• NOW

News

  • NOW
Blockchain announces the alpha release of the Thunder Network

Blockchain announces the alpha release of the Thunder Network

Today, Blockchain.info announced the release of the Thunder Network, which is an off-chain bitcoin payments solution using smart contracts, currently in the alpha-testing phase.

The Thunder Network is the first usable implementation of the Lightning network for off-chain bitcoin payments that settles back to the main bitcoin blockchain. The Thunder Network has the ability to make live, nearly instant, and ultra-cheap transactions.

Blockchain did the first Thunder Network transaction a few days ago, Transaction 0, where Blockchain CEO Peter Smith and developer Mats Jerratsch were able to successfully make a payment between each other off-chain.

In a blog post from Blockchain, Smith said,

Thunder has the potential to facilitate secure, trustless, and instant payments. It has the ability to unleash the power of microtransactions, to allow the bitcoin network to handle heavy loads, and to increase user privacy. In this Alpha version, we prove that it can be done. From a feature perspective, there is both a node and a wallet (with GUI) present.

thunder-transaction-0

Smith also went on to say that according to tests so far, they are able to achieve better than Visa scale (100,000 TPS) with only a few thousand nodes on the network.

At this time, the Thunder Network is still in an early alpha stage, so it’s not ready to be deployed in production with real payments yet, but it can be tested by running the code found on GitHub. It’s also dependent on when both CSV and SegWit are implemented on the bitcoin blockchain; until that happens transactions aren’t enforceable at the bitcoin protocol level. Blockchain estimates that it will take roughly twelve months before this happens.

Tags in this story
Bitcoin Scaling, Bitcoin Wallets, Blockchain, lightning network, thunder network
Related
Circle Drops Poloniex Leaving US Crypto Traders High and Dry
Circle Drops Poloniex Leaving US Crypto Traders High and Dry

According to a blog post published by Circle, the cryptocurrency firm is releasing its subsidiary exchange Poloniex which is now… read more.

Russia Blocks 2 Crypto News Websites
Russia Blocks 2 Crypto News Websites

Russian authorities have restricted access to a couple of cryptocurrency news outlets. The formal reasons for the censorship move are… read more.

david@bitcoin.com'
David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.