C-Lightning Implementation Allows Users to Make Lightning Micro-Payments on the Liquid Network
The Lightning Network (LN) has been pegged as the next big off-chain scalable solution for the Bitcoin network for quite some time now. It has been promoted by numerous Bitcoin proponents including the likes of Jack Dorsey, the Twitter CEO. However, many early users of the LN has quite contrasting views about it, they have claimed that the current version of the LN is not just technically flawed and quite complex to use, but it costs a lot as it is only capable of making micro-payments off-chain with reliability.
Recently a new development on the LN has addressed one of the most complex issues on the network i.e opening and closing of channels. A few who have used the LN has mentioned it on several occasions that it is extremely difficult to find an opening channel on the LN and even if they do, it often gets lost due to numerous technical flaws. The latest development on the network allows Liquid Network users to open channels via c-lightning implementation and make micropayments.
The latest development came into the public domain through a tutorial published by Blockcstream developer who published it on Medium on July 2nd. The tutorial explains how lightning network users can implement c-lightning to open payment channels on the network and make micropayments. The development would surely help the case of the ln, given the amount of flack it has received in the past for its opening/closing of channels.
Liquid uses can now make liquid Bitcoin transactions instantly and with added privacy. The introduction of c-lightning and the feedback has prompted the developers to create similar payment channels for other assets on the liquid sidechain which includes the likes of tokenized stocks and fiat tokens. As per the tutorial published on the Medium, the implementation of c-lightning on the liquid sidechain is quite similar to its implementation on Bitcoin mainnet.
Adam Back, the CEO of Blockstream came out on twitter to explain the importance of the current development and importance of cross-convergence between Bitcoin layers, He tweeted,
“Lightning on bitcoin on liquid (L-BTC). Bitcoin layers connecting and converging! (People may not know that Lightning can bridge multiple networks).”
What is C-Lightning?
C-lightning is one of the three implementations of the lightning network, the two implementations are Eclair and Ind. Blockstream is the developer of C-lightning and has created many features on it including a full-spectrum wallet and the ability to connect nodes running on the TOR network.
According to recent data from 1ml.com – which tracks the Lightning Network platform suggests that the capacity of the off-chain solution has reached 11 million. C-lightning implementation is not just limited to the Liquid side chain, but even Spark wallet users can make use of c-lightning implementation to make offline payments.
The Liquid is Slowly Becoming a Fully Realized Sidechain of the lightning Network
The recent c-lightning implementation on the Liquid network is a big milestone for the long term goal of making the lightning network a bridging point for multiple networks. Recently, the block stream developers also introduced atomic swapping on the liquid network. These newly added features which in turn increases its compatibility with the LN can make the Liquid network a fully realized side chain of the LN.
In the month of May Blockstream also announced the security token issuance platform on the liquid network which has been a growing trend in the decentralized space recently. With several new features and compatibility with the LN can peg the Liquid network as a strong contender against the established names like Ethereum, TRON, and EOS. With several such modern-day features being added on the off-chain side arms of Bitcoin blockchain, it won’t be a big surprise if Bitcoin starts eating the market share of established players who claim to have all round programmable store of value.