Blockstream Releases Newly Upgraded Lightning Network, C-lightning v0.7.1
Bitcoin has earned traction across the world, not only because it is the de facto image of the crypto industry, but also due to the opportunities it provides distributed ledgers with. Despite its scalability issues and the high transaction costs, it is associated with, BTC still reigns supreme.
We're excited to announce #clightning 0.7.1. This point release includes gossip improvements, longer default invoice timeouts, external-wallet channel funding, more powerful plugin support, better peer error handling, and performance improvements! ⚡️🔌 https://t.co/ir9QCXcWKS pic.twitter.com/7LIncSqmdp
— Blockstream (@Blockstream) July 17, 2019
But experts in crypto seemingly have another reason which, they believe, hampers the effectiveness of Bitcoin. Authors of the “The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments” insinuate that Bitcoin Blockchain can’t reliably handle a massive volume of payments. This demerit has for a while worked to Bitcoin’s disadvantage.
Lightning Network ideally leverages micropayment pathways to speed up Bitcoin Blockchain’s ability to complete transactions. Designed to take away transactions from the main Blockchain and allow speedy completion of transactions and cut transaction costs, the network has never been as efficient as it ought to be.
Bitcoin engineers and developers have been working hard to solve pertinent issues affecting this cryptocurrency. Various innovations, including SegWit, Atomic Multi-Path Payments over Lightning and Lightning Network and Lightning Network attempted to resolve them with little success. But with the latest upgrade of the Lightning Network, things could finally be changing for the better.
C-Lightning Synchronizes Quickly and Cuts Bandwidth Consumption
Blockstream has just announced the release of c-lightning version 0.7.1. The upgrades made on it encompass various technical additions on the network, all of them aimed at making it faster and more efficient.
The improvements made on the network, led by developers Joe Netti and Rusty Russell, majorly targeted the gossip protocol. And upon completing the work, the two developers acknowledged the massive growth that the network has been undergoing.
In a document titled “The Million Channel (Lightning) Project,” they delved deep into what they used to refine the protocol. According to them, the network will still face issues around scalability in the future because the channels are still growing. They wrote that getting a more efficient solution from the millions isn’t a walk in the park.
The upgrade made using the new deamon gossip now mean that all C-lightning transactions now synchronize with peer nodes well and quickly. They also economize on bandwidth usage, what the Blockstream Engineering praised in a blog.
The upgrades have also enabled extending the default timeout invoices from the normal one hour to seven days. Further, the new version comes with enhanced plugin support, external wallet funding, better P2P handling as well as an overall improvement in performance.
Lightning Network Is Growing
Already, works on implementing the Lightning Network have started with Blockstream, ACINQ, and Lightning Labs, each of them independently working on it. The project is highly expected to cut transactional costs and enhance the scalability of the network.
The network is, meanwhile, growing at a tremendous pace with more adopters embracing it. The latest high-profile adopter is Bitstamp, a Luxembourg-based Bitcoin exchange which switched to the network on July 8. The exchange chose to use it to
“grow the network.”
The exchange has urged other companies to make the switch and be part of the Bitcoin Lightning node network. By press time, the Lightning Network had been boasting over 9,075 nodes, all supported by 903 Bitcoins.