Ana Sullivan

BitCoin’s New “Lightning” Tech – Will It Keep It’s Crown?

by Ana Sullivan May 29, 2018

BitCoin, the granddady of CryptoCurrencies has recently announced new developments within it’s technology. The community has been working hard to make sure that the cryptocurrency of cryptocurrencies keeps up with the new trends in tech and remains anonymous and still partially free of regulation. But will the lightning network which may just be starting to conduct transactions over the blockchain network be the next big thing and boost BitCoin in a new massive wave or is it a desperate move by the community to keep the crypto alive?

 

BitCoin – Recent Activity

Following a steep decline to almost 7000 USD, BitCoin has started to rise in price again and the world’s first cryptocurrency is now $7441.55 in a 2,28% price increase for the last 24 hours. The volume of BTC is as you expect it – enormous and over 5 billion USD with a market cap of just a bit above 172 billion USD for a total circulating supply of a bit above 17 million BTC. What is interesting in is is how sharp the price changed after the lightning tech’s release was announced:

 

 

Judging by the overall recent surplus, BitCoin has managed to get as far away as possible to the $7000 resistance level and the price has begin to slowly shape up an uptrend. If that is so and an uptrend is in play, this means that it is likely that most tokens and crypto will also follow.

 

BitCoin and It’s Lightning Network – The Return of The King?

 

The Lighning network aims at one thing – to boost BitCoin’s capacity and make it more scalable. The network requires in return for users to store a significant data amount on their devices, making it a bit difficult to oeprate with. However, given the strong community behind BitCoin, it is very likely that many powerful contributors will take part and given the massive crypto community, it is very likely that this project will be more than a success. Several project developers  - Laolu Osuntokun, Christian Decker and Rusty Russel have published alternative methods of making transactions at a high rate of speed, also known as “eltoo”. The co-founders have introduced the proposal, not only because of the sheer volume of users and the insane ammount of data that needs to be stored, but also for security reasons as well, which does reise an interesitng question. What I fusers accidentally share data that is out of date and what will happen then? And also shouldn’t there be something like a filter for information that is not valid?

 

So, the idea behind Lightning is just that – it aims to store the most recent data, solving the problems with security and information validation and most importantly making sure that the user has logical access to their ledger and transactions even if their device is no longer usable.

 

And this all might sound fine and dandy but they still have to deal with BitCoin’s increasing regulations and mining difficulty out there, which does mean a lot, especially because this cryptocurrency is at the center of everything. And many do fear that even though BitCoin is solid and here to stay, it may not reach a new all-time high this year, exactly because of this increasing competition. But with crypto you never know, so never invest more than what you can afford to lose.

 

 

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