IOV Labs Launches Light Client for the Lumino Network to Boost BTC’s Smart Contract Capability
IOV Labs, an early-stage firm focusing on scaling solutions for Bitcoin's blockchain, has launched a new layer to further enhance its course. The Gibraltar based startup released a light client for the Lumino payments network on May 13.
This milestone was confirmed in a statement issued to Cointelegraph by IOV Labs,
“IOV Labs announced the launch of its Light Client for the Lumino Payments Network, a third-layer Bitcoin scaling solution.”
Notably, the Lumino payments network is set to rival the popular Lightning scaling solution for Bitcoin. This initiative, however, enjoys a competitive advantage as it is compatible with smart contracts designed to leverage Bitcoin's ecosystem.
Lumino Network Fundamentals
Bitcoin's rise has not been short of challenges given its limiting tech infrastructure when it comes to scaling. This has resulted in slower transactions than stakeholders anticipated with approximate 7 transactions per second (Tps). The Lumino network comes as one of the solutions to increase throughput within Bitcoin's blockchain.
With the new light client for Lumino, Bitcoin's network can be boosted to 100 Tps accompanied by a possibility of scaling to 20,000 in the near future.
In order to achieve this efficiency, IOV Labs has boosted the so-called ‘layer three solution‘. This basically means that the platform leverages Bitcoin's network to secure smart contracts and ERC-20 based tokens. RIF Labs had earlier launched sidechain solutions dubbed ‘Rootstock' (RSK) for smart contract integration. The recently released light client will further reduce the resources required by developers to create DApps based on BTC's network.
Lumino's new light client allows the developers to build blockchain-based solutions without operating complete nodes. Instead, they can develop innovations with online web access and mobile hardware. This will, in turn, allow more focus on bootstrapping Bitcoin's network given node availability hence a higher Tps.