According to the latest development, two technologies that deal with bitcoin and Ethereum now seem to converge.
According to the latest development, two technologies that deal with bitcoin and Ethereum now seem to converge. A new video that was released recently by Arthur Gervais, assistant professor Imperial College London, showed how Ethereum wallets might work with Lightning Network, which is a payment protocol designed to work with bitcoin.
This is a milestone step since off-chain payment networks have been preferred as scaling solutions for digital platforms such as bitcoin and Ethereum. Although the wallets are yet to be used, the video demo by Gervais on his new project by the name Liquidity Network has revealed that most members of the Ethereum community are exited in adopting the technology.
To many users, the wallet works in the same way like other Ethereum wallet. And the main reason being it allows people in Ethereum community to send and receive ether. In addition, the wallet can handle more complex functions such as connecting users to the Hub anytime they’re unable to connect directly. In his demo, Gervais presents one of the users depositing 100 wei into a Hub.
The connection can easily be used to transfer funds from one user to the other connected to the Hub. Gervais demonstrated by sending 50 wei to another user on the same Hub and also 30 wei to another. Liquidity Network is using a new off-chain network to provide an alternative system different from in-development network provided by Raiden.
Furthermore, Liquidity will use a different technology that is an improved model of Revive payment channel, which was the first platform of Liquidity Network put forth by its founders in September. With the new payment platform, users should expect better things in terms quality and user-friendly features that will make transaction simple and quick. This development is exciting users within Ethereum community and they can’t wait to experience the new payment system.