One of the tools that generates more attention among bitcoiners in the world is the Lightning network, for its power to facilitate the use of cryptocurrency as a means of exchange quickly and with very low commissions.
Although Lightning is a promising tool, it still lacks development to reach mass adoption. This was the opinion of developers specialized in this second-layer network, during one of the presentations at the Blockchain Summit Latam, an event that takes place virtually this week with live streaming from the CryptoNews portal.
During the panel, speakers included Francisco Calderón, who received a grant to workon the RGB project, a sidechain focused on smart contracts for Bitcoin; Juan López, developer of Galoy; and Maurice Poirrier, who is in charge of Lightning at the Chilean exchange Buda.com.
The conference participants agreed that there is still a lack of tools to facilitate the work of developers so that Lightning can respond in high-demand environments, such as exchanges with a lot of transaction flow, for example.
We haven’t yet reached the point where you need a lot of infrastructure to run a decent Lightning Network operation. The next difficulty I think is going to come when more exchanges join and more wallets are having a lot of cash flow.
Maurice Poirrier, Lightning manager at Buda.com.
Lightning is easier for users than before
Although it still has a long way to go, the developers believe that as of today, thanks to the advancements of this payment channel network for Bitcoin, Lightning has grown a lot from its early days. “As we have more freedom and at a lower cost, the network will continue to grow,” Poirrier added.
In this sense, Calderón recalled that “when it all began, with the wallets that existed you had to know what a payment channel was, how to open it and people did not know how to receive funds. There was a lot of friction, a lot of criticism and people said that Lightning was useless.
But now there’s been a lot more thought put into the user. Lightning introduced the idea that bitcoin can be for anyone, to buy at any time or anything.
Francisco Calderón, developer focused on Bitcoin’s Lightning.
For Juan Lopez, meanwhile, this progress in the use of Lightning has been marked by two aspects in particular: support for this network that have included some major exchanges in the bitcoiner ecosystem, such as <a href=”https://www.criptonoticias.com/mercados/nueva-herramienta-pago-bitfinex-soporta-red-light
itself; and the proliferation of services that bring the use of bitcoin via Lightning closer to users: Bitrefill, for example, which allows phone recharges or the purchase of gift cards. From left to right, below: Francisco Calderón, Juan López, Maurice Poirrier; above Javier Bastardo, moderator of the panel. Source: YouTube.
Among the most recent advances that make Lightning a more robust option for the adoption of bitcoin payments, cases such as BOLT 12 stand out: with this protocol, it is possible to create recurring payments with Lightning with static or fixed invoices. Normally, each payment in this network involves the creation of a new invoice or invoice
, something that this new tool solves.
Another new feature that recently arrived to facilitate the use of Lightning is the custom addresses, something that makes possible
the protocol “The Lightning Address”, as reviewed by CryptoNews.
While improvements and tools continue to be developed to help strengthen the network and its uses, Lightning has been growing exponentially in nodes, channels and capacity of bitcoins that move on the network.