Bitcoin Lightning Network

Blockstream: Bullish for Bitcoin Lightning Network

July 19, 2019 at 9:15 AM | By Jit Sutradhar News

While the Bitcoin price is recovering from the hardships of the past few days, the technical development is by no means at a standstill. So Blockstream is waiting with an implementation for the BTC Lightning Network. This should significantly improve the scalability of the cryptocurrency.

No question – the Bitcoin price is by far not the most stable in the short term. The partly appreciated, sometimes dreaded, volatility of the cryptocurrency promises rapid price movements in seemingly arbitrary directions. Not so the technical development; In principle, since the BTC Genesis Block, this only knows one direction: forward.

The Million Channels Project should optimize Lightning

Accordingly, the Blockstream development team will post a new project called “The Million Channels Project” in a blog post. This plans to improve the scalability of the BTC Lightning Network. In other words, the new project is intended to significantly improve the capacity of the Bitcoin network to resize – thereby relieving the blockchain. According to this, the project aims to improve the infrastructure through realistic network simulations and optimization of the code.

And not without a reason, a look into the past may be enlightening here. While the Bitcoin rate peaked in December 2017, the network was struggling overall. The blockchain was not up to the mainstream rush, it had scalability issues. With the Million Channels Project such rushes and a bullish increase in the Bitcoin course should become more possible.

Network ready for high bitcoin course

Because the Lightning Network, which itself already provides for a relief of the Bitcoin Blockchain, is optimized by the Million Channel Project to another. Network simulations already mentioned analyze the status quo of the network and then optimize it. To do this, they in turn design simulations of the Lightning Network in order to ultimately test test runs for emergencies. With ordinary desktop hardware it should be possible, according to Blockstream, to run C-Lightning on one million channels. This allows theoretical bitcoin courses to dizzying heights without relieving the blockchain.

Accordingly, Blockstream announces: “We are very bullish about the Lightning Network.”

Blockstream has been working on optimizing the Bitcoin network for some time. For example, the implementation of Liquid has already provided a solution to improve the scalability of the network.

image via Shutterstock

This article is translated by Google Translate from btc-echo.de

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