As final week’s Scaling Bitcoin workshops came to an finish and a attendees returned home, a categorical charge for 12 of Bitcoin’s distinguished lightning network developers was unequivocally only starting. Last Monday and Tuesday, member from ACINQ, Amiko Pay, BitFury, Blockstream, Lightning Labs and Purse collected on a third story of a operative space in a core of Milan. Sitting around a list filled with humming laptops and emptied out pizza boxes, a world’s initial “lightning network summit” took place.
The specific charge during palm was to settle interoperability between a opposite implementations of what is maybe a many rarely expected record to be rolled out on a Bitcoin blockchain in a nearby future.
The Lightning Network
The lightning network was first proposed by Joseph Poon and Thaddeus “Tadge” Dryja good over a year ago. Utilizing Bitcoin’s simple programmable facilities — like multisig and time-locks — users can settle networked remuneration channels on tip of Bitcoin, formulating in outcome an off-blockchain transaction covering leveraging Bitcoin’s security. This should concede for a near-infinite volume of trustless, present and low-cost exchange with small combined weight on a Bitcoin network and a users.