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Lightning Labs, one of the leading contributors to the Lightning Network, announced the Alpha launch of a new feature aimed at the second-layer micro-payment solution over the Bitcoin network. Lightning Loop, as the update calls it, aims to solve the current problems with channel capacity limits for some of the early applications of the technology.
Until Lightning Loop, once a user's channel had reached its maximum capacity, he could no longer accept payments. Obviously, for companies that want to use the Bitcoin Lightning Network as a means of payment, such disruptions are not welcome.
Lightning Loop: Making Bitcoin Payments Easier to Receive with Lightning
The Alpha launch of the first stage of Lightning Loop was announced by Lightning Labs earlier in the day via Twitter and a related blog post. This initial phase of the update is called "loopback".
The idea is to allow users to unload the bitcoin from their Lightning channel to the main channel, thus freeing up the maximum capacity of the channel to receive additional payments, while keeping the channel open.
Announcement of the alpha version of Lightning Loop, a non-private service that facilitates reception #bitcoin on the lightning.
With Loop, users can gain inbound capability and opt out of Lightning while keeping channels open. ?
Read more and try it: https://t.co/KoAXDm9JFl
– Lightning Labs⚡️ (@lightning) March 20, 2019
To illustrate just how useful Lightning Network's looping function is for merchants, Lightning Labs used a bitcoin-like badogy of choosing a bitcoin-based pizzeria via Lightning Network. Since a business of this type probably has larger revenues than its expenses, its payment channels eventually reach their maximum capacity and the store will no longer be able to receive transactions. However, by using Loop Out, the store can continue to sell pizza because it can now send funds to the main channel and free up space for new payments in its channels.
In addition, the loopback output will allow new network users to have an initial receive capability, instead of relying on others to open channels with them. This should allow new network users to more easily receive Bitcoin.
First loop, then loop
As noted earlier, Loop Out is only the first of two proposed updates on the problem of limiting channel capacity for economic activity on the Lightning network. The second one will call Loop In and will make payments to Lightning Channels from stock exchanges and other chain sources. This means that a user can stay connected to his payment channels, even after exhausting the balance of all his open payment channels, by spending.
You can find more details about Loop In in the GitHub repository of Lightning Labs.
A great year for the development of lightning
Even though it was still in its infancy, Lightning Network had already made great progress in 2019. The Bitcoin payment network again attracted the attention of Jack Dorsey, CEO of Circle and Twitter, as a source "Lightning Torch" was sent to him.
Cool example of #BitcoinTwitter experiment on the Lightning network.
?
Torch received, now going to @ starkness! #LNtrustchain https://t.co/YVMAv62fCN– jack (@jack) February 5, 2019
The long-term Bitcoin bull was also impressed by the work of the developers of the Tippin browser plug-in, which allows Twitter users to send micro-payments to each other as a tip for powerful content. Such a rush for development and enthusiasm around the project has allowed the network to expand rapidly, reaching a total capacity of more than 1,000 BTCs and nearly 7,500 nodes at the time of writing.
No doubt today's new features announced by the Lightning Network will excite Dorsey, a major backer of the Lightning Labs group last year.
Related reading: Buy a pizza with Bitcoin! Crypto Twitter seduced by Lightning Network application
Featured image of Shutterstock.
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