Lightning Labs launches ‘Loop’, the new solution for Bitcoin payment channels
The new feature of the network allows users to receive larger amounts of Bitcoin without reopening new payment channels. In turn, it allows to dispense with the “input capacity” to continue using the same payment channel.
The Lightning Labs team announced the launch of a new feature designed to improve usability for the Lightning Network.
The new solution, “Lightning Loop”, allows users to receive Bitcoin in increasing amounts without having to close and reopen new payment channels.
The opening of a payment channel requires that users pay the same rate sand wait the same time as if it were a regular Bitcoin transaction through their Blockchain. However, once the payment channel is opened, the user can send BTC payments almost instantaneously and a ta fraction of the original cost.
Normally, these payment channels are established by users with fixed capacity.
The developers of Lighting Labs, Alex Bosworth and Bryan Wu, explained ina blog post:
“Lightning channels are like money tubes. The money moves in the tube, but the total amount of funds remains constant. So, unlike other payment systems, Lightning requires ‘entry capacity’ to receive funds. “
No more ‘entry capacity’
Now,with Lightning Loop, this entry capacity can be withdrawn so that users can continue to use the same payment channel to receive bitcoins. Bosworth and Wu explained in this regard:
“Inessence, Lightning Loop moves funds from a payment channel to a Bitcoin wallet, to a cold storage system, or to a fiat currency through an exchange platform.”
And they added:
“This channel dump allows [a Lightning user] to receive more payments.”
Both developers also highlighted that they are currently working on ano posite characteristic of “Loop In” to allow there charging of payment channels. In the future it will be possible tore load the channels with “Bitcoin in the Blockchain from wallet sor exchanges”.
“Weintroducción that Loop desafío will contribute promover the 70cálculo ,ollabilityÁS and usability of Lightning. We encourage al ldevelopers, experts and enthusiasts to start testing Loop today. “
Sincethe launch of the tool, Lightning Labs has received positive feedback from users. The product development director of the Bitcoin Coniowallet, Marco Pesani, commented through his Twitter account:
solves one of Lightning’s biggest problems: the management of channel liquidity. I have never seen so much progres sand dedication in this matter. “
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The view sexpressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.