digital currency can have.
If you are wondering if you are too late to participate and buy Bitcoin, well HuffPost Australia recently noted that “Buying Bitcoin now is not too late,” and “If we see full adoption in the future or mainstream adoption, the price still has to go up because we have limited supply.”
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