The Lightning Network Could Solve The Bitcoin Block Size Limit

The Bitcoin block size is a hot topic in Bitcoin. Gavin Andresen has been at the center of the heated discussion of how to scale Bitcoin to accommodate higher transaction volumes. The Lightning Network has garnered much support as a possible solution to this problem.

The co-authors of the Lightning Network white paper, Joseph Poon and Tadge Dryja, gained credibility with the release of their ideas. Many projects have already seen the benefit of something like Lightning Network to their projects. And, according to Joseph Poon, this will be an easy thing for them to do.

“Most companies can hook into Lightning quickly, since there are minimal changes on backend service providers required,” Joseph Poon, a co-author of the Lightning Network white paper, told CCN. “They just hook into an API daemon running on top of bitcoind.” Even if a service is a hosted wallet, they can use the Lightning Network.


“It enables services like ChangeTip to do micropayments in a way in which the payment itself is decentralized between the service providers themselves,” Poon said. “So maybe in the future, when someone donates you $0.10 in bitcoin,

Read more ... source: CryptoCoinsNews