Trinity Lightning Network is an off chain scaling network for the NEO blockchain. The product is a statechannel which seem to be the in thing for strong cryptocurrencies. For Bitcoin, its statechannel is Lightning Network while for Ethereum is Raiden Network. Trinity is sure to cause some waves in the crypto space especially because NEO is one digital currency that’s already making a mark.
Incorporating a payment channel into NEO is a great thing. Adoption of statechannels is part of the ways that significant cryptos are using to improve scalability. More blockchains are adopting similar technologies to have a competitive edge.
Trinity Lightning Network Simplified
In simple terms, Trinity Lightning Network is an off chain scaling solution which allows users to move funds into a smart contract. The funds can be transferred in and out until the deal closes. Doing so comes in handy when it isn’t necessary to record all the transactions on the blockchain. The operations are logged and batched where the result is what goes into the blockchain.
What this means is that there’s the existence of a decentralized exchange where users don’t’ incur transaction fees for every transaction. A one-off fee is charged when one opens the payment channel. Once done and the deal closes, the final result is then transferred to the blockchain. Substantially all the micro-transactions done are compressed into one single transaction.
Impact of Trinity on NEO
NEO will remain top notch when it comes to speed of the network and scaling. Theoretically, NEO has a speed of 10,000 transactions/second compared to Ethereum’s 30 transactions/second. Addition of Trinity to the NEO network helps give it an advantage over Ethereum since it has a similar technology with better scaling ability.
There has been an increase in the number of ICOs especially those that rely on the NEO blockchain. NEO powered projects seem to be cropping up each day.Creation of Trinity will see an explosion of ICOs into the market. Investors are quite bullish about NEO, and such developments drive such behaviors. There’s a staggering amount of developments happening on the NEO blockchain; so much so some people can’t keep up.
Trinity adds to the impressive infrastructure on NEO platform. It will allow implementation of many services such as gambling and online gaming solutions. For sure the current statechannels have performed quite well. Therefore it won’t be such a bad idea to invest in Trinity tokens because it will have an incredible impact on the NEO blockchain.