Rumor: Lightning Network for Bitcoin is to be imminent

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According to rumors, transactions via the Lightning Network are already very soon, possibly even today, also possible for Bitcoin.

As the user Ferdous announced yesterday on Twitter, the application is supposed to be activated already today on the Bitcoin blockchain. In this context, he promised immediate, almost free transactions, profit-maximizing effects for all users and thousands of new apps. However, he did not provide a source.

If Lightning is still going to start this week, this step would be much earlier than originally planned and quite surprising. The SegWit extension of the blockchain, which is necessary for the implementation of the Lightning Network, is currently logged in and thus theoretically applicable, but has not yet been activated by the users (we reported). The activation would probably be another boost for the Bitcoin network.

The technology on which the Lightning Network is based was originally conceived as a solution to the emerging scaling problems of bitcoin blockchain. It should increase the speed of Bitcoin transactions, thus reducing transaction costs in the network. For a long time, however, disagreements among the users had led to a halt in this development. In the end, a hard fork and the development of Bitcoin Cash came before the SegWit activation.

SegWit and the associated Lightning Network were already implemented in the Litecoin-Blockchain already in May and has been supported by the users in the network since then.

What exactly is the Lightning Network?

The Lightning Network can be viewed as a peer-to-peer application that is “suspended” on a blockchain to simplify transactions. The trick is that payments are executed through many separate Micropayment channels, which make it possible to pass bookings virtually past the blockchain. Instead, two users can make any number of transactions with one another without informing all the participants of the blockchain about the cash flow. Only the final amount of your transaction will be recorded in the blockchain for all transparent. Smartcontracts and established deadlines and time frames create both mutual and collective trust in the technology.

The fact that it will come to the implementation of the Lightning Network on the Bitcoin-Blockchain, is only a matter of time. This is probably done when SegWit is finally activated. From this moment on, it will also show the direction in which Bitcoin will move in the long term. Will it continue to be an investment object primarily used for value preservation and speculation, or will it ultimately become a globally accepted form of payment for transactions of all kinds?