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.