Lighting Network Unveils ‘Complete Bitcoin Mainnet Transaction’

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Lighting Network Unveils ‘Complete Bitcoin Mainnet Transaction’

Lightning Network (LN) is believed to be in a good position to help scale up the use of real Bitcoin Core (BTC) protocol over the digital currency’s mainnet. The LN development and the Mainnet testing is significantly growing and the users are more excited about the progress on the off-chain scaling feature. But some clients are still in doubt due to a few reported bugs, issue of warning from developers and the cost required to develop and close the current 781 channels that are used on the network.

The company is expected to speed up the scaling solution to help resolve the overcrowding and rising fee charges that are currently experienced at the Bitcoin core protocol’s transaction. The main idea is to allow off-chain transactions and micropayments processes through peer-to-peer network in the payment channels.

For the past few months, there has been a focus on the LN testing using the BTC but currently there are about 781 mainnet LN channels and several nodes each with unique names. The previous study shows that there’s about $41,689 in circulation within the network of LN channels.

Most users are concerned with affordable fees when processing transactions via mainnet by using the LN protocol but the initial cost of launching 781 channels with the BTC is always not discussed.

Furthermore, LN transactions announced recently that is has successfully deployed the bitcoin mainnet thus making it the first step in upgrading the technology that would transform user experience. Acinq Strike also launched a similar approach although it’s currently focusing on testnet and would consider mainnet integration in the near future.

The LN upgrade for BTC network will enable the users to transact the BTC funds faster at no extra fee. As the mainstream customers continue using the cryptocurrency, bitcoin charges have surpassed the highest mark resulting in the major miner incentives to easily process payments at a slow rate.

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