⚡ Trinity: Lightning network for the NEO blockchain!! ⚡

in cryptocurrency •  2 years ago  (edited)

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This will be amazing! A new project has been announced for the NEO blockchain called Trinity (sticking with The Matrix theme) which promises to bring StateChannels to the NEO blockchain. Statechannels appear to be very similar, if not identical to the Lightning Network for Bitcoin or the Raiden Network for Ethereum.

Bringing payment channel functionality to NEO is going to be amazing. Lightning network and Raiden are some of the major scaling solutions that are being worked on for Bitcoin and Ethereum. It's not surprising to see other blockchains adopt these technologies, as they are open source. It does mean that NEO will retain it's edge in terms of speed and scaling: NEO already has a theoretical total transaction speed of 10.000 tps compared to Ethereum's theoretical maximum of 30 tps. The coming of Trinity to NEO completely negates any advantage that Ethereum may have because of Raiden in terms of scalability. At the core, NEO is simply faster and now will have the same technology.

To see a short video that pretty much explains the entire Trinity project (with pretty graphics, too!), have a look at the video below. I think the creators may be Chinese, so the translation is a little funky sometimes. But considering what we're used to from China, it's actually a pretty good video:

Basically the Trinity (as well as Raiden or Lightning) network is an off-scaling solution. That means basically that you move your funds into a smart contract between two people, and you can make as many transactions back and forth between them until the contract is closed. This is useful, for example, if it isn't necessary to record every transaction on the blockchain. Instead, it allows you to bundle and batch them, and only periodically write the end result to the blockchain. Perhaps some platforms will do this once every few minutes, others may do it once a day.

This allows for, for example, a Decentralized Exchange to exist that doesn't charge the blockchain transaction fees for every trade you make, but instead only charges a fee once: when you open the payment channel. Once you are done trading, and close the channel, the contract would write the end result to the official blockchain and perform the necessary transactions. All your trades would be compiled into 1 single transaction. There are many more implementations that become possible, from gambling and gaming to identity solutions. Basically everything that requires micro-transactions.

I've never been as bullish on NEO as I am now, honestly. The amount of development going on on NEO is staggering. Even City of Zion has admitted that even they have trouble keeping up with all the developments, and that by the time they are done writing a development update.. it's already outdated and more news has arrived. The ICO's launching on NEO are impressive too, there are several very serious projects. I myself am considering trying to participate in my first ICO soon, and it will be on the NEO blockchain (TheKey; a Civic competitor.. but better).

As I am holding a small amount of RDN, I am likely to pick up some Trinity tokens too when I can. I think these kind of off-chain scaling solutions are going to play a large role in 2018 and 2019.

I think Ethereum is going to have a hard time in the future. NEO is a serious contender, and you don't want to mess with Trinity:

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Thanks for the heads up on Trinity.
Hope you know about WILD ?

This post has received a 3.13 % upvote from @drotto thanks to: @pandorasbox.

This post has received a 12.50 % upvote from @steemthat thanks to: @pandorasbox. Thank you for your support. Stay Updated And Use Cool Tools At SteemThat.com

Yea already missed the short pump:D Since I believe all Alts will go down soon i dont really want buy any for now...anyway great news for NEO

I'm not sure alts are going down... I am still seeing super bullish charts for most alts, but the bitcoin chart looks so-so. I consider it 50/50.. either 2018 will be a fantastic year for alts, or Bitcoin goes down and drags everyone with it for the next year into a bear market. But we may be getting past bitcoin.. lots of people like the alts nowadays. They're no longer shitcoins at all.. I think a lot of institutional investors see merit in them as investments

Thank you @pandorasbox and I am pleased so many people think NEO will be a big winner in 2018. Thanks for this post.