The year of 2018 just might be the year of the Lightning Network. The long awaited Lightning Network has been talked about for a while now and yet hasn’t truly fully been implemented as of yet. There have been tests by a variety of parties like Zap, and others like Blockstream and others. Recent events such as the Microsoft endorsement of the Lightning Network has also suggested that this implementation is picking up steam and in its final phases of refinement and deployment. We’ve also heard about the legendary pizza purchaser who used the test Lightning Network as well to conduct a test on the viability of the network.
The latest happening in this part of the cryptocurrency world is that Jack Dorsey, the chief operating officer of the popular social media company, Twitter, has pledged support for an up and coming Bitcoin Lightning Network startup.
The up and coming company, Lightning Labs, based in the sunny state of California, has just published a post on their blog entitled, “announcing LND 0.4 beta”. The blog essentially announces the launch of their first Lightning Network mainnet release, LND 0.4 beta, a significant step toward bringing on the Lightning to the Bitcoin Network. Up to this date, most deployments of the Lightning Network has taken place on a test-net, so a project like Lightning Labs bringing it to the mainnet shows that the Lightning Network might just be ready for showtime, to take its place on a grander stage and perform brilliantly.
It is important to note that this is the beta version so there is a potential for further refinement prior to the alpha release.
The company states:
“Today we at Lightning Labs are announcing the release of
lnd 0.4-beta! This release marks the 4th major release of
lnd and the first Lightning mainnet beta, an important milestone.”
They further stated the different benefits and applications that come with the introduction of this release.
“With this release, lnd has gained a considerable feature set, deeper cross-implementation compatibility, a new specialized wallet seed, comprehensive fault-tolerance logic, a multitude of bug fixes, and much more! This release is also the first release of
lnd that has an option to run on Bitcoin’s mainnet, with the necessary safety, security, and fault-tolerance features required for real-world, real money usage.”
The emphasis on this milestone is necessary in these regards “the first release of lnd that has an option to run on Bitcoin’s mainnet, with the necessary safety, security, and fault tolerance features required for real -world, real money usage.” Up until now the aspects of safety, security, reliability and viability for real world usage has not been a guarantee as prior roll outs in testnets have seen people losing their Bitcoins, causing backlash from the community at large.
This lightning network beta release by lightning labs should be the most reliable and viable version out at the present moment. The lightning network and LND should allow for significantly lower costs in the sends and receives of cryptocurrencies like lite-coin and bitcoin, offering an off chain scaling solution that should help to minimize bitcoin’s scaling problems.
The Lightning network does not only potentially solve the problems in the present but also lays a blueprint for future , facilitating payments in the digital revolution and IOT.
Yet, the creators stress caution, noting that “that this release is intended for developers of future Lightning applications (Lapps) along with technical users and prospective routing node operators.”
They further state :
“As this is the first mainnet release of
lnd, we recommend that users experiment with only small amounts (#craefulgang #craefulgang #craefulgang)!”
Lastly, a big development of the team at Lightning Labs is the fact that they have raised seed financing of “2.5 million with investors including Jack Dorsey, David Sacks, Bill Lee, Jacqueline Reses and Charlie Lee” according to CNBC.