Lightning Transaction Protocol Successfully Tested by Blockstream

BitsPlan

The Bitcoin Lightning micropayments protocol has successfully passed the test. The protocol was tested recently by researchers from Blockstream, a company contributing towards the maintenance and development of Bitcoin Core protocol.

People from across the world are increasingly using Bitcoin as a medium of value exchange and storage. This has led to a sharp rise in the number of transactions being processed by the Bitcoin blockchain on a daily basis. As the community continues to grow, the Bitcoin network needs to be scaled to ensure fast and efficient handling of transactions.

The Lightning network is one of the proposed scaling initiatives that creates a secondary payments layer over the Bitcoin blockchain. The Lightning network allows unlimited instant transactions between two Bitcoin wallets without creating individual entries on the blockchain for each transaction. This way, it will not only increase the speed of transaction but also reduces the overall cost of transactions (miner fee).

The Lightning network is still in development and testing phase. Blockstream tested v0.5 C prototype as part of its continued development efforts. As a part of the demonstration, Dr. Christian Decker — one of the developers made a purchase of a cat’s picture for 0.01 test BTC to

Read more ... source: NewsBTC USA

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