{"id":113646,"date":"2018-03-16T13:00:14","date_gmt":"2018-03-16T17:00:14","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=113646"},"modified":"2021-09-01T02:21:53","modified_gmt":"2021-09-01T06:21:53","slug":"3-revolutions-the-lightning-network-beta-release-will-bring-to-bitcoin","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/3-revolutions-the-lightning-network-beta-release-will-bring-to-bitcoin","title":{"rendered":"3 Revolutions The Lightning Network Beta Release Will Bring To Bitcoin"},"content":{"rendered":"

Thursday\u2019s unveiling of the first Bitcoin mainnet-ready Lightning Network (LN) tool, \u2018Lightning Network Daemon\u2019 (\u2018lnd\u2019) promises several transformations of the Bitcoin user experience.<\/strong><\/p>\n

\n

LN Goes Mainstream<\/h3>\n

Released to acclaim<\/a> from well-known cryptocurrency figures and users alike, lnd\u2019s beta brings simpler connection to LN to a host of excited developers.<\/p>\n

\u201cWith this release, lnd has gained a considerable feature set, deeper cross-implementation compatibility, a new specialized wallet seed, comprehensive fault-tolerance logic, a multitude of bug fixes, and much more,\u201d lnd creator Lightning Labs wrote in a dedicated blog post<\/a>.<\/p>\n

LN has come in for criticism from some Bitcoin technical experts since its astronomical growth<\/a> began in January. Security considerations and the potential lack of understanding about how the protocol works in practice resulted in Core developer Peter Todd<\/a> among others to caution against a fast rollout.<\/p>\n

1. Atomic Multipath Payments<\/h3>\n

Commenting on its features, meanwhile, Lightning Labs unveiled lnd could go a long way to solving some of these reservations.<\/p>\n

Among them, so-called \u2018Atomic Multipath Payments\u2019 (\u2018AMPs\u2019) could in future allow the limitations of sending funds via channels with limits to be overcome.<\/p>\n

The feature \u201callows large Lightning transactions to be divided into a series of smaller transactions as they\u2019re sent over the Lightning Network, but in such a way that they\u2019re automatically joined back together. The user sees only the total amount of the transaction, without needing to be aware that AMP is being used behind the scenes,\u201d the blog post explains.<\/p>\n

\n

At first glance, the benefit would be the ability to make payments which exceed the value of any given channel, by distributing the value across multiple smaller channels.<\/p>\n

\u2014 BashCo (@BashCo_) March 16, 2018<\/a><\/p><\/blockquote>\n

2. Earn Money By Running a Lightning Node<\/h3>\n

Lnd will also cater to what developers describe as \u201cmore advanced Lightning users\u201d being able to earn Bitcoin by running a relay node as part of the network, allowing users to reach their destination in fewer node \u2018hops.\u2019<\/p>\n

\n

\"\"<\/p>\n

Lighnting network mainnet<\/p>\n<\/div>\n

\u201cNew tools and additions to lnd will help routing node operators optimize revenue, maximize uptime, and manage capital,\u201d they continue. \u201cA robust routing network is essential to the speed and privacy of Lightning, and we\u2019ll be working with the community to facilitate the growth of the network.\u201d<\/p>\n

3. Cross-Chain Atomic Swaps<\/h3>\n

Perhaps the most hotly-awaited improvement to come to LN is the so-called cross-chain atomic swaps, which will allow a transaction in one cryptocurrency to arrive as another.<\/p>\n

For example, users would be able to send Bitcoin on one end, and receive another cryptocurrency such as Litecoin on the other, effectively removing the need for third-party exchanges.<\/p>\n

\"Atomic<\/p>\n

\u201c\u2026Enable instant, trustless exchange of assets residing on separate blockchains such as Bitcoin and Litecoin, without the systemic risk introduced by custodial exchanges,\u201d Lightning Labs explains.<\/p>\n

What do you think about the future potential for lnd? Let us know in the comments below!<\/em><\/strong><\/p>\n

\n

Images courtesy of Shutterstock,\u00a0lnmainnet.gaben.win, Twitter<\/em><\/p>\n

The post 3 Revolutions The Lightning Network Beta Release Will Bring To Bitcoin<\/a> appeared first on Bitcoinist.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thursday\u2019s unveiling of the first Bitcoin mainnet-ready Lightning Network (LN) tool, \u2018Lightning Network Daemon\u2019 (\u2018lnd\u2019) promises several transformations of the Bitcoin user experience. 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