Blockchain, a major bitcoin wallet provider, has launched its alpha version of the Lightning Network, dubbed Thunder.
Lightning Networks are designed to bring scalability and instant off-chain payment capability to the Bitcoin Blockchain. Thus, Blockchain is positioning Thunder to facilitate secure, trustless and nearly instant payments, enable the power of microtransactions, permit the network to handle heavy loads, and increase user privacy.
Blockchain CEO Peter Smith commented:
“Blockchain is committed to bringing our blockchain technology and the power of open finance to every corner of the world. This release takes us one step closer to realizing that ambition.”Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. The network is dependent upon the underlying technology of the Bitcoin Blockchain, using real blockchain transactions and and native smart contract scripting language to create a secure off-chain network of participants that can transact at high volume and high speed.
Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. The network is dependent upon the underlying technology of the Bitcoin Blockchain, using real blockchain transactions and and native smart contract scripting language to create a secure off-chain network of participants that can transact at high volume and high speed. This solves the problem of Bitcoin’s slow transaction speed and inefficient micro-payments capability.
Blockchain developer and Thunder creator Mats Jerratsch noted:
“Off-chain payment networks are, at this point, highly experimental. However, it’s important to begin these projects and collaborate with the community, because our ability to scale bitcoin or another virtual currency depends on a launch and learn approach.”
Participation in Thunder comes with a node and a wallet with graphical user interface (GUI) present. Blockchain boasts “better-than-Visa scale (100,000 TPS)” transactions speed with only a few thousand nodes on the network, low transaction fees derived naturally from a free market in an open and permissionless network, AES-CTR encrypted communications between all nodes and wallets, payments relayed over multiple nodes in the network automatically via encrypted routing, as well as anonymous and irrevocable payments settled automatically with no manual intervention necessary.
