Tuesday, December 19, 2017

Lightning Network set to launch soon

Lightning Network is set to launch soon. Tests on the MAIN NET have been successful thus far.

Meanwhile, I stumbled upon this Lightning Network explorer, which tracks and visualizes Lightning Network Nodes currently operational on the testnet.

Check it out for yourself @ https://explorer.acinq.co/#/

Lightning Network is technology that allows 2nd layer solutions to be utilized on top of current blockchain technologies already in use (such as Bitcoin) to provide instant payments, liquidity, scalability, and increased functionality. These functions allow inter-operability between different blockchains.

This would allow for settlement of Bitcoin(and other) transactions off of the main blockchain, until enough funds have been transacted to make the Bitcoin network fee more economical. 

In simpler terms, my understanding is that it is similar to the way a prepaid debit card works, only with blockchain technology, there is not central authority and there is no "trusted 3rd party" to sell/lose your information or money. Transactions are made until the balance is depleted, or one or both of the parties wishes to close the (channel)tab.

Network fees are typically paid to OPEN a channel(tab), and to CLOSE that same channel(settle and clear the account).

Learn more about Lightning Network on their website @ https://lightning.network/