According to Blockstream, the Lightning Charge will be catering to developers’ needs to create Lightning-powered Bitcoin applications.
What is the lightning network?
The Lightning Network is meant to improve transaction speeds and scalability, which in turn will work towards resolving the issue of high transaction fees on the Bitcoin network.
By the usage of this implementation and resolving these issues, users of the Bitcoin network will be able to perform transactions with ease. It will also address the long-debated problem of transferring smaller amounts, or micropayments, through the Bitcoin network to another user.
Furthermore, the Lightning Network will be decentralized just like the main blockchain. This is to ensure that no online payment or credit card vendor can ever hold the users’ funds without their permission. It also eliminates the need for a third party to be involved, since users can create multiple modes of payments according to their convenience to perform transactions.
Further Details about Lightning Charge
A part of the Elements Project, Lightning Charge enables developers to build apps on top of Lightning through its complementary package for c-lightning.
This ensures that c-lightning and associated work is easy enough for any web developer to work with and to integrate the functionality within any site. It is being explained by Blockstream that c-lightning can be used to create independent online-payment structures.
To demonstrate the effectiveness of Lightning Charge, the test site has the implementation and full integration of the technology. The test site, which works like any other regular e-commerce site, allows any users to purchase small items such as t-shirts and stickers to test micropayments through this initiative.
It was explained by the company that by bringing this technology to life and demonstrating it to its global users, it hopes to strengthen the trust that the community puts in it to deliver cutting-edge technology.
However, since the Lightning Network is still being tested, Blockstream advises its users to use the store at their own risk.
The response has been mixed so far
The Bitcoin community’s response to this development and offering has been torn at best. While some users are commending this as a demonstration of tangible improvements on the initiative, others are slamming it by stating that it was too early to deploy even as a test, citing how unsuccessful attempts on a half-baked product could draw enthusiasts away and towards other networks and cryptocurrencies.
While the reception to this has evidently been varied, the need for Lightning Network has been increasing by each day due to how Bitcoin transaction speeds are now being compared against faster cryptocurrencies such as Ethereum, which could affect Bitcoin’s dependability and credibility in the long run.