The Lightning Network

Implementations such as a private Lightning client, Lightning Network Daemon (lnd), will allow wallets to make these types of payments “seamless in the long-term.” They could also result in very cheap transactions, he added.

Several cryptographers practical on the privacy-minded cryptocurrency Zcash, as an example, have proposed BOLT, a new emblem of lightning-style micropayments tech that also preserves the network’s anonymity. And project developers have hinted the technology is being worked on, even though it’s not clear when it will launch.

Padiou proved out his eclair Lightning client on Litecoin’s testnet before Litecoin activated Segwit, and happily assert that “it worked out of the box, all we had to do is change a few configuration parameters.” 16 days later, within two hours of Segwit activation, Blockstream programmer Christian Decker sent the very first Lightning repayment to fix on Litecoin’s main reticulation.

Scalability was the first major motivator for Lightning, as Bitcoin’s distributed nature hugely limits the transaction rate of the network. While Visa can process tens of thousands of transactions per second, Bitcoin’s network is bounded to less than 10 per second. Another motivator for Lightning’s development is that the Bitcoin blockchain’s “block confirmation delay” is approximately 10 minutes long. That means it takes 10 diminutives for a bitcoin process to confirm. Further, transaction fees on the Bitcoin blockchain can run between 5 and 10 cents per transaction, rendering micropayments infeasible. Lightning Network, as oppose, can enable near-instant transactions, at a rate of thousands to millions per second, with fees of a fraction of a penny (or even liberated).

terryRabRedditor for 9 months. 14 points15 points16 points 4 months ago (2 children)This is not my answer but I found it on the ARK subreddit from about a month ago: “While the smart bridge can be used to substitute ARK from one quoin to another, it seems like the technically pleasing obstacle the smart-bridge hurdles is being able to trigger smart contracts on other chains from ARK. Let’s say there is a particularly useful app or smart contract on Ethereum that you want to integrate with a dapp you built on another chain, say NEO. The smart bride can personate as an intermediary between the two irons and their contracts. Atomic stroke at the moment is a benefit of segwit and the lightning network. It is only available on invent that have implemented these take policy (BTC, LTC, VTC). Ethereum has a very similar protocol to the lightning network called Raiden, but it doesn’t allow for atomic swaps because it is only similar to lightning, not actually lightning. Once listeners are in place, ARK has no reliance on the secondary blockchain’s procedure.”