There are numerous players which look to enter the cryptocurrency arena and revolutionize the way that we make Payments and process transactions today. One of the major players that has recently been growing more and more in this sector is Lightning Bitcoin (LBTC), which aims to be a completely decentralised internet of value protocol for the processing of global payments.
Lightning Bitcoin can function through both P2P transactions as well as exchange platforms allowing for the processing of transactions in almost any size. Another key feature of this platform is the fact that its on-chain governance allows for the members to be able to vote on decisions.
Innovative platform
The main feature of this platform is the fact that it aims to be completely decentralised in terms of the processing and making of payments. The payments gateway that it provides aims to offer several advantages over other payments platforms such as Ripple and Stellar.
Currently, the huge appeal of Ripple over Bitcoin is the fact that transactions are handled far more quickly and that there are far smaller transaction fees for the processing of payments via Ripple.
Ultimately, the visions and aims of the two networks are also different, whereas Ripple is looking to be a quicker protocol for more efficient current and fiat banking, the Lightning Bitcoin network is looking to completely revolutionise the way that payments are processed by completely replacing the banking system which looks to function through consensus.
Making a case for Stellar
In the case of Stellar, it seems that they have decided to implement their own version of the lightning network, having seen the efficiency that it brings in terms of the way that transactions can be processed.
Whilst the technology was originally designed for Bitcoin, it does not necessarily mean that it’s exclusive to the currency, and Stellar believes that it can provide an alternative way of processing transactions to the way that Bitcoin does, thus creating an alternative platform for users to be able utilise, which is due to be launched later this year.
Another part of Lightning Bitcoin’s vision would be to utilise the Op-Return script in order to be able to issue tokens as we as to provide the foundations of more and more applications in a given environment.
This opens up the network to plenty of potential for growth and many exciting prospects in the future allowing, for their vision of a single platform for most transactions to become a reality. In addition to this, this method of issuing tokens can be compared to the recently launched Bitcoin Cash token issuing function by the name of Wormhole.
The main aim of this platform is to implement smart contracts of tokens and implementations without having to alter any of the rules. In order to create the Wormhole tokens (WHC), users are able to send one BCH token to a burn address which will then generate the Wormhole token to implement for the usage in smart contracts, users will also be able to purchase WHC from the actual market itself.
Finally, the issue of the on-chain governance is something that needs to be touched upon as the platform attempts to get users to have as much involvement as possible in the way that regulations and governance of the platform work.
Every participant of the network becomes a part of the ecosystem and has involvement in the decision-making process of the network and the way that this network will work and move forward in the future. The network is thus, autonomous, a concept which is rather revolutionary even within the crypto industry, let alone the finance industry as a whole.
At the moment however, developers that have significantly contributed to the code and development of the network are the ones with the power when it comes to the decision-making process in the Lightning Bitcoin Network.
There is plenty of potential for Lightning Bitcoin to grow and evolve into something which can completely turn around the way that the networks appear to function. It would mean that more and more users become integrated and active into the way the projects are handled and would encourage people to learn more about the networks in order to be an active voice.
Whilst its foundations begin with Bitcoin, there is evidently room for growth and improvement in the coming years to create a decentralised payment network for all.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.
