Crypto Update: Feb. 16, 2018

in #bitcoin4 years ago (edited)

CRYPTONEWSIMAGE_Fotor.jpg

Will 2018 be the year of the Lightning Network?

Although Lightning Network is designed for Bitcoin, as usual, the team behind Litecoin is making the most headway towards implementing this protocol.
You might remember how Litecoin was also a kind of testing ground for Segwit, it’s only natural that they are doing the same for Lightning Network as well.
In case you’re not very familiar with this one, Lightning Network is a network designed for Bitcoin that can facilitate off chain transactions.
This will ultimately help to alleviate the network traffic of the Bitcoin blockchain, or any blockchain that implements it.

Other blockchains are aware of the need for this and how it can help with scaling as they gain more traffic on their own networks. Ethereum has been developing their own Raiden Network, NEO is working on their Trinity Network and ZCash is developing their own called Bolt.

A chairman of the CFTC (Commodities Futures Trading Commission) has been [attending Senate meetings](

https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/) in an effort to encourage them to consider approaching crypto regulations with tact.
He also is quoted as saying, “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one”
That being said, it looks like US government regulations on cryptos will still include things like,

  • Data reporting
  • Capital requirements
    (this one bothers me because this is setting up another barrier for entry for many struggling individuals who could otherwise certainly benefit from taking part in this space, even with a small amount of money)
  • Cyber security standards
  • Measures to prevent fraud and price manipulation
  • AML and KYC protections

How these regulations are enforced will remain to be seen.

The popular long-time gaming company Atari has made some moves to develop a token.

The idea is for it to be used on an upcoming gaming platform.
There hasn’t been a lot of official announcements about when this will take place, but the mere mention of this plan was good enough to boost Atari’s stock by about 60%.

Additional Reading/Sources:

Lightning Network in 2018
Lightning Network Explained
CFTC meets the Senate
Written testimony of Mr. Giancarlo
ATARI to release it’s own token

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Yes Lightning Network is for sure a break through in the cryptocurrency space. Other coins will implement it too, but seen the expenses to transact are extremely low so I expect the BTC Lightning Network will hugely dominate because of network effect.

For a Crytocurrency to take off , it need solve the energy consumption. With the current rate, it destroy environments faster if keep it.

ETH is working on a different verification process which would bring down overall traffic. Lightning network would help in more transactions with less power used. But overall the manufacturers coming up with more efficient miners are key. Their manufacturing processes have to improve which is Moore's Law. The amount of power and space a calculator the size of a room was part of a generation still alive today. Just an opinion, Crypto shouldn't be the ones to solve energy crisis, but are a driving force.

$XLM will be using lightning network as well :)

Lightning Network wil send Bitcoin to the MOON!!

Success of lightning network helps a lot of different crypto currencies. :)

This is some exciting news. We still have great potential for 2018. I hate the regulation though.

Thanks for the update.
There are lots of good news stories about crypto that show that it isn't all about people making money for themselves.
See the 86 million given to charities by the a bitcoin millionaire through his Pineapple Fund. 5 million has gone to fund research in America into M.E./chronic fatigue syndrome that leaves over 2 million Americans very ill.
There are cryptos trying to help people in Third World countries who live off a few dollars a day such as DBrain:

https://dbrain.io/#market-fit

Lightning Network will definitely be a big topic for 2018 but I believe there’ll be bigger news. Likely we’ll see cutting edge coins beat out lightning in speed and depending on larger investors we might even see eth beating btc in market cap.

We sure hope so!!

&#127788 captivating & pleasing!

Very good picture and your story

Good news 👏 Thank you! It's a pleasure to read/watch your content.
Big steps for cryptocurrencies 🎉

Thanks for the update on crypto!
Following aswell

the development of virtual money is growing rapidly, although I am still new in the field of virtual currency, but interesting for me to continue to learn it.
Regard, @saifuddin73

Awesome post.

thanks for sharing information

Bitcoin network creates blocks of 1 MB every 10 minutes and can perform a maximum of 7 transfers per second. This figure may have been pretty good for you, but if you know that the system on your credit cards, Visa, can transfer 2000 at the moment, you know how small the 7 transfer is.

With the increasing demand especially against Bitcoin, transactions have increased. Thus, if you look at the density and the transfers that can be done, the transfers can be overdue and the mining fees can increase.
I think you will support me. I hope this day will start for me beautifully. And it will be a beautiful birthday gift. I am very hopeful. Thanks for sharing .. I upvoted to you madame

Totally agree, Bitcoin and cryptos have a long way to go before they can compete with the speed of other major payment systems. The Steem blockchain is doing a pretty good job with speed and zero fees.

Madame, I am very happy that I am not in the same thought. Speed is the feature they must have to have. The payoff is from the competition. The market is spreading over a very large area and it continues at this rate. Not only this. Being economically prominent in virtually all areas of competition on Earth brings absolute profits. Because the first factor for people is economic priority.

For me what we have now is just phase 1.. Later on we will have a stable and robust Cryptos.. As we all know we expect 20billion devices to use internet and they will need some wayt to make transactions (withour banks). Lets say that your fridge wanna order mik ... thanks for your content. good luck

This very nice post i appreciate your crytocurrency news thanks for sharing this blog best of luck ..resteemit..

Good sharing. Still, we must address the high energy consumption of most Proof-of-Work coins. Proof-of-Stake is too centralized to live to the spirit of decentralization. Green and decentralized methods such as Proof-of-Capacity must become more mainstream. Burstcoin is a good example. See http://burstcoin.ist

It's nice to know that the chairman of CFTC seems to support the usage of the blockchain technology. This will be a good article to slap to the faces of the people who always say that BTC is a scam with nothing to back it. Thank you for sharing!

Ignorance is a plague. @vhmcrypto its just so sad that people have to see news like this to believe in bitcoins and cryptocurrencies. Next time they see another, they beat their chest and call it a scam again!

Lightning Network? Sounds flashy!
And that concludes my cheesy one liner joke comment.

Ultamenty 2018 is the year of light this is yhe year wr we are ejoying promoting steem it in #uganda

This is the feature of our country

useful info.

Excellent friend very interesting and good information great contribution for the community thanks for sharing with us dear friend blessings, if you can support me with a vote greetings

THANKS HEIDI!! I can't believe Atari is getting in the game?! (haha, dad jokes are cool)... I also read that Atari is starting to make consoles again! Looks like they've been remodeling their business a little! Aloha from me and EWA from SAN DIEGO!

Looks like I know what I'm getting T for Christmas! haha
Hope you're doing well, bummed to hear about the stolen bikes :(
Wishing I was there now!

Hey, If lightning networks are off-chain, then don't they miss the entire point of having a cryptocurrency(that is using blockchain)?

No, Lightning Network is a Network that is built to run on top of the Bitcoin Network. It is reliant on the blockchain to validate transactions. They still adhere to the immutability and other aspects of the blockchain, except they only record initial and ending transactions.
Think of it like this, if you go to a bar you open a tab, they run your card (opening transaction) after you’ve ordered a few drinks or some food you want to close your tab (ending transaction) the bar tender doesn’t run your card for each purchase, only at the beginning and end of your transactions.

I see, so it is something like multiple transactions are piled together to make a bigger transaction, reducing the number of transactions in the blockchain. But then, how does the blockchain keep track of the various transactions in between?

the really cool thing is that litecoin and bitcoin have similar if not identical cores still which will allow them to adopt lightning even faster into bitcoin. LItecoin is seriously undervalued for everything it has done for the cryptocurrency ecosystem.

Since Lightning Networks are anchored to “traditional” blockchains, a solid understanding of the basic workings of blockchain technology is helpful in understanding them. There is also a company called Blockchain.info which supplies various Bitcoin services such as a block explorer and a bitcoin wallet but they have no control or authority over Bitcoin's blockchain.
In a nutshell, the lightning network is an upgrade to the current Bitcoin system (i.e., the protocol) that will allow users to create instant and feeless transactions.

Great your blog I like it thanks my dear

Lightning network is everywhere! There is a big pump for crypto coming, the news are positive and the environment is evolving into up trends recovering from the january's dip.
Thanks for sharing @heiditravels.

Very informative and thank you.
I have Bitcoin, Etherium and Pro currency.
I will be interested in following you

dubloon135

this information is very useful friend. if later there will be games that are paid like steemit now this game enthusiasts certainly will feel the same thing as we can mecipkatan work on this platform my friend. it's so great to be friends with you guys.

Good, vollow & votes me @wannis...

As usual Litecoin does all the work and BTC gets the price gains....

you are always awesome my dear. crypto coins are best and now a days it have more potional rather then all other trends, thanks @heiditravels for this awesome review of btc, eth and altcoins.