THELOGICALINDIAN - The Digital Currency Initiative DCI at the MIT Media Lab on Wednesday apparent a failing Lightning Network software alleged Lit This new applicant does not crave its own abounding Bitcoin bulge to run like added Lightning audience do and it alike has a accessible wallet congenital in
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Introducing Lit
“This is the aboriginal alpha v0.1 absolution of lit,” its Github page states, anecdotic the software as “a Lightning bulge you can run on your own.” The activity started in November aftermost year and currently has 12 developers contributing to it.
In a blog post, MIT DCI open-source developer and analysis scientist Tadge Dryja alien Lit and apprenticed anybody to analysis the software. The co-author of the aboriginal Lightning Network cardboard and above CEO of Lightning Labs wrote:
While acceptance that Lit is not yet reliable abundant to move absolute money about safely, he said “it is at a accompaniment area it can be fun and advisory to try it out with analysis networks to get a feel for what it can do.”
How is Lit ‘Lightweight’?
Lightning Network nodes crave active a abounding Bitcoin bulge which can be bulky and costly, Dryja explained. Citing that Lit can affix to absolute abounding nodes, he noted:
The software can be abnormally advantageous back acclimated to analysis a new arrangement with testnet coins. “Who wants to download gigabytes of abstracts aloof for testing?” he questioned. The developer hopes that the added affluence of bureaucracy will advice get added bodies into architecture lightning networks.
Other Use Cases of Lightning Network
The Lightning Network was advised with blockchain scalability in apperception but there are additionally abounding added use cases, Dryja explained. “Some of the aboriginal agog responses to the architecture were that it removes the 10 minute delay for affairs to be confirmed.”
In addition, he acclaimed that the Lightning Network channels accept an important feature, the cross-chain diminutive swap, which enables acquittal channels to alpha and end on abstracted blockchains. “They can be on any alternation as continued as they abutment some agnate functionality.”
While Lit will alone affix to analysis networks currently, there are already assorted testnets for Lit to arrange on, back several altcoins accept now activated Segregated Witness (Segwit). Early on Wednesday, Segwit auspiciously activated on Litecoin. Within hours of Segwit activation, a Lightning acquittal took place on Litecoin’s capital network.
“Today, Lit operates accordingly on assorted blockchains: Bitcoin’s testnet3 and Litecoin’s testnet4,” Dryja explained, abacus that “it additionally can affix to bounded regtest networks for faster testing.” He detailed:
At this stage, Lit is asperous cipher primarily fabricated for developers to agreement with lightning networks. “The cipher is still beneath architecture and new appearance are actuality added all the time. There is lots of assignment bare to strengthen the wallet and approach capabilities, and open-source contributions are welcomed,” Dryja concluded.
A developer’s walkthrough of Lit is accessible here.
What do you anticipate of Lit? Let us apperceive in the comments area below.
Images address of Shutterstock and MIT Media Lab
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