Bitfury Successfully Tests Lightning Network – Technology Bitcoin News


Bitfury Successfully Tests Lightning Network

The firm Bitfury Group published a video which shows a successful demonstration of the Lightning Network on the Bitcoin mainnet.

Also read: Lightning Network Used to Sell Beer at Room77

Bitfury Group Tests ‘Real Bitcoins’ Using the Lightning Network

The well-known company Bitfury which calls itself a blockchain security and infrastructure provider has successfully tested “real bitcoins” using the Lightning Network on the mainnet. The video shows a Bitfury programmer sending bitcoin utilizing a developers version of the Lightning Network. The demo illustrates the opening of Lighting daemon payment channels and the transactions sent across the live Bitcoin network.

“Now we have two open channels, and we can actually perform Lightning Network transactions inside these open channels,” explains the Bitfury developer during the video.

Bitfury Founder Says The Team’s Demo is a ‘Big Step Forward for Bitcoin’

Following the Lightning node and channel setup, Bitfury then tested a single-hop transaction which demonstrated the ability to create routable paths. This means, after successfully creating multi-hop paths the theory is the protocol may eliminate the need for counterparties. Bitfury has been developing with the Lightning Network since last year when they released their 40-page white paper, which proposes a routing solution for the Lightning Network. The Bitfury team aims to utilize the Lightning procedure while preserving decentralization. Valery Vavilov, CEO of Bitfury Group, made a statement via Twitter saying;

Bitfury successfully sent bitcoin using the Lightning Network on the mainnet — a big step forward for bitcoin.

Bitfury’s Lightning Network Demonstrated Without Segwit  

Bitfury isn’t the only team working on the Lightning Network protocol as organizations like Acinq, Lightning Labs, and MIT’s Media Lab is currently building Lightning infrastructure. Its also worth noting that Bitfury also accomplished the mainnet demonstration of Lightning without utilizing the Segregated Witness (Segwit) protocol. The demo from the Bitfury team also follows the company’s release of Exonum a private blockchain infrastructure that claims to be “anchored” to the Bitcoin blockchain for added security.

What do you think about Bitfury successfully testing the Lightning Network across the Bitcoin mainnet? Let us know what you think in the comments below.

Images via Pixabay, and Bitfury Group.

Tags in this story
Acinq, Bitcoin, BitFury, Lightning Labs, lightning network, N-Featured, SegWit, Valery Vavilov

Show the world how cutting-edge you are with a bitcoin T-shirt, hoodie, bag, key-ring, even a Trezor hardware wallet. Shipping all over the world, quality merchandise and, of course, a payment system that makes people say “wow”!

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Show comments