The Lightning Network is one of the biggest current developments for Bitcoin. It is a layer-two scaling solution which will introduce a lot of new opportunities. Making this technology more accessible is not easy, even though DMG Blockchain Solutions is looking into ways to improve the Lightning protocol.
Harnessing the Power of Lightning
In the world of cryptocurrencies, scalability has always been a major concern. This holds true for Bitcoin as well as for all other altcoins. Things are not looking so great right now, but vast technical improvements will be coming in the near future. For Bitcoin, the Lightning Network is one of those developments of which people have incredibly high expectations.
Even though the Lightning Network is still in the testing phase as of right now, there is still a ton of work to be done before LN is even ready to be used. DMG Blockchain Solutions is looking for ways to improve upon this protocol. With a strong focus on higher transaction throughput and scaling Bitcoin in every way possible, the company has the same vision as most other developers working on this technology.
As of now, the Lightning protocol is not all that easy to access for the everyday user. There is no convenient user interface to speak of, which is always a big concern when it comes to cryptocurrency. This is where DMG Blockchain Solutions comes in, as one of its developers is working on a user-friendly visual swapping tool which will highlight one particular aspect of the Lightning protocol.
With this tool, users should be able to swap between various cryptocurrencies with the help of the open-source Lightning protocol. This technology is used by the developers of Bitcoin, Litecoin, and a few other currencies. In a way, this new interface will make cross-chain atomic swaps a lot easier, while still benefiting from the Lightning protocol itself.
DMG’s CTO, Danny Yang, commented as follows:
DMG, along with others in the bitcoin community, is adding its technical resources and time to build the basis for a more scalable version of the Bitcoin network. As both coin mining and blockchain technology have gained traction even among large businesses, we see more payments and commercial transactions happening over cryptocurrency networks. We all stand to gain by making bitcoin-based transactions more affordable and accessible.
All of this further confirms there is a genuine interest by developers to work with the Lightning protocol, as it is a massive breakthrough for cryptocurrencies as a whole. Individual coins will receive scaling and micropayments, whereas the industry will slowly migrate away from centralized exchanges. It seems to be a solution in which everyone wins, assuming it can be made convenient enough for less tech-savvy users to access.