Litecoin, Ethereum, Zcash, and Ripple — only some the of cryptocurrencies which developers not against to test and implement LN technology

The Lightning Network (LN) technology was initially created for operation with a network of the most popular cryptocurrency in the world market — bitcoin. The bitcoin also became the first digital coin transferred on Lightning Network channels.

It is known that the experts developing and advancing LN technology assure that it will transfer transactions to the level above technology of a blockchain, having made them quicker and cheaper. However considering the extreme relevance of a problem of scalability not only for bitcoin, it is no wonder that Lightning Network drew to itself attention of the experts working with altсoina.

Litecoin, Zcash, Ethereum, and Ripple – only some of a set of cryptocurrencies which developers not against to test and implement Lightning Network technology in this or that look. It is no wonder that the Litecoin was known as “the silver bitcoin”, most tightly and successfully cooperates with Lightning Labs startup, intending to launch own version of LN along with bitcoin.

Other cryptocurrencies also do not lag behind leaders. Their developers actively study the concept of Lightning Network, implementing it on the networks. The last project which supported this idea — Stellar, cryptocurrency, the seventh in popularity, which included Lightning Network in the routing in January 2018. Her developers also see the potential of the Lightning Network network.

The leading developer LN for Stellar and the main investor of Bitcoin, Jeremy Rubin, called this technology the urgent need for any platform which wishes to save payment efficiency.

It reads that Lightning Network is, perhaps, the most important technological innovation implemented now in the cryptocurrency market. When it begins to work in the full-function mode in networks of bitcoins, any community not ready to scalable off-exchange decisions will remain only with dust from payments.

LN analogues

However, not all a blockchain projects are interested in Lightning Network the same as bitcoin.

For example, developers of an Ethereum work on a scaled technology off-chain, the called Raiden. Besides, it has own version of a network under the name Trinity. Working with a different code, both projects use the same concept. Developers aim to create a high-level network by means of which users will be able to make transactions. Developers of other digital currencies just agree that technologies, similar to Lightning Network, will be necessary for scaling in the future, however, now they have no time to focus on its real implementation.

Several cryptographers working on anonymous digital currency Zcash as an example offered BOLT — the new type of technologies of micropayments in LN style which is also maintaining anonymity on a network. But developers of the project let know that the technology is at a stage of development and is still not clear when its start is expected.

In the same way developers of other cryptocurrency oriented on anonymity — Monero, plan to involve a scaled technology of the second level though say that their priority is support of a basic technology of confidentiality. Nevertheless, there are those who try to scale a blockchain at a basic level.

The Grin project which start is expected at the end of this year uses smart cryptography for the creation of the blockchain absorbing old unnecessary data on growth measure owing to what much less place for storage in the long term requires. IOTA also announces the creation of “a without blockchain circuit” which clings to scale system (though at the project there is a fair share of scepticism).

From good to the best

And still, other developers consider Lightning Network technology only as a part of the polygonal approach to scaling which, however, taking into account all opportunities is suitable for a solution in the best way.

Really, developers of blockchain projects, such as Stellar and Ripple, are sure that their protocols are ready to scaling, but nevertheless consider technologies, similar to Lightning Network as an insurance.

In “road map” of Stellar it is specifically specified that this cryptocurrency does not need LN, but also and the fact that the technology will have “huge positive effect on long-term scalability and safety of Stellar”. Of course, Stellar, unlike bitcoin, does not need “saving”. “We simply transfer from good to even more to the best” — developers say.

The chief executive officer of Ripple and the co-founder of Interledger Stefan Thomas also claims that the register of XRP is already more scaled than a bitcoin blockchain. However, despite similar announcements, it is worth marking that the project team continues to stake on technologies of the payment channel of the second level, reading that they will allow them to be prepared for the future the growth of a number of users.

Puzzle pieces

Among other things, even opportunities which could provide directly several Lightning Network networks connected in one are discussed. Though such option seems still unrealizable.

Elisabeth Starck, the co-founder and the chief executive officer of Lightning Labs (only one of a set of the startups working on the implementation of this idea), claims that it is constructive this idea only developers of bitcoin and Litecoin perceived. It marks that some communities are interested and work on this question, but all development is at early stages and requires a certain time.

Certainly, successful mastering of Lightning Network technology will have far-reaching consequences when (and if) all crypto projects successfully master this technology. Developers already represent as the exchanges dominating today can be replaced with the technologies allowing users to trade in different assets in a blockchain and many read a key factor combining the LN networks.

 

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