Lightning networks or light networks is an updated version based on the second layer of the Bitcoin blockchain, which is characterized by being much faster in terms of transactions (sending and receiving Bitcoin) and with additional features and advantages, we discussed in some detail about it on the Bitcoin Arab website to return to it from Link.

In the latest beta version of “Lightning Labs”, the most widely used “Bitcoin Lightning Network” application got a boost in channel size as well as improved routing efficiency.

There are many applications for the “Lightning Network” and there are some of them behind the development agencies, such as the one we are talking about in our topic, where the “San Francisco-based Lightning Labs released the v0.10 beta version of its Lightning Network program, which is One of the main versions of light networks.

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Focuses the update referenced in Source It includes improvements in routing efficiency, channel database architecture, and features involving opening and closing channels on the network.

All of these additions make batch routing more efficient and the infrastructure more reliable.

As we told at the beginning of the topic, the LightNet is a solution built on the second layer of the Bitcoin network that allows for much faster and cheaper payments than what can be done with the Bitcoin mainnet.

Before update V0.10, The number of Bitcoin users that could be locked into the channels was very limited, in addition to a number of other problems, and one of the most prominent problems was the occurrence of “friction” when routing transactions.

One of the primary benefits of this upgrade comes in the form of multi-path payments, a method that can improve routing efficiency and, more specifically, quadruple the maximum user cap, allowing users to lock down channels, thus providing channels with more liquidity.

The Lightning Labs statement read:

The associated change is to raise the maximum bill size that was 4.2 million satoshis (0.042 BTC)… to 16.7 million satoshis (0.167 BTC.).

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The update also included support for partially signed bitcoin transactions (PSBT) – which is a cryptographic service primarily used by hardware wallets to sign transactions on the device without exposing the key to the computer.

With PSBT technology support, light network users running their own node will be able to open new channels directly from their hardware wallets.

Although this is a simple function, it was not accessible, as it opens possibilities for users to link their own light network channels with cold storage or multi-signature settings.

This updated version of the software also revamps how the channel’s light networks are leveled when they are closed.

Note: Light network transactions take place outside the Bitcoin blockchain, so settlement is deferred until the channel is closed.

Originally, light networks were designed so that users would have to agree to a fee in advance, but this is usually not a problem, even though channels are open for long periods of time or when the price of Bitcoin fluctuates, this causes problems to close channels especially if they are The fees are very low, for example.

This made the developers pay attention to this point and update it in a more dynamic way allowing users to revise the transaction fee even after the channel is closed.

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And as a quote from the Lightning Labs post:

The new commitment format should enable fee savings as well as more reliable channel closures

Note that the above updates are still in beta.

Light networks have reached an all-time high capacity to process 1080 bitcoins in April of 2019, and the current number of bitcoins in the channels is 955 bitcoins, although this number could be much higher, as these numbers represent Only public nodes, not private nodes, as the total number of nodes with active channels was just over 6800 channels according to Source.

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