Blockchain.com announces Alpha release of Lightning Network

Rage Review : Blockchain, the world's leading blockchain tool and software provider, has released an alpha version of the Lightning Network Thunder, which allows participants to conduct a large number of fast transactions by distributing transactions on the main chain to the side chain. Since it is in an open permissioned network, the handling fee is significantly lower than non-chain payment. Blockchain CEO Peter Smit believes that this new version of the Lightning Network can promote blockchain technology to every corner of the world, and more users will choose to use the secure Thunder network.

Translation: Nicole

Blockchain, the world’s leading provider of blockchain tools and software, has announced the first alpha version of Thunder, an implementation of the Lightning network.

Lightning Network

According to the Lightning Network webpage, the Lightning Network relies on the underlying blockchain technology.

By using real Bitcoin/blockchain transactions and its built-in smart contract scripting language, a secure network can be created that allows participants to conduct large numbers of transactions quickly.

Essentially, they work to reduce the volume of transactions on the Bitcoin blockchain by moving transactions, specifically periodic microtransactions, to sidechains that are aligned with the main chain.

Thunder alpha release

The Thunder alpha blockchain implementation of the Lightning Network allows Thunder to have both a node and wallet. The blockchain also claims that the Lightning Network can achieve “more transaction volume than Visa (100,000 TPS) with only a few thousand nodes.”

According to Blockchain.com, the Lightning Network is still just a concept at this point. By launching an alpha version of the Thunder Network, the company is using the Lightning Network for the first time to make off-chain bitcoin payments that go back to the main bitcoin chain.

As a result, Thunder can "effectively enable secure, trusted, and near-real-time payments, unlocking the power of microtransactions, allowing the network to handle heavy-duty transactions, and protecting user privacy."

Blockchain also said that since the free market is in an open permissioned network, the transaction fee will be significantly lower than non-chain payment. In addition, Blockchain will use AES-CTR to encrypt all communication between nodes and wallets, and communication can only be carried out after full verification.

Thunder is said to automatically take over payments between nodes in the network through encrypted routing, which means that no one knows who made the payment, better protecting privacy.

Mats Jerratsch commented on the release:

“There is a lot of experimentation going on with off-chain payment networks right now, but it’s important to work with the community on this project because our ability to scale Bitcoin or other cryptocurrencies depends on learning from a solution.”

Peter Smith

Blockchain CEO Peter Smith concluded:

“Blockchain is committed to bringing our blockchain technology and the power of open finance to every corner of the world. This release brings us one step closer to achieving our goals.”