Bitcoin’s highly anticipated Lightning Network Daemon launches
Following a $2.5m funding start-up campaign, Bitcoin’s Lightning Network Daemon (LND) has finally launched.
LND – which was funded by the likes of Twitter founder Jack Dorsey, Litecoin founder Charlie Lee and former PayPal COO, David Sacks – will enable faster and cheaper transactions for Bitcoin and is regarded by many to be a landmark moment in the digital currency.
In a blog post announcing the move, Lightning Engineering said: “The maintainers of LND would like to thank all the dedicated testers, and 60+ contributors who have helped make this release possible! We believe that LND 0.4-beta is a big step in the development of the Lightning Network and will help make Bitcoin and other cryptocurrencies simpler, faster, safer, and more ubiquitous.”
Transaction fees for Bitcoin have recently reached $30, leading many to call for a cheaper way to trade the world’s most famous digital token. The move could also spark the beginning of the end for altcoins that market themselves on being cheap to trade, given that Bitcoin could coon be matching them for price and offering one of the most secure technologies on the market, if not only by name.
PayPal COO David Sacks was full of praise for the innovation, telling CoinDesk, “Lightning is the most important protocol being built on bitcoin and Lightning Labs is the best developer of that protocol.”
Ben Davenport, CTO at BitGo and a fellow investor, agreed. “It’s something the entire community has been focused on and working towards for the better part of two years now. It’s really the culmination of a lot of work by many people, not just Lightning Labs. … We see it as a very important piece of the scaling solution for bitcoin, and perhaps other digital currencies as well.”
Bitcoins price has seen a dramatic plunge recently, with most commentators attributing the blame to Googles decision to follow Facebook’s lead and ban adverts for cryptocurrencies amidst fears that people are being floored by false promises and investing their savings into high risk volatile markets, and in some cases, scams. But hopefully the news of Lightning’s network launch will provide a spike.