We are all eagerly awaiting the launch of the lightning network on bitcoin which will reduce fees on the network for transactions to a very low to none at all levels. However fees have dropped across the board for bitcoin in the last few days as segwit activated on the blockchain.
When lightning does launch fees should be almost non existent however this makes me wonder about miners and mining as rewards will be dropping off will miners drop off drastically as well?
The next bitcoin halving so far looks like June 2 2020 2 years from now and something far from the radar for many. This will reduce the new coins mined per block from 12.5 to 6.25.
However not only is bitcoin getting the new lightning network more and more blockchains are adopting it and see the promise in it. ⚡ Litecoin, ⚡ Zcash, ⚡ Ethereum and Ripple are just a few of the cryptos planning to implement and test lightning network. (I'm most excited for Ethereum as I have been waiting for a product to launch on this blockchain for 2 years!) The most recent crypto to take a look into lightning is ⚡Stellar.
Ethereums top level system for fixing scaling issues is called Raiden while Neo is working on one called Trinity.
Overall Lightning seem to be improving all of these cryptocurrencies and those who do not have scaling issues at the moment still feel it is the right move to further improve their block chains. Lightning seems solid with tons of support and testing going on which makes me feel very positive about it being accepted sooner then later to bitcoins blockchain.
Thanks for this post. Lightning will make Bitcoin great again and stay the nr. 1.
I don't mean to spoil the optimism around LN, but there is still the issue of LN hubs being considered money transmitters by regulators.
Ah wonderful regulators :)
I've been saying for a while now that second layer solutions are the way to go. Just like it happened with the internet running out of IPs and Network Address Translation, second layer will triumph. Coins like Bitcoin Cash that rely on on-chain scaling with big blocks will eventually become unwieldy and perish. Just imagine transmitting a 1 gigabyte + blocks over the chinese or venezuelan internet every ten minutes, not gonna happen. regards
Now let's just hope Lightning doesn't fail either on a Technical or Legal basis.
Even though it's an off chain solution, hopefully it can speed up on chain transactions by cutting back on the network load.
thanks for sharing this amazing post .
Upvote and resteem
Thank you for sharing this.
very interesting article!
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Thanks for sharing i will done upvote I always see your post. And follow you
I was really sceptical on how they want to adress this issue! Thanks for sharing!
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very nice
If everything continues as they expect, it will be an incredible network!
Brilliant post as always. Thank you for sharing it with us. Upvoted and have a lovely day
Agreed, we are just getting started. That's why we need to focus on the coins/crypto that have the teams that can adopt....as adoption takes place. I would add Charles and the team at Cardano [ADA] to the list.
....interesting