LIGTHNING NETWORK: THE NEW FACE OF CRYPTOCURRENCY AND BLOCKCHAIN TECHNOLOGY

TECHNOLOGICAL advancement in recent times forms the core of all key spheres, with a constant upgrade of existing technology to portray new findings, address flaws or lags and incorporate new features all aimed at giving end users maximum satisfaction.

The cryptocurrency sphere has in recent times seen lots of technological upgrades in varying niches with calls for improved services by investors, developers, miners and end users; notably of its blockchain technology.

Most paramount is the movement for the adoption of the Lightning network as a panacea to the crypto scalability problem peculiar with Bitcoin, delayed transactions, security cum privacy lag and high fees which have plagued the cryptocurrency( majorly Bitcoin) market.

The concept of lightning networks (Bitcoin 2.0) as first proposed by Joseph Poon and Thaddeus Dryja, is hinged on the creation or adoption of a bi-directional second layer peer-to-peer,private payment channel grafted above the blockchain which supports huge or more instantaneous transactions ; at faster rates with little or no transaction fees.

Of all coins which require this adoption, Bitcoin which boasts of the largest popularity and coin market cap remains its top priority with a below par average of 3-7 transactions processed per second across its block, the lightning network was designed to solve the technical limitations of the Bitcoin blockchain.

Altcoins from Ethernum, Neo, Zcash and more have opted to adopt this tech under varying platforms termed Raiden, Trinity,Bolt respectively as they laud its development as key to further cryptocurrency adoption and future utility.

Ten years after the Satoshi Bitcoin master piece, the lightning network stands out as its first real time tech change from the default bitcoin and cryptocurrency blockchain.

The first practicality test of the lightning network carried out by TorGuard on its VPN service, proved successful as the transaction was completed instantly and incurred no extra fees.

Another plus to the lightning network implementation is its independence away from miner’s support; which allows quicker and cheaper transactions without third party influence on speed or final completion cycle of any transaction.

At this time, there is yet to be a wide adoption of the lightning technology as finishing touches are envisaged prior to mass adoption. However a few crypto savvy cum hard core cryptocurrency enthusiasts have begun transacts on the network which has proved void of glitches and backdrops.

With its current state success, the lightning network would without doubt positively affect Bitcoin’s dominance and also boost cryptocurrency utility over fiat as speed, anonymity and cheap fees all become feasible crypto characteristics.

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