@Hodlonaut Crowdfunding Campaign Spins Up Uniting Crypto Community Against Craig Wright

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@Hodlonaut Crowdfunding Campaign Spins Up Uniting Crypto Community Against Craig Wright
#WeAreAllHodlonaut, a crowdfunding campaign to support Hodlonaut’s legal battle against Craig Wright, has already raised around $30,000 from 1,000 backers.
@Hodlonaut Crowdfunding Campaign Spins Up Uniting Crypto Community Against Craig Wright

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Source: CoinSpeaker

Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning

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Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning
Lightning Labs has announced alpha release of Lightning Loop aimed to imrove the efficiency, scalability, and usability of Lightning.
Lightning Labs Releases Loop Feature to Improve Bitcoin Payments on Lightning

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Will Lightning Network’s Latest Feature Help Bitcoin Achieve Mass Adoption?

Lightning Labs, one of the major contributors to the Lightning Network, has announced the alpha launch of a new feature coming to the second layer micro-payments solution on top of the Bitcoin network. Lightning Loop, as the update is called, aims to address current issues surrounding channel capacity limits with regards to some of the early applications of the technology.
Until Lightning Loop, once a user’s channel reached maximum capacity, it could accept no more payments. Obviously, for businesses hoping to use Bitcoin’s Lightning Network as a payment method, such interruptions in service are unwelcome.
Lightning Loop: Making Bitcoin Payments Easier to Receive Using Lightning
The alpha launch of the first stage of Lightning Loop was announced by Lightning Labs earlier today via Twitter and an accompanying blog post. This initial phase of the update is being referred to as Loop Out.
The idea is that users can offload Bitcoin from their Lightning Channel and back on to the main chain, freeing up the maximum channel capacity to receive additional payments, whilst keeping the channel open.

Announcing the alpha release of Lightning Loop, a non-custodial service that makes it easier to receive #bitcoin on Lightning.
With Loop, users can get inbound capacity and withdraw from Lightning while keeping channels open.
Read more and try it out: https://t.co/KoAXDm9JFl
— Lightning Labs (@lightning) March 20, 2019

To illustrate how Loop Out will make Lightning Network more useful for merchants, Lightning Labs used a Bitcoin-relevant analogy revolving around a pizza shop choosing to accept Bitcoin via the Lightning Network. Since such a business presumably has takings larger than its outgoings, eventually its payment channels reach capacity and the shop will no longer be able to receive transactions. However, using Loop Out, the shop can continue selling pizza since it can now send funds back to the main chain and free up space for new payments in its channels.
Additionally, Loop Out will allow new users to the network to have an initial receiving capacity, rather than relying on others to open channels with them. This will supposedly make it easier for those new to the network to receive Bitcoin.
First Loop Out, Then Loop In
As mentioned, Loop Out is just the first of two proposed updates addressing the issue of channel capacity restricting economic activity on the Lightning Network. The second will be called Loop In and will allow payments to be made to Lightning Channels from exchanges and other on-chain sources. This means that a user can stay connected to their payment channels, even after they have depleted the entire balance of all their open payment channels through spending.
Further details about Loop In can be found on Lightning Labs’s GitHub repository.
A Big Year for Lightning Development
Despite still being very much in its formative period, Lightning Network has already made great leaps forward in 2019. The Bitcoin payments network once again received high profile attention from the likes of Jack Dorsey, Circle and Twitter CEO, as a publicity generating “Lightning Torch” was sent to him.

Cool example of #BitcoinTwitter experimenting on the Lightning Network.
Torch received, now passing along 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 behind the Tippin browser plug-in that allows Twitter users to send micro payments to one another as a tip for strong content. Such a hive of development and excitement around the project has allowed the network to quickly swell to a total capacity of over 1,000 BTC and almost 7,500 nodes at the time of writing.
No doubt today’s news of additional functionality coming to the Lightning Network will excite Dorsey, who was one of Lightning Labs’s major financial backers last year.
 
 
Related Reading: Buy Pizza With Bitcoin! Crypto Twitter Enamored With Lightning Network App
Featured Image from Shutterstock.
The post Will Lightning Network’s Latest Feature Help Bitcoin Achieve Mass Adoption? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

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Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

Many prominent personalities and Bitcoin enthusiasts have recently proposed Elon Musk to take keep the fire going for the ongoing Lightning Torch experiment. Musk has yet to respond.

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

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Bitcoin [BTC]: Jack Dorsey’s support for Bitcoin may come with a lot of vested interests

Bitcoin holders and investors were delighted when Twitter’s Jack Dorsey openly endorsed the cryptocurrency a few days ago on former MMA fighter, Joe Rogan’s podcast. There was today, even more fanfare when Jack Dorsey on his Twitter suggested that he only had Bitcoins and that he had enough of them. However, even as Bitcoin enthusiasts delight, Dorsey’s words must be considered with caution.
Dorsey made headlines when a few days ago he backed Bitcoin, the world’s first and largest cryptocurrency to emerge as the internet’s first global native currency. Citing its founding principles and its testing and development on the internet, Dorsey suggested that despite competition from other popular cryptocurrencies, BTC is likely to emerge the winner. This is a view he has publicly held since the Consensus Conference held in New York back in 2018.
Dorsey is in the news again today after he admitted to owning ‘enough’ Bitcoins and dismissed the likelihood of owning any other cryptocurrency. He also stated:
“Bitcoin is resilient. Bitcoin is principled. It is native to internet ideals. And it’s a great brand.”
However, Jack Dorsey’s public support for Bitcoin does come with a lot of vested interest. In fact, an argument can be made that financial self-interest is in play whenever Dorsey publicly backs the cryptocurrency.
Considering the podcast itself, the Joe Rogan Experience, for instance. Jack Dorsey’s other project Cash App, the mobile-payments app that is one of the few of its kind to accept payments in Bitcoin is one of the sponsors of the podcast.
This means that Jack Dorsey while being the CEO of an almost Bitcoin-exclusive payment app, has been promoting the cryptocurrency on a show the same app sponsors. Simply said, talking up the cryptocurrency would be in the best interests of Jack Dorsey.
Secondly, Jack Dorsey has been one of the early investors in Lightning Labs, a finding that implies that he has a vested interest in making sure the present-day version of BTC succeeds and does well.
Further, since the philosophy and principles of the cryptocurrency have changed and diversified over the years with the cryptocurrency going through hard forks when such differences were irreconcilable, Dorsey’s claim that he supports Bitcoin out of its foundational principles and nativity to internet ideals doesn’t hold a lot of weight.
The post Bitcoin [BTC]: Jack Dorsey’s support for Bitcoin may come with a lot of vested interests appeared first on AMBCrypto.
Source: AMB Crypto

Lightning Network Capacity Bursts Exponentially by 300% In Ten Days

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Lightning Network Capacity Bursts Exponentially by 300% In Ten Days

At the new capacity, Lightning Network can handle nearly $2 million worth of BTC in payment channels.

Lightning Network Capacity Bursts Exponentially by 300% In Ten Days

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