Experts say the major reason for today’s high can be attributed to the successful beta test of Lightning Network, an overlay network built on top of an existing Blockchain – in this case, the Bitcoin Blockchain.
It is a decentralised network using smart contract functionality in the Blockchain to enable instant payments across a network of participants. A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract.
Showing a new way to pay with Bitcoin, according to media reports, the technology would move some transactions away from the main Blockchain to ease the congestion of Bitcoin transactions. Lightning Network will allow buyers and sellers to then transact privately and later broadcast the activity on the public network.
On Wednesday, three Blockchain developers – ACINQ, Blockstream, and Lightning Labs – which were instrumental in the Lightning Network, announced the 1.0 release of the Lightning protocol, and the world’s first Lightning test payments on the Bitcoin main net.
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