News

Lightning Network and Traditional Payment Methods: Who Wins?

While Bitcoin (BTC) has been facing severe scalability problems and high network congestion problems for a long time, the biggest crypto money still retains its position. Lightning Network Can you solve all these problems?

While these problems have been decreasing since then due to decreasing activity and increasing segwit usage, Bitcoin may face these problems again if there is an increase.

Solve Bitcoin's Scalability Problems by Lightning Network

Lightning Network(LN) is ready to solve Bitcoin's scalability problems and high transaction fees with a technology that works on the Bitcoin blockchain (2nd floor solution). The Lightning Network will allow you to process transactions at a rate of less than $ 0.01.

The way it works is simply: Network users send and receive Bitcoins over a Lightning Network channel. These channels are kept separate from the main blockchain to increase speed and reduce costs, but all operations are subsequently registered in the main blockchain of Bitcoin.

Although Bitcoin is used as a technology to solve scalability problems, Lightning Network has been attacked by some members of the community (especially Bitcoin Cash and Bitcoin SV supporters). Most of the criticisms are how the Lightning Network brings with it the danger of centralization. However, there are many advocates who are optimistic about the development of LN.

Lightning Network in Real Life

Bitcoin Lightning NetworkOne of the most well-known supporters is Anthony Pompliano, founder and partner of Morgan Creek Digital. In the last tweets, Pomp praised the Lightning Network and issued an open invitation to prove one's excellence.

The Lightning Network is so fast.

- Stock Image

Someone

- Pomp omp (@APompliano) February 5, 2019

Following Pomp's request, a researcher, JP Thor, meticulously compared LN with conventional payment methods and explained their findings in depth.

As soon as possible, JP Thor said that Bitcoin's LN will always be faster than Visa for processing compatibility. However, there are other things to consider.

Daha Sending a payment via an LN will always be faster than Visa. Because a Visa payment requires an authentication with a third party. LN payments can be made as quickly as a TCP / IP connection between two people. A single channel has been shown to operate above 250 TPS, so the network cannot be scaled to a real upper limit. Tek

The researcher carried out several pay tests with different LN wallets (Satoshi and BlueWallet Wallet) against the fastest Pay traditional di payment method: MasterCard with MasterCard debit card. Noting that Apple Pay is a few seconds faster, but not aware of this, it has come to the conclusion that there is not much difference in payments, transactions and UX.

However; JP Thor clarified that LN has made room for significant developments and will close the gap in the coming months.

Source: the investinblockcha

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Real crypto OG's will rally around me.

The real ones that know the truth, and what happened from day 1.

Talk to you guys soon.⏳#FreeTrevon

— Trevon James, Founder of our.glass Crypto (@BitcoinTre) May 28, 2021

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

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Bitcoin News

Who Has The Most Bitcoin (BTC) Savings?

Bitcoin Analizi, Bitcoin 5.700 Doları Geçti!

According to the research result, the Winklevoss twins own 150,000 BTC, but there are names that own more Bitcoin than them…

Blockchain Center, which investigates who owns the largest amount of Bitcoin (BTC); From Winklevoss twins to scammers, from hackers to "zombie coins", he laid out all the data.

On the other hand, the most famous hacking case of the cryptocurrency world, Mt. Gox incident allegedly owned 166,000 BTC.

It is claimed that 30,000 BTC seized from the Silk Road scandal is in the hands of Tim Draper.

Plus Token scammers were said to have 200,000 BTC.

On the other hand, “Zombie coins” are surprisingly plentiful. These tokens we are talking about consist of 1.5 million BTC, which will never be used and will not be spent by anyone forever.

Grayscale's Bitcoin Trust is known as the largest institutional Bitcoin investment vehicle and currently holds over 400,000 BTC of liquidity. Lightning Network only holds 1,000 BTC, while Ethereum (ETH) has another 80,000 BTC locked.

Another 2.5 million Bitcoins are expected to enter circulation over time. Time will tell which other names will be included in this list.

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph