Lightning Labs recently announced the alpha release of its Lightning Network on April 23, 2019, which aims to address current issues surrounding channel capacity limits, with regards to some of the early applications of the technology.
Some experts within the crypto ecosystem deem this deployment as revolutionary as it eradicates the problem of payment acceptance once a user’s channel reaches maximum capacity. These subjects were explained during Peter McCormack’s ‘What Bitcoin Did’ podcast with Hodl Hodl’s Roman Snitko (Founder) and Max Keidun (CEO).
The podcast revolved around real-world scenarios that could increase transaction fees for some users, to which the duo replied,
“Hopefully, nobody would be that foolish to open a lightning channel just to make one transaction on the lightning network, which would prove to be more expensive. But in terms of the fees, the market is going to balance itself and lightning (network) is definitely going to be cheaper.”
While discussing the initial challenges faced while implementing the Lightning Network, the duo shared their vision “of being the first peer-to-peer exchange that allows users to execute balances as well as trades through the lightning channel”.
While the new technology seems promising on paper, Snitko pointed out,
“I’m worried about the potential vulnerabilities and additional angles of attack since the new technology is not tested. I hope we will be well prepared for that!”
The duo also discussed the launch of “Lightning-powered prediction market” in May 2019. Unlike a majority of decentralized prediction markets that are active today, Hodl Hodl’s offering will use multi-sig Bitcoin contracts that incorporate ‘Oracle’ signatories to make sure markets are fairly settled among prediction contract participants.
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