Crypto Update: Feb. 16, 2018
Will 2018 be the year of the Lightning Network?
Although Lightning Network is designed for Bitcoin, as usual, the team behind Litecoin is making the most headway towards implementing this protocol.
You might remember how Litecoin was also a kind of testing ground for Segwit, it’s only natural that they are doing the same for Lightning Network as well.
In case you’re not very familiar with this one, Lightning Network is a network designed for Bitcoin that can facilitate off chain transactions.
This will ultimately help to alleviate the network traffic of the Bitcoin blockchain, or any blockchain that implements it.
Other blockchains are aware of the need for this and how it can help with scaling as they gain more traffic on their own networks. Ethereum has been developing their own Raiden Network, NEO is working on their Trinity Network and ZCash is developing their own called Bolt.
A chairman of the CFTC (Commodities Futures Trading Commission) has been [attending Senate meetings](
https://techcrunch.com/2018/02/06/virtual-currencies-oversight-hearing-sec-cftc-bitcoin/) in an effort to encourage them to consider approaching crypto regulations with tact.
He also is quoted as saying, “We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balanced response, and not a dismissive one”
That being said, it looks like US government regulations on cryptos will still include things like,
- Data reporting
- Capital requirements
(this one bothers me because this is setting up another barrier for entry for many struggling individuals who could otherwise certainly benefit from taking part in this space, even with a small amount of money) - Cyber security standards
- Measures to prevent fraud and price manipulation
- AML and KYC protections
How these regulations are enforced will remain to be seen.
The popular long-time gaming company Atari has made some moves to develop a token.
The idea is for it to be used on an upcoming gaming platform.
There hasn’t been a lot of official announcements about when this will take place, but the mere mention of this plan was good enough to boost Atari’s stock by about 60%.
Additional Reading/Sources:
Lightning Network in 2018
Lightning Network Explained
CFTC meets the Senate
Written testimony of Mr. Giancarlo
ATARI to release it’s own token
Yes Lightning Network is for sure a break through in the cryptocurrency space. Other coins will implement it too, but seen the expenses to transact are extremely low so I expect the BTC Lightning Network will hugely dominate because of network effect.
For a Crytocurrency to take off , it need solve the energy consumption. With the current rate, it destroy environments faster if keep it.
ETH is working on a different verification process which would bring down overall traffic. Lightning network would help in more transactions with less power used. But overall the manufacturers coming up with more efficient miners are key. Their manufacturing processes have to improve which is Moore's Law. The amount of power and space a calculator the size of a room was part of a generation still alive today. Just an opinion, Crypto shouldn't be the ones to solve energy crisis, but are a driving force.
$XLM will be using lightning network as well :)
Lightning Network wil send Bitcoin to the MOON!!
Success of lightning network helps a lot of different crypto currencies. :)
This is some exciting news. We still have great potential for 2018. I hate the regulation though.
Thanks for the update.
There are lots of good news stories about crypto that show that it isn't all about people making money for themselves.
See the 86 million given to charities by the a bitcoin millionaire through his Pineapple Fund. 5 million has gone to fund research in America into M.E./chronic fatigue syndrome that leaves over 2 million Americans very ill.
There are cryptos trying to help people in Third World countries who live off a few dollars a day such as DBrain:
https://dbrain.io/#market-fit
Lightning Network will definitely be a big topic for 2018 but I believe there’ll be bigger news. Likely we’ll see cutting edge coins beat out lightning in speed and depending on larger investors we might even see eth beating btc in market cap.
We sure hope so!!
🌬 captivating & pleasing!
Very good picture and your story