Analysis
The quest for a workable Bitcoin scalability solution is still ongoing with developmental efforts in protocols like the Lightning Network and Statechains.
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Lightning Network News
The Lightning Network is a payment protocol that works as a second layer on top of a blockchain. A large number of those in the cryptocurrency community suggested Lightning Network as a fix to Bitcoin’s scaling problem.
The Lightning Network opens a payment channel by setting up a multisignature wallet that holds some amount of cryptocurrency, and then a savings wallet address in the blockchain. Having a payment channel, parties can make an unlimited amount of transactions that are not made public in the blockchain. After all planned transactions are completed, the resulting balance is saved in the blockchain and parties can recover their share of the wallet. You can also use other payment channels or multiple channels to reach your partner, with the network finding the shortest way. Lightning is not as secure as the blockchain itself, but it may be widely adopted for small transactions, and it will reduce the strain on the blockchain, making it more scalable.
- News
Will Bitcoin’s premier layer-two solution finally graduate from experiment to everyday utility, following its adoption by major exchanges?
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While the number of Bitcoin transactions that can fit in a block remains the same, demand on the network is leading to rising transaction costs.
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As Lightning Labs continues to expand the Lightning Network’s capabilities, another major exchange announces its plans to integrate.
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He feels Bitcoin might need such solutions, even with the coin in a store of value role.
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Amid increasing distrust of custodial solutions and recent upgrades to Bitcoin Core, more Bitcoiners are starting to run their own nodes.
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Six prominent crypto firms have joined the federation governing Blockstream's Liquid sidechain.
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Zap is announcing Strike Global, a Bitcoin payments app for global remittances.
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Traders on Binance can now deposit and withdraw to SegWit (bech32) addresses.
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Kraken will integrate the Lightning Network to support instant Bitcoin transfers and reduced withdrawal fees.
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The lightning vulnerability was made public on Oct 9.
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Larger payment channels on Bitcoin’s Lightning network could be exploited according to an independent developer
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A digital shop for crypto users that boasts more than 35,000 products has announced that it now supports the Lightning Network.
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DeFi’s growth has been propelled by the increasing popularity of yield farming and Bitcoin tokenization protocols, according to ConsenSys.
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The Strike app hopes to encourage mass adoption of Bitcoin and the Lightning Network by connecting it directly to a bank account or debit card.
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