The popularity and commercial use of Bitcoin Lightning Network have increased at a very rapid pace in recent months. The reason is the improvement of the network day by day and the increase in the convenient and secure way of the transaction between consumers through this network. Being a peer-to-peer connection, this network offers functionality that even if two users are not directly connected to one another through a channel, any user on the network can make the transaction with another user on the network .
Let's take a look at 15 new additions to Bitcoin Lightning Network in recent months and also what might be the new features to come:
1. Fast payment:
Now, the payment made on the lightning network is so stimulating and frequent. You can compare this rate of payments with the speed at which data is transferred over the Internet between connections. This reduced the bitcoin scalability problem for security. The number of payments per second on the network has been considerably increased.
2. No restriction on the duration of the open network:
There is no type of timeout between the lightning network. This means that if both consumers so desire, the channel between them would be open indefinitely. Their channel will not be closed after a certain time and therefore the costs and time necessary to close and restart the channel have been reduced to a minimum.
3. The implementation of third-party security:
Previously, if in a channel, a consumer who wanted to steal money, closes the channel; the second consumer must report within a certain period of time to prevent theft. The network is now planning to impose a third party that would have no control over the transactions, but only by performing the above function.
4. Safer route on the network:
Unlike normal routing, in this network, a peer only has information from the previous peer and the next peer. A peer has no knowledge of the network source and destination peer in Bitcoin Lightning Network. Thus, making it a safer mode of payments and transfers of funds.
5. Supports multiple types of payments:
Bitcoin Lightning Network now supports multiple types of frequent payments, therefore, there are only a few loads on the Blockchain payment channel. Now, payment with blockchain only has to deal with payments such as closing and opening payment channels. Reducing extra overhead costs from the blockchain channel.
6. Functionality to close the channel when desired:
Unlike the normal connection, where there is a fixed timeout to close the channel, in this network, now two parts if you agree one with the other can cancel the channel whenever they wish. So, they do not have to wait for the unwanted time to close the channel even if the transfer of the fund is completed, they can close it immediately after a mutual agreement.
7. Payment without invoice:
With this new feature, payment can be financed by a consumer at the same time without first creating an invoice for payment. This new feature creates a fast streamed payment of funds. Now, the need to create an invoice before the transfer of the fund that slows the transfer of the fund is not relevant.
8. The functionality of the single-funding channel:
Suppose that a consumer wants to pay the second consumer and that the payment is unidirectional, so no other consumer is needed to add funds to the channel and only one channel financed by a single investment can be created with only the first participant and adding funds in the channel .
9. Payments through different blockchains:
Now, the lightning network allows payments through various blockchain paths as long as they have the same hash block. Thus, payment can be made from one blockchain channel to channels of another blockchain only if they have the same hash code and block.
10. No trust with third-party institutions:
The channel is completely shared between two consumers and no other third party has access to the funds during the transaction process. This provides greater security and security for the fund transfer process done in the bitcoin lightning network channel.
11. Conditional payment method:
Depending on the outcome of some payments, you can now run a probabilistic payment model. This feature is known as the sub-satoshi payment type. For example, A created a 1-satoshi payment type and charged B 0.3 satoshi with a 10-to-3 offset. This means that 70% of the time, A pay 0 satoshis while 30% of the time, A pays 0.3 satoshi.
12. Lower transaction fee:
Bitcoin also aims to capitalize on small shops. Thus, this network would cost a small transaction fee, perhaps the minimum for any type of funds transaction. Thus, it could be used for daily purposes as well as paying for restaurants, shops etc.
13. More anonymity:
It will be impossible to keep track of completed payments through the lightning channel network as an important part of these transactions takes place completely isolated of the main channel of the blockchain.
14. Bidirectional fund channel:
For the first time since the evolution of bitcoin, financing has now become of two sides. The bitcoin lightning channel supports the bidirectional funds channel.
15. Decentralized network:
The first tests of the bitcoin lightning network show that it is possible to have a decentralized network above the resulting blockchain transaction layer to transfer funds from one peer to another peer even in multiple hops.
However, there are various imperfections. Bitcoin aims at various changes and updates its technology to provide a more convenient and secure channel over the blockchain payment channel layer, thus increasing the scalability of bitcoin payments. Let's also take a brief look at some upcoming features that the lightning network aims to:
1. Evolution of hubs as nodes:
A node similar to a hub in a network that would eventually collect more than one payment of one or more peers would make a strong centralized network.
2. Reduce channel complexity:
At present, the channel is very complex. Several attempts are made by the bitcoin to make it a little simpler.