Good day everyone,
I hope you are all well and having an excellent week, welcome to CryptoGod-1’s blog on all things crypto. The team behind the famed Lightning Network, Lightning Labs, have released an update which is deemed to make it easier for people to make use of the Lightning Network.
Lightning Network
Created by Lightning Labs, the Bitcoin Lightning Network is a layer 2 payment protocol layered upon Bitcoin. It was created to enable fast transactions and make it easier for users to interact with the network. The Lightning Network requires users to run a lightning node to send and receive payments, which is done non-custodially. While it sounds easy on paper, it can be a somewhat complicated process for those who are not familiar or considered tech-savvy.
This is where the development of Lightning Terminal, also known as Litd, come into play. Litd is a tool which was created to make usage of the Lightning Network easier for all, done via abstracting features of node management to simplify Lightning usage. This was done to make the experience easier for anybody who wants to use the Lightning Network without managing a lightning node.
Update
With the latest update, there will be a new version of the Lightning Terminal available. The web-based UI for node and liquidity management through the Lightning Terminal will now support automated channel fee management. This means users operating their Lightning Terminal no longer need to manually adjust the fees, instead they will be charged dynamically based on how many payments each channel is routing each week.
The update will also include “accounts,” meaning users can now share a lightning node between several users. This removes any complexity of liquidity or node management.
The head of product growth for Lightning Labs, Michael Levan, noted in a recent blog post that:
"With this latest release, we're introducing a handful of new features like automatic channel fee management in Terminal, custodial off-chain accounts, more control over connection permissions for LNC, and an Order Board for a simpler way to interact with Pool. This alpha feature is another step towards automating node and liquidity management in addition to the existing Autoloop feature, an automated option for using Loop to manage liquidity."
They also announced earlier in April 2023 that they would be unveiling a platform for the Lightning Network which would be aimed at onboarding businesses into the network. This would be to assist in growing the network, and, as noted in a tweet by the company, make the Lightspark Platform "the first enterprise-grade entry point to the Lightning Network."
Good news for those who make use of the Lightning Network of Litd. With the new features it will likely become more accessible for users to make use of the technology, while also knowing they will only be charge based on their number of transactions instead of a standard fee is a bonus, or a drawback, depending on ones use of the network. All in all if it helps to draw more business into the network and grow the adoption of Bitcoin then it must be seen as a plus for crypto and especially Bitcoin.
Have a great day.
Peace. CryptoGod-1.
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