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Bitcoin Lightning Network Developer Secures $1.7 Million

09/10/2018 6:50pm

ADVFN Crypto NewsWire


 

Bitcoin Global News (BGN)

October 09, 2018 -- ADVFN Crypto NewsWire -- The cryptocurrency industry seems to be stabilizing in the wake up last year's incredible run upwards. Now that awareness of the industry has grown from just niche areas, many companies, investors and individuals are seeking ways to integrate the technology to their business or their daily lives.

As with traditional currencies, the most widely used are the most important and reliable. They have the liquidity to be moved in large quantities and the acceptance to be used for payment of goods or services around the world. Currently, this is USD. For cryptocurrencies, Bitcoin was the groundbreaking coin to gain global awareness, and has continued to push boundaries of public awareness. It is still criticized for its ability to scale to a truly global user base, and especially for its relatively slow transaction speed compared to major credit card networks.

 

Lightning Network

Ethereum was launched in 2015, bringing a vast set of new features to what people think of as cryptocurrencies. Ethereum’s versatility and smart contracts have allowed for the multi-billion dollar ICO industry. However, several start ups have been working to bring these same benefits to the Bitcoin network. BTC sidechain create a method to transfer assets between the sidechain and the main blockchain in a similar way to Ethereum.

The most influential contributor has been Blockstream. The organizations raised $76 million in their early funding rounds and is most well known for the Lightning network. These side chains allow the Bitcoin network to settle transactions almost instantaneously, and then be blocked to the root Bitcoin network ledger in the most efficient manner possible

 

Acinq

One of the new comers to startups developing on the lightning network is Acinq. They recently closed a$1.7 million funding round led primarily by Serena Capital, with further funds from Talend co-founder Bertrand Diard, Sebastien Lucas, Alistair Milne and Snapcar founder Yves Weisselberger.

"With this raise, we're very excited to be able to do a lot more with more resources. We'll be able to make even more cool services for lightning. This is not only good for us but for lightning in general and for pushing adoption forward."

Earlier this year, the company introduced Strike, their first payment processing Application Program Interface (API) for easy off-chain-on-chain settlements. Other cryptocurrency payment processing options payout directly into a fiat conversion. Strike collects payments on behalf of the client, and settles the collected amount to a Bitcoin wallet.

 

RSK Smart Bitcoin

Recently another start up launched their side chain layer to the Bitcoin network called Smart Bitcoin. Their SBTC token “Smart Bitcoin” will essentially be a 1 to 1 peg of Bitcoin held on the original Bitcoin network. CEO Scott Yoon believes "RSK ... will be dominating [the smart contract] ecosystem and [for] bitcoin that will open another era of bitcoin, like ethereum."

 

 

By: BGN Editorial Staff

 

 

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