The Lighting Network and a new connected world
August has been a crazy month for the blockchain. Blockstream launched the Blockstream Satellite — allowing millions who live in areas of economic instability the ability to access Bitcoin without internet. Earlier in the month, SegWit activated and allowed the ever growing Bitcoin market to become more secure.
Lightning
Due to the success of SegWit, many are looking at the implementation of the Lightning Network (which benefits from the malleability fixes that came with the SegWit upgrade) as the next game-changing element to hit the blockchain. The Lightning Network will allow for instant, high volume, low fee transactions without delegating custody of funds to third parties. Now that sounds good and all but what does this mean for the future?
- Instant transactions which will allow for micropayment down to Satoshi’s and mSatoshi’s
- The possibility of retail POS terminal payments, user-to-user device payments, and system-to-system payments, which will allow Cryptocurrency to be simply used anywhere payments are made today.
Potential
Imagine buying coffee at Starbucks, walking across the street, grabbing a donut, then hopping in an Uber, all paid for by micro transactions of your Bitcoin. All of this becomes feasible with the addition of the Lighting Network. Because now there is an off-chain, micropayment transaction system that has improved security, and scalability, that creates direct payments to process in seconds to milliseconds. So basically the Lightning Network is like hopping on the freeway for your transactions. It’s like creating your own highway. Wild right?
ZAP
Jack Mallers, Founder of Zap, sees the life-altering aspects of this system and is working hard to create the first Lightning Network wallet that aims to lead the revolution for the banked and unbanked citizens of the world. Masen is working with Jack to help make his interface clean and simple for the everyday user to utilize. Because the blockchain is in it’s infant state and is going to require UX Designers to help nurture and refine this new innovative space.
Conclusion
With this new layer to the blockchain, new applications will be rolling out everyday and we at Masen look to be on the forefront of this new landscape through our inspired designs and forward-thinking with the idea that the power to create a better future lies in the present moment.
References:
http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf
http://www.investopedia.com/news/bitcoin-lightning-network/
