The Trustless Feature of Bitcoin and Lightning Network

There is an inherent lack of trust in the decentralized network and Proof of Work consensus algorithm of Bitcoin. Nevertheless, Bitcoin’s growth turned it to the leading asset worldwide, thereby bringing up issues like scalability. Hence, second-layer solutions such as the Lightning network have been introduced to solve the problem. The question now is about possible depletion of the trustless domain on which Bitcoin is based on by the Lightning network. Lisa Neigut of Blockstream spoke on the Stephen Livera podcast concerning Lightning network…

Between Scalability and Centralization of Bitcoin

Many cryptocurrency market participants and Bitcoin enthusiasts are looking forward to wide usage of Bitcoin as currency. However, scalability is among the greatest challenges hindering the achievement. Bitcoin’s proof of work consensus algorithm is exceedingly essential based on immutability viewpoint; however, it has not been able to do as expected regarding transaction speeds when in competition with other forms of payments. People argue that Bitcoin is suitable as a store of value asset and not as a medium of exchange.…

Lightning Network Statistics Fall as Bitcoin Drops

The Lightning Network is significantly dropping, as reported by the Defi Pulse on the 14th of March.  Charts are indicating the total value locked (TVL) in Lightning Network, revealed an over 2-day period drop. The figure dropped to $4.30m on the 13th of March, from $7.073m the previous day, and thus a decline of about 65% in a day. Bitcoin’s crash accelerated the most long-short liquidations on BitMEX in 16 months. Bitcoin dropped from $7200 to a low of $5675…

Square Crypto Issues New Grants to Aid BTC Developers

Square Crypto, announced the awarding of new grants to 2 BTC developers as per a Medium post. This Bitcoin development initiative is a product release of Square Inc, owned by Jack Dorsey.  A Bitcoin Core contributor and protocol researcher, Jon Atack, and the prominent BTC developer, Tankred Hase are the recipients of these grants. Hase has been working on enhancing the user experience while simplifying the self-custody of smaller amounts of BTC. The developers are to utilize the grants towards…

BitMEX Research Shows Many Public Channels Undergo Bitcoin Lightning Network Closure

BitMEX researched on Bitcoin Lightning Closure and found out that more than 60k non-cooperative channels got dissolved. Seventy-two percent were public channels, while twenty-eight percent were private channels. Instead of considering channel count-based metric, the research perceived the numbers closed as per the value of Bitcoin. The amount of Bitcoin used by the non-cooperative channels amounted to 1070. The public channels used 993 Bitcoins, while the private channels used 131 Bitcoins. When the value count gets considered, the research data…

Experts Disagree with The Notion of Bitcoin on Ethereum

There is an aspect of crypto and blockchain, usually utilizing ideas to obtain value from blockchain’s principal success. One instance of such is Bitcoin Hard Forks. Recently, an Etheereum product developer, known as David Hoffman, tweeted his bullish sentiments supporting Bitcoin transactions on Ethereum. The notion of running Bitcoin on a second faster chain always gets suggested. EOS has been trying to make such happen. The impact of the growth of Bitcoin networks drives the markets with stores of value…

Introduction to the Lightning Network – Bitcoin’s Scalability Savior

Bitcoin’s Rampant Growth and Scalability Problem  Throughout its existence, Bitcoin has only been capable of processing around 7 transactions per second. Growing at a rate that most people would call unsustainable, Bitcoin’s scalability problem has slowly become a hindering issue. While a low transaction count was initially enough, the system has been congested for a few years.  As a result, transactions today take a long time to process, and transaction fees are extortionate due to the demand. Ten years later, scalability…

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