At the introduction of Bitcoin in 2008, a significant challenge that was foreseen for the cryptocurrency was its level of scalability, which remains a considerable challenge for the cryptocurrency systems.
As a result of this and to bring a viable improvement to the scalability issue, the Bitcoin lightning network was introduced in 2016. The Bitcoin lightning network works as an independent solution to all the challenges facing the leading crypto by dealing with the scaling problem, ensuring speedy transactions with zero confirmation, minimizing transaction fees, etc.
Bitcoin lightning network explained
The Bitcoin lightning network is a second layer network that transmits transactions by relying on the blockchain protocol for speedy transactions. The Bitcoin lightning network is a brainwork of Joseph Poon and Thaddeus Dryja but has involved inputs from third party individuals and companies. However, some risky features have surfaced on the network. A recent security audit by a blockchain technology company, Blockstream has pointed out some concerns. The complaints are centred on the Bitcoin lightning network inability to process a large number of Bitcoin transactions, and a recent bug attack on the system.
Lightning bug portrays security threat
The Bitcoin lightning network has been able to complete 870 bitcoin (BTC) transactions of about 84 million US Dollars and attracted more than 11 thousand nodes. The recent bug attack in September on the lightning network is a severe source of concern. The bug incident, according to the report, has underlined the preparedness of the lightning network, as various security issues were found in different lightning projects, which could lead to loss of funds.
However, there are hopes in the crypto quarters of a quick improvement that a working solution will be designed to combat the various challenges of the Bitcoin cryptocurrency and enable it to achieve its mass adoption.
Featured image by Pixabay.