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How is Bitcoin Developer Convinced about lightning network gaining Traction?

How Is Bitcoin Developer Convinced About Lightning Network Gaining Traction?

There is a dramatic change in perception of bitcoin developer, Peter Todd, about lightning network within few months. Only in February, he expressed his doubts about the option to use C program for creating, as well as, working on it. Now, he has come to describe it as a success. That meant the long-awaited scaling solution, which is the second layer, is gaining traction. This is a significant development to use mobile payment option.

Narrated Experience

The developer of bitcoin narrated his experience of using the lightning network in his tweets. He pointed out that he made attempts to pay a bill through Bitrefill with the help of the network on April 21. However, it was not a successful one and made subsequent attempts. But, this time it was through Acinq and process of payment sailed smoothly. There were no hiccups whatsoever in the process much to the delight of the developer. The key factor is that it happened instantly. Acinq and Bitrefill are two wallets. He felt that the routing problems could have led to the failure of transactions in the initial attempts.

Most of the cryptocurrencies including bitcoin are developed on blockchain technology. Therefore, if a big transaction backlog is pending the mempool, then the waiting time and transfer fees tend to increase. Since every fresh transaction should be added in a block with a fixed size, it is quite natural that there is a long time to manage the increased load.

Aside from the lightning network, Todd has also been engaged in arguments with Vitalik Buterin, co-founder of Ethereum, on the potentials to scale on a chain. According to btcmanager, the definition for the lightning network is that “A decentralized system for an instant, high-volume micropayments that remove the risk of delegating custody of funds to trusted third parties.” This is essentially an indicator of a second layer, i.e., off-chain scaling model. It would only enable speedy transactions of bitcoin by taking away from the blockchain. This would result in the main chain being used to store results of every transaction taking place off the blockchain.

Narrating his experience, Todd pointed out that he made use of online wallet, Bitrefill, since that enables the user to make payment for their utility bills with the help of any cryptocurrencies. As the transactions failed, he thought of using the wallet of Acinq’s Éclair. This enabled his $48 payment to sail through immediately.

Symbol of Maturing

Todd preferred his experience to rate about lightning networking as a maturing one. This would mean that it is ready to be thrown open to the real world. As the time passes, the network could be in a position to manage more complex and significant transactions. The key point is that the network allows opening of a peer-to-peer micropayment channel among the parties transacting.

The objective of lightning is to help moving payments away from the main chain. As a result, it frees space for larger transactions on the platform. The bitcoin developer has made three small transactions to pay his bills so that the reliability could be put under test.

About the author

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Prateek Kulhari

Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.