Bitcoin (BTC) attracted the most attention, with its price action. But in particular, the technological possibilities of the “Leitcoins” are not to be underestimated.
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The Bitcoin network is developed on the side of Lightning
In the year 2020 – more than a decade after the creation of the Genesis block will have the Bitcoin network in an unexpected way, changed. In addition to the highly active Mining and the new ASICs will make the Lightning Network as one of the aspects of the BTC Transfers significantly change.
A recent Twitter Thread, based on an analysis of the Bitcoin developer John Newbery suggests that the Lightning Network one of the most active aspects of the BTC could be development. The network has its critics and opponents, but improvements now enable fast, real Peer-to-Peer payments.
New technologies are being developed to make about the LN function more smoothly or to allow you to returnable payments. Several Teams are working on LN-improvements, wherein the block stream is developed with c-lightning is a lightweight implementation of the Protocol. Eclair from ACINQ is a Scala implementation, and other versions include the LND and Rust Lightning.
The Lightning Network, previously considered experimental, will spread in the entire Bitcoin Ecosystem, according to the analysis. According to Bitfinex exchanges could begin, Lightning-services.
Newbery:
“We still have more Lightning to be seen-Wallets: a mixture of non-depot-based, self-managed and outsourced Wallets and completely self-managed wallet. This is a brand new space, you will experiment a lot. Different Teams will find different niches that you can fill.“
The legal Status of the LN is still uncertain, since the Node operators are just willing colleagues, the previously charged funds due to the operation of the customer transfer. However, BTC transactions to 2020 will be examined more thoroughly.
The network can scale with Off-Chain solutions are on the second level
The Bitcoin network will also develop scaling solutions through technologies of the second layer, the analysis.
“Together with taproot and SIGHASH_NOINPUT we are rich and extremely private Off-Chain contracts,” said Newbery.
Some of these technologies will lead back to the Bitcoin network again to his older Peer-to-Peer Status. The communication and Connections may take place directly between the Wallets and thus the Nodes relieve. Currently, the majority of BTC depend on Nodes of Cloud Services, requiring substantial technical investment, or are operated by miners.
Not all of the implementations and innovations will be in 2020, but at least the beginnings are likely to be made, says Newbery. Bitcoin and related protocols, Open-Source, and still are, a Form of community work.
Also, the efforts for scaling continue, and the LN could be for some transaction types ideal. Solutions on the second level mean that the Bitcoin network can offer to compete with some of the biggest protocols, Smart Contracts, and the like.