The Bitfury Group announces first successful multi-hop Lightning Network transaction

Bitfury video demonstrates first-ever multi-hop transaction on Litecoin, shows promise of the Lightning Network

AMSTERDAM — May 17, 2017 — The Bitfury Group, the world’s leading full-service Blockchain technology company, announced Wednesday that it has successfully completed the first multi-hop Lightning Network transaction.

In a new released video, Bitfury developers walk viewers through the process, and demonstrate how the team could send a real Litecoin payment using Bitfury’s user-friendly Lightning Network interface.

The video shows a successful multi-hop transaction, which is a transaction that involves multiple participating nodes as opposed to only the two nodes sending and receiving the payment. In Bitfury’s demonstration, there are three participating nodes, and the payment moves from the first node to the third node through the second, on two pre-opened Lightning Network (LN) channels. Bitfury’s walk-through demonstrates how LN’s key distinguishing feature — routed payments — can allow for instant microtransactions.

For over a year, Bitfury has been supporting the development and implementation of the Lightning Network. In July 2016, Bitfury released a white paper in collaboration with the Lightning Network team detailing the specifications for Flare, an algorithm developed to improve payment routing in the Lightning Network. In September 2016, the Flare algorithm was successfully implemented and tested by ACINQ. Now, Bitfury has successfully tested its Lightning specification on Litecoin.

The hashes of the channel funding transactions made by the Bitfury team are:

af3bc396cc6ea9fe10ae6c0b2691e40635f0286b356dcb962488ea6d9e15b0c8

87d25c3a6d895f5fff6892495e57814db58280e32eb4697428ac1e8c61a8a5c7

About The Bitfury Group

The Bitfury Group is the leading full service Blockchain technology company and one of the largest private infrastructure providers in the Blockchain ecosystem. The Bitfury Group develops and delivers both the software and the hardware solutions necessary for businesses, governments, organizations and individuals to securely move an asset across the Blockchain. The expertise of The Bitfury Group ensures successful, easy, fast, secure and cost effective connectivity to the Blockchain. The Bitfury Group is a global team of experts in technology, business, communications, security and civil society. The Bitfury Group believes the Blockchain can and will open new doors for global economic opportunity and prosperity, and its mission is to create and advance Blockchain applications that will further promote innovation and the advancement of the peer-to peer economy.

For more information contact:

Rachel Pipan

Rachel.pipan@bitfury.com