While most people are still trying to get a grasp of concepts such as consensus algorithms and distributed ledgers, top-notch industry developers are expanding and strengthening blockchain technology with highly complex, promising and intriguing innovations.
In this article, we look at 7 innovations projects are using to bring blockchain technology to the next level.
While we’re highlighting some specific projects that are implementing these innovations, it’s important to keep in mind that these technologies can be implemented by other projects too. Oh, the beauty of open source.Beyond Blockchain: 7 Innovations and the Projects Implementing Them Bitcoin: Lightning Network
The king of crypto is still standing strong, no matter how many new competitors have been popping up. Bitcoin even gained dominance over the past 9 months of bearish sentiment.
Before the bears took over, the scalability constraints of Bitcoin’s blockchain became painfully clear. At its worst, transactions took over 78 minutes on average to clear, for sometimes exorbitant transaction fees that rose above $50 during the madness of December 2017.
Developers have been aware of Bitcoin’s scalability limitations for a long time and the Lightning Network was proposed in 2015.
But in December 2017, It became abundantly clear to the public that the Bitcoin blockchain is not capable of handling the amount of transactions it needs to be able to process, if the king of crypto ever wants to be able to facilitate censorship-free, borderless and decentrally secured payments for the masses.
To match current payment processors such as Visa (which is able to process 47,000 tps at its peak) at a competitively low fee without sacrificing decentralization, the majority of Bitcoin transactions will have be conducted off the Bitcoin blockchain itself.
This is what the Lightning Network is designed to enable.(Source)
Payments through the L...