Bitcoin Lightning Network is Live For Beta Testing

The Lightning Network is currently one of the most ambitious technologies that aim to solve the scalability problem that comes with bitcoins and all other forms of cryptocurrency. It was under development for a long time now, and as of March 15, it went live for beta testing.

The first mainnet beta release of the lightning network has been dubbed the Lightning Network Daemon. Lightning Labs, the start-up behind the Lightning Network has published a blog post announcing the much-awaited release and some details regarding the technology:

“Today, we at Lightning Labs, are announcing the release of IND 0.4-beta! This release marks the 4th major release of IND and the first Lightning mainnet beta, an important milestone. With this release, IND has gained a considerable feature set, deeper cross-implementation compatibility, a new specialized wallet seed, comprehensive fault-tolerance logic, a multitude of bug fixes, and much more!”

Besides the new beta release, LN has also been showing other signs of development and expansion. Just a few days ago, it reached a record milestone of 1000 active nodes, and its total number of opened channels are above 1800. Along with this rapid expansion, it is also receiving support from several prominent figures inside the industry.

The likes of Jack Dorsey, the CEO of Twitter made a $2.5 million investment in Lightning Labs. Then, important figures such as Samson Mow – Blockstream CSO, and Charlie Lee – Litecoin Creator, both are have shown active support for the technology.

Important enterprise entities, like the software juggernaut Microsoft has informed about their plans to collaborate in the development of decentralized Layer 2 protocols which will be running atop these public blockchains.

Alex Simons, the Directory of Program Management at Microsoft Identity Division, even took out the time to make the statement, “While some blockchain communities have increased on-chain transaction capacity (e.g. block size increases), this approach generally degrades the decentralized state of the network and cannot reach the millions of transactions per second the system would generate at world-scale.”

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