• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
blockstream lightning network
Advertisement

Blockstream Announces New Lightning Network Upgrade

Julio Gil-Pulgar by Julio Gil-Pulgar
4 years ago
in Bitcoin Technology, Bitcoin
0
Advertisement

Blockstream announced the v0.7.1 release of C-lightning. This version is one of the several technological improvements intended to make Bitcoin lightning network transactions cheaper, faster, and safer.


C-Lightning To Run Faster Synchronizations While Reducing Bandwith Consumption

Bitcoin and its underlying blockchain technology offer amazing opportunities for distributed ledgers. However, according to the authors of the paper titled The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, the blockchain, as a payment tool, by itself, cannot yet handle the volume of the world’s commerce.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

This might eventually change. Bitcoin developers and engineers are continually making improvements to solve critical issues such as scalability and transaction costs. In effect, technological innovations, such as SegWit, Lightning Network, and Atomic Multi-Path Payments over Lightning, are already helping to solve these issues.

Now, Blockstream announces the release of c-lightning version 0.7.1, which brings several technical advances to make the Lightning Network faster and more efficient.

In this regard, the most significant improvement is the result of the work that developers Joe Netti and Rusty Russell performed on the gossip protocol. Aware that the Lightning Network is growing exponentially and so far working well, developers Netti and Russel wrote,

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“However, the burden on hardware is increasing, and if the growth of channels continues to accelerate, the network will be facing scaling issues in the not-too-distant future. Finding an efficient route through a million channels isn’t easy.”

We're excited to announce #clightning 0.7.1. This point release includes gossip improvements, longer default invoice timeouts, external-wallet channel funding, more powerful plugin support, better peer error handling, and performance improvements! ⚡️? https://t.co/ir9QCXcWKS pic.twitter.com/7LIncSqmdp

— Blockstream (@Blockstream) July 17, 2019

As a result, Netti and Russel, through their “The Million Channel (Lightning) Project,” obtained relevant data that help them to refine the gossip protocol. Thus, with the new deamon gossip, C-lightning transactions can better and more quickly synchronize with peer nodes, while economizing on bandwidth. The Blockstream Engineering Blog states,

“The gossip daemon is more selective about which peers it synchronizes its network topology from, considerably cutting down the time to synchronize and the bandwidth consumed by the gossip protocol.”

Additionally, the new version allows for longer default timeout invoices. Until now, the default was set to one hour. Now, the timeout for invoices is seven days.

Moreover, the new c-lightning version introduces better plugin support, better peer-to-peer handling, and performance improvements. And it facilitates external wallet funding.

Lightning Network Continues To Grow

Presently, three independent teams are working on the Lightning Network implementation: Blockstream, ACINQ, and Lightning Labs. The aim of these projects, among other things, is to minimize transaction costs, while improving the scalability of the Bitcoin network. Blockstream focuses on the c-lightning network.

The Lightning Network continues to grow and get adopted at an increasing rate. For example, on July 8, 2019, the Luxembourg-based Bitcoin exchange Bitstamp announced that it had launched a Bitcoin Lightning node “to help grow the network and encourage other companies to get on board.”

As of this writing, according to data provided by 1ML, the Lightning Network boasts over 9,075 nodes, with a capacity of about 903 bitcoins.

How do you think technological innovations such as c-lightning will help to solve cryptocurrencies’ scalability issues? Let us know in the comments below!


Images via Twitter:@Blockstream

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julio Gil-Pulgar

Julio Gil-Pulgar

Julio has worked for Fortune 100 companies and the United Nations. He has led projects involving IT, operational, and compliance audits, in the U.S. and throughout the world. His expertise is in cryptocurrencies, IT engineering, risk management, and security. Julio is also a tango dance enthusiast.

Related Posts

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

10 hours ago
Bitcoin Crypto

Can The Federal Reserve Counterattack Stop The Crypto Bull Run?

16 hours ago
Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

22 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

1 day ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

1 day ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Red Pill Studio Announces Private Round for TrainCraft Game

    20 mins ago
  • California DMV Puts Car Titles On Tezos (XTZ) Blockchain...

    3 hours ago
  • Bitcoin Cash (BCH) Associates With TREZOR Wallet, Litecoin...

    3 hours ago
  • Avalanche (AVAX) price rally stalls, Polkadot (DOT) was #1...

    3 hours ago
  • Orbeon Protocol And VeChain Seek To Impact The Real World...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.