Blockchain.com, the creators of the world’s most popular bitcoin wallet have announced today the alpha release of Thunder, the first usable implementation of the Lightning network a platform that lets one make off-chain bitcoin payments in seconds and settle back to the Bitcoin Blockchain sporatically.
“Blockchain is committed to bringing our block chain technology and the power of open finance to every corner of the world,” said Blockchain CEO Peter Smith. “This release takes us one step closer to realizing that ambition.”
Lightning networks have been purely conceptual – until now. Even in the prototype phase, Thunder has the potential to facilitate secure, trustless and nearly instant payments, unleash the power of microtransactions, allow the network to handle heavy loads, and increase user privacy.
According to Romain Dillet at Techcrunch, with Thunder, a transaction is so fast that the network can process 100,000 transactions per second. On average, Visa handles 2,000 transactions per second and the Visa network is capable of processing 56,000 transactions per second.
From a feature perspective, there is both a node and a wallet (with GUI) present. Even more importantly:
- Thunder settles to the Bitcoin Blockchain.
- The network can achieve better-than-Visa scale (100,000 TPS) with only a few thousand nodes on the network.
- Fees will develop naturally, due to the free market in an open and permissionless network and will fundamentally be lower than on-chain payments.
- All communications between all nodes and wallets are encrypted using AES-CTR and take place only after completing authentication.
- Payment Channels can be opened and closed at will, with transactions settling onto the bitcoin blockchain.
- Thunder will relay payments over multiple nodes in the network automatically, using encrypted routing. No one knows who made a payment, allowing for more privacy.
- Payments can be settled automatically with no manual intervention needed.
- Instant Payments that are irrevocable the moment you see them.
- Until both CSV and SegWit are implemented on the bitcoin blockchain, transactions are not enforceable at the bitcoin protocol level. So, the current Thunder prototype is best suited for transactions among a trusted network of users and should not be used for real payments.
“Off-chain payment networks are, at this point, highly experimental,” said Blockchain developer and Thunder creator Mats Jerratsch. “However, it’s important to begin these projects and collaborate with the community, because our ability to scale bitcoin or another virtual currency depends on a launch and learn approach.”
- Archax Opts for R3’s Corda for Digital Exchange DLT Infrastructure - October 18, 2019
- Dubai Property Giant Emaar to Launch Blockchain-Based Rewards and Loyalty Ecosystem - October 17, 2019
- World’s Largest Cryptocurrency-Fueled Darknet Child Pornography Website Hammered – 300+Busted - October 17, 2019
- Wanxiang Blockchain and PlatON Launch Consortium Blockchain Infrastructure in China - October 7, 2019
- PayPal Quits Facebook Cryptocurrency Project Libra - October 7, 2019
- Walmart To Use Blockchain For Shrimp - October 7, 2019
- Channel Tools adds Blockchain-Driven Verification Service Evident Proof To It’s Kit - October 7, 2019
- Zuckerberg Under Intense Pressure to Testify to US Congress about Libra - October 4, 2019
- Report: Canadian Blockchain Industry Has Some of The Highest Paid Workers in the Country - October 4, 2019
- Bavarian Company RISE Wealth Technologies with Houston-based Entoro, Launching Largest European STO to Date at USD$120 million - October 4, 2019
- October Launch Confirmation for Telegram Open Network (TON) - October 4, 2019
- Liechtenstein Parliament Passes Blockchain Act - October 4, 2019
- Pioneer of Blockchain Certification For The Visual Arts Verisart, Raises $2.5 million in Series Seed Funding - October 4, 2019
- Uruguayan Digital Party to Embrace Æternity Blockchain Technology For Member Voting - October 3, 2019
- Decentralized Trading Technology Startup Vega Raises $5 Million Seed – Pantera Capital Leads Oversubscribed Round - October 3, 2019
- Malta-Based OKEx Kicks Off Global Compliance Standards Initiative for Cryptocurrency Exchanges - October 3, 2019
- Dama Financial and Helix TCS Establish First Blockchain-Fueled, Complaint Cannabis Marketplace - October 3, 2019
- New Digital Rights Law Enacted in Russia – Establishes Basic Definition Of Tokens And Governs Smart Contracts - October 2, 2019
- Six major Japanese Brokerage Firms Establish Japan Security Token Offering Association - October 2, 2019
- Vancouver’s BIGG Digital Assets Cuts Deal with US Federal Government Agency - October 2, 2019