Bitcoin Lightning Network ensures larger payments capability
Bitcoin Lightning Network releases a 0.10 beta version of its LND software, to improve routing efficiency and reliability of its infrastructure.
According to the latest reports, San Francisco-based crypto firm Lightning Labs has introduced a 0.10 beta version of its LND software. It is one of the most important iterations of the Bitcoin Lightning Network. The key highlights of this latest update include – Multi-Path Payments, Partially-Signed Bitcoin Transaction (PSBT) support, on-chain fees, developer improvements, security, architectural improvements, and other bug fixes. The 0.10 beta version aims to improve the routing efficiency of lightning payments.
What is the Lightning Network?
It is a second-layer incorporated on top of the Bitcoin blockchain that enables faster and cheaper transactions. Prior to the latest update, users could only lock a limited amount of Bitcoins in the channels. Moreover, there used to be a lot of friction in routing transactions.
More about the latest update
The most important aspect of the latest update is regarding multi-path payments. The 0.10 beta version will allow users to quadruple the number of BTCs that can be locked in channels. This will essentially improve routing efficiency, and instill a lot more liquidity in the channels. According to the announcement, “A related change is the lifting of the maximum invoice size, which was previously 4.2 million satoshis (0.042 BTC). Starting with LND v0.10-beta, payments up to the maximum size of a channel will be allowed. (Currently, the maximum channel size is 16.7 million satoshis (0.167 BTC.)”
The update also added support for Partially-Signed Bitcoin Transaction (PSBT). It is a cryptographic method for hardware wallets to sign transactions without revealing the keys to a device.
Another important part of this update developer improvements. Lightning Labs explained, “Finally, in and v0.10-beta, we’ve added an “Experimental Services” section to the LND gRPC API. These services are designed to allow LND developers to experiment with and give feedback on new APIs while they’re in the process of being developed. This will also give new features and APIs a place where they can be tested, stabilized, and matured before being added to the main LND API. For REST developers, we’ve also made the REST API docs more easily accessible.”
As of now, as many as 955 BTCs are locked in Lightning Network channels. This figure accounts only for public nodes. If we consider the private nodes as well, this number could be much higher.