⚡ Bitcoin Lightning Network is here!! ⚡ Torguard, ZigZag Exchange
The Bitcoin Lightning Network is here! Even though it is not production ready, Torguard, an anonymous VPN service, is among the first consumer businesses to start accepting Lightning Network (LN) payments. Others are working on the Testnet.
TORGUARD
Torguard confirmed via Twitter that they are launching their Lightning Network payments. Interestingly, the actual Lightning Network is still in development and not supposed to be live yet, but Torguard is going ahead anyway:
(source: Twitter)
It seems they are very confident that the Lightning Network will hold up, offering reimbursement on lost funds. Perhaps it is a marketing stunt? Still, pretty cool: Lightning Network is starting to arrive!
The supposed price per Lightning transaction is many times smaller than a cent.
ZIGZAG EXCHANGE
Also interesting is the launch of ZigZag, a cryptocurrency asset exchange platform based on the Lightning Network has gone live on the Bitcoin Testnet. ZigZag is an exchange which lets users trade their testnet Lightning coins for testnet altcoins. The latter is interesting: altcoins! Everybody altcoin is rushing to build an exchange to trade Bitcoin, but everybody never realized that Bitcoin could simply make an exchange to trade altcoins. Payment channels, offering super low transaction fees, are of course ideal for exchanges.
I'm very excited that Lightning Network is finally coming! It's going to make Bitcoin scalable for a lot of different applications! I'm also quite bullish on Raiden Network and Trinity for the same reasons. I believe these latter two projects depend heavily on the research and results of the Lightning Network. If Lightning Network succeeds, so will the other two.
It is finally really coming! RIP Bcash!
Pretty sure ETH is going to dominate the market in the coming months anyway. The LN is not saving bitcoin, its simply not a good solution.
I think LND is a good solution, when it gets implemented in the wallets it will be easy, really cheap and instant. I think ETH is only rising now because they NOT get competition of Ripple on Coinbase, so money is flowing back. ETH has many problems and I don't see any fundamentals behind the rise in price. Last week people were talking about Ripple and see what is happening now........... Finally the good tech will receive the value and that is still BTC
LN is insanely complex and it wont really even be useful for most situations. It also centralizes the coin greatly. It would be ..... OH FUCK SOUTH KOREA JUST BANNED CRYPTO!!!!! AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
Anyway back to the conversation at hand. Not that it matters anymore because crypto is crashing as I type my fucking response. What were we talking about I dont remember..
LN is complex, but the UI in wallets will make it very easy. All you have to do is top up your wallet (= making the transaction to open payment channel that is to one node, but also all the nodes this node is connected to) and set the destination address. Your wallet will find the shortest route and tell you wat the fee will be (close to zero). Click send and done, not much different that a normal transaction. And centralization is bullshit FUD from Roger and his friends. Every node have to forward the payment without knowing who the original sender or final receiver is and if he doesn't it will be directed to the blockchain and cost him money.
Honestly its a UX design nightmare. You would be objectively better off just using Ripple. You have the same problems with centralization. The loss of control of your coins if the IRS/FBI decides to freeze your assets.
You have to pay a hefty fee to connect to a channel. And if you want to disconnect from that channel you have to pay a fee again. Each channel is required to have a large sum of BTC locked away in it. If you try to do business with someone not on your channel it will cost a lot of money to connect to that channel.
crypto is already a pain in the butt, now its just adding even more crap on top of it. I cannot imagine any user interface, no matter how well designed. fixing this ... ever
Explain how the IRS or FBI will freeze the assets please
Interesting, but when/where does LN become mainstream if only certain players can accept it a la carte?
From your research, which is better between Trinity or Raiden?
We wrote more about Raiden Network, if you wanna get more info...
Learn more about Raiden Network from a seasoned stock analysis pro...
https://steemit.com/cryptocurrency/@harpooninvestor/hot-crypto-of-2018-the-raiden-network
Thanks! I'll check it out!
I think Raiden Network, Lightning Network and Trinity are all great because they're all essentially the same technology, but on different platforms. Raiden is for Ethereum, Lightning Network for Bitcoin and Trinity for NEO.
So whichever blockchain suits your fancy, I suppose! :)
Answer makes sense. Does LN require a vote, or is it simply something exchanges and business proprietors adopt?
In this light, it seems Raiden having its own coin is cumbersome, compared to Bitcoin implementing it "for free".
Has Trinity been adopted by anyone, or is it just in project phase?
Actually yes the fact that RDN is it's own token has been target of criticism and people accuse them for money grabbing. You don't need a seperate token.. can just use the main thing.
But I guess when it comes to RDN, there is some kind of decentralized consensus and voting, but maybe with LN there isn't? I've no idea, it's deeper than I delved into it and I didn't compare all three side by side
Trinity is in the pre-ICO phase I believe
I am not fudding here, if its not production ready its not here. You got me in on a click bait. good job lol!
Wellllll.... that depends .. what is 'production ready' in an open source world? It's all open source, and nobody really decides on when it's ready or not ready.. It's being used, on the live Bitcoin testnet, right now. There may still be bugs, but there may also be not. Torguard seems convinced there won't be!
So even though it's not production ready according to the main developers, it still is live. ZigZag isn't yet, though. But from all this info I think the main thing I take away from it is that Lightning is starting to arrive.
Sorry about the title! I can see how it's a little clickbaitey, you're not entirely wrong on that I must admit it is a little clickbaitey ;)
Still I think it's great news!
Oh, look, I just found Andreas Antonopolous who says what I just said: no one party 'owns' Lightning network, even if there is a company called 'Lightning Network'. It's just like a company named 'Blockchain' doesn't own the blockchain, is what he says!
It's a good watch:
Hey, long time no see. This is epic; I was wondering when people will start using the lighting network, I hope that once it's ready and the market knows about it, the BTC price will skyrocket. :)
I'm still here, Steemin' as hard as I can!! :)
I think Lightning network, as well as Raiden (and Trinity for NEO), is hugely underestimated because people don't understand it. I think it's going to play a crucial role in many situations, ranging from exchanges allowing trading straight out of your wallet at near-zero fees, to 'streaming money' per second, minute, nanosecond, who cares. Opens up a wide range of new possibilities to pay per second. Or for games like CryptoKitties!
I'm holding some RDN tokens because I think they are hugely undervalued. I would get LN tokens if there were any. Most people don't know that in order to transfer $1 million USD worth through the Raiden Network, the Raiden Network Node actually needs to have $1 million worth of RDN tokens in order to facilitate that transfer. This means, if I understand it correctly, a DEX using Raiden will need a LOT of RDN tokens to cover the daily trading volume it has..
Not sure how it will play out for Bitcoin as LN has no tokens, but the technology itself will be big I think
Exactly, they are all going to be huge, but it will take a while until people know about them. What's excellent about LN is that it will give the users the possibility to buy cheaper things with BTC. Let's say that you open a smart contract with the shop near your house that accepts BTC and for only one fee you can make as many transactions as you want, it sounds amazing. :)
I haven't heard of RDN yet, but I will look into it, it sounds interesting. When BTC goes up I'm going to buy crypto kitties from all of my money, millionaire, lol. :)))
Haha, I wouldn't do that! I think the CryptoKitties craze is over! Maybe get some HashPuppies instead! ;)
Hash Puppies you said? Hell yeah, gimme some, lol. :)))
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WITH Lightning Network.OPEN MANY DIFFERENT APPLICATIONS OF TRUTH GOOD POST
this is so cool, " It's going to make Bitcoin scalable for a lot of different applications! "-i totally agree, BTC to the MOOOOON!!!!!