Blockchain scaling - Lightning Network - Tomasz Konieczny

Bitcoin and the underlying technology Blockchain are probably among the most significant inventions in at least this decade. There are multiple advantages of Bitcoin - it’s secure, independent and self-regulating distributed network that allows transferring value outside the banking system and without the need of trusted third-parties. But there is also one serious problem with Bitcoin - scalability. Current Bitcoin's peak transaction capacity is just about 20 transactions per second. Just twenty compared to tens of thousands that for example Visa can handle. Is this all that the fastest computer network with electricity consumption similar to mid-size countries can do? Bitcoin developers figured out the solution for that - the concept called Lightning Network (LN) that will allow to scale Bitcoin network to capacity of millions to billions of transactions per second. What is probably the most important - this concept is not just a concept anymore: few different, compatible implementations are already working on Bitcoin test network (testnet). The LN concept is also not just Bitcoin-specific - it can be implemented over other blockchains, designed for other purposes too.
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Presented by Tomasz Konieczny

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