The wait for Bitcoin’s Lightning Network is almost over. This key software will help Bitcoin overcome one of the biggest issues that face cryptos at this time, scalability. The network was revealed to have ran tests on live transactions and successfully completed almost all hurdles needed for a live release.
This project’s specifications have been in the works since last September. The rules are laid out for the network but leaves room for the program to evolve over time. The startups behind the lightning network including ACINQ, Blockstream and Lightning Labs believe that the current version is enough to support the first full Lightning Network. This is a major milestone for Bitcoin as it has fallen in market share to other cryptos.
The ability for these quick transaction and scalability could allow it to pull ahead of its competitors once again.
Another major key for Lightning to be ready for use, is the compatibility between the different implementation. As multiple companies were working on this project, it was necessary that the program has interoperability. This was back tested extensively as it is essential due to payments taking place across the whole globe. They also ran 2 live tests to see if the program worked. Both included nodes all over the world and were successful.
Even on a small scale, that is a big win.
Overcoming this obstacle allows for development to continue and draw a launch date closer. Before an official launch can take place, the mainnet software must be released though. This is needed to allow Bitcoin users to make real time payments. There is still some work to be done in this regard. Developers are being very careful with the software to eliminate the possibility for hacks and lost funds.
Nevertheless, the Lightning Network that Bitcoin has waited patiently for is drawing close.