Published on September 1st, 2015 | by bitcoin0
Simpler, Beta Version of Bitcoin Lightning Is Out
According to the authors, lightning networks would enable Bitcoin scalability, efficient micropayments, and near-instant transactions.
In a recent interview with MIT Technology Review, Bitcoin Core developer Gavin Andresen warned that the Bitcoin network might soon become oversaturated, and people might just stop using Bitcoin because transactions would become either unreliable or expensive.
“Looking at the transaction volume on the Bitcoin network, we need to address it within the next four or five months,” said Andresen.
The implementation of lightning networks would require appropriate tweaks to Bitcoin core.
“This is genuinely revolutionary.”
In August, developer Mats Jerratsch launched a preliminary, simplified lightning network implementation dubbed “Thunder Network.” Jerratsch’s implementation, written in Java and available as open source code on Github, is less watertight than the full Lightning Network proposal, but doesn’t require a fork and can be used now as it is.