Bitcoin Developers Lightning Hackday in the Heart Of Wall Street Proved to Be Valuable Event

The Lightning Hackday took place in Wall Street on October 27th and 28th and was viewed as a community-led endeavor supplemented by a massive coding twist. The meeting was described as a unique conference because of their agenda. Many prominent speakers took to the podium to showcase their ideas.

Lightning Network Explained

The Lightning Network can be seen as an additional layer in Bitcoin's blockchain. It basically lets users create a new payment channel between two parties interested in making a transaction, provided that both exist on the extra layer. The channels can remain for as long as there is a need for them to be there, and as long as they exist, the transactions between the parties connected by them will be instant. Additionally, this will also tackle the issue of high fees, which will become either minimal or completely non-existent.

The concept of the Lightning Network first came to be back in 2015 and was proposed by Thaddeus Dryja and Joseph Poon. Currently, the Network is being developed by three teams — Lightning Labs, Blockstream, and ACINQ. Of course, other teams, as well as the entire Bitcoin community, are contributing as much as they can. Another thing worth mentioning is that each of these firms is trying to develop the network by using a different programming language.

Chris Stewart, an engineer at SuredBits said, “For those of you who don’t know, blockchains suck,” This was his opening remark, and he hopes that the lightning network may change it.

What The Speakers Had To Say?

Lightning Labs engineer, Alex Bosworth asserts that the best designs are yet to be built. He explained that the first developers behind Linux could never have thought their code will go so far. He said, “Were they thinking, Oh this will be deployed in a billion phones?”

Bosworth showed the developers to be open about their ideas. He led by example and shared ideas on how the technology can be used. One of such instances is the monetized data layer. However, this will require some retouching of the underlying software. He also argued that it could be used to fuel a wave of self-organizing games and to pay for enhanced payment privacy.

Nayuta CEO Kenichi Kurimoto exhibited a lightning implementation that's made for the IoT or the vast array of devices that have heightened capacities thanks to being connected to the internet. He says that these interconnected devices will be able to transact with each other. Here decentralized money is going to pay a huge role.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,485FansLike
2,795FollowersFollow
4,262FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

VeChain Joins China Animal Health and Food Safety Alliance (CAFA)

VeChain has joined the China Animal Health and Food Safety Alliance (CAFA) as one of its council members and will be providing them technical...

Coinbase Pro to Pass the Rising Network Fees Onto The Customer During Withdrawals

The launch of UNI, the governance token of Uniswap DEX, is having a big impact on the Ethereum network. The good thing is the price...

Homeland Security Calls On Freelancers to Design A Digital Wallet Interface; $25k to Finalists

The Science and Technology Directorate (S&T) division of the US Department of Homeland Security has allocated up to $25,000 in prizes as an...

BoE Explores Negative Rates; Bitcoin Is A ‘Must' Because Fiat is a ‘Giant Ponzi Scheme'

The Bank of England (BoE) is exploring negative interest rates now and in response Sterling weakened sharply. The pound dropped 0.7% against the dollar after...

Nexus Mutual Sees Active Cover Growing 10x, Now Token Price ‘Directly Linked to Adoption'

“DeFi is developing faster than you can say ‘protect me from the risks in DeFi’,” said Kayleigh Petrie, Director of Engagement at Nexus Mutual,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today