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Cryptocurrency has been a global phenomenon. However, there is an inherent issue with the concept. The slower functionality and higher transaction charges are the two concerns being addressed with the aid of Lightning Bitcoin which forked on December 18, 2017. The Forked crypto coin is set to launch Smart Contracts and Zero Knowledge Proof in 2019.
Lightning Bitcoin – A Complete hard fork of Bitcoin blockchain
The Lightning Bitcoin is the unique coin that adopts DPoS Consensus mechanism. The technology aims at improving the concept of bitcoin and solving the problems associated with centralization of miners and network congestion you would have observed in Bitcoin Blockchain.
Lightning Bitcoin itself should be indicative of the fast transaction speed as compared to the regular Bitcoin features. As Dan Larimer, the creator of DPoS consensus mechanism claims “This design was chosen to ensure that delegates technically have no direct power and that all changes to the network parameters are ultimately approved by the stakeholders”.
What makes LBTC a unique project is the DPoS Consensus Mechanism it adopts. It reduces the negative effects algorithm from PoW consensus mechanism, which is congestion and centralization. In fact, it offers a better solution for network decentralization, which leverages the power of stakeholder approval voting to resolve consensus issues democratically. This can go a long way in enhancing the profits for the coin holders – whether promoters or investors and the complete efficiency of the network. The DPoS consensus lets the network get an improved transaction speed as a result of the enhanced consensus speed.
In fact, DPoS gives a specific schedule for the addition of next block to the blockchain. Thus you would not need specialized computers for solving mathematical algorithms in sharp contrast to PoW. Moreover, it reduces the chances of centralisation, unlike PoW where anyone with huge mining capacity has the options to form centralized mechanism. DPoS lets the coin holders choose who can validate the transactions. This improves the transaction performance and a high degree of decentralization.
The Lightning Bitcoin forked at the Bitcoin block height 499,999 on December 18th, 2017. The mainnet launched in February 2018. Currently, Lightning Bitcoin is actively developing core technology part and expanding its presence on cryptocurrency exchanges. LBTC has already been listed on six exchanges like CoinEgg, BTCTrade and supported by Cobo and Bitpie mobile wallets. Future development steps imply addition of creating smart contracts and DApps on the Lightning Bitcoin networks that would allow an alternative solution for the cross-chain atomic transaction.
What’s unique about Lightning Bitcoin’s DPoS
DPoS Consensus is what makes LBTC stand out from the rest of the Bitcoin forks. What exactly is DPoS and how does it benefit Lightning Bitcoin? Well, DPoS refers to the Delegated Proof of Stake. It offers the power of voting to the token holders to delegate the right of bookkeeping to trusted nodes and thus works along the lines of true democracy.
What we mean by democracy is the fact that it completely decentralizes the entire bitcoin network. There is no central power that controls the miners or the functioning of the network. However, the dynamic structure of 101 trusted delegates that keep turns in forging blocks. To borrow the words of LTBC itself, “DPOS consensus significantly reduces the number of participating verification nodes, 101 nodes in case of LBTC, and help LBTC reach consensus in seconds and boost the transaction speed to be as fast as lighting really”. LBTC works with instant transaction verification mechanism. The transactions are verified within block forging time, which is 3 seconds. This instant verification is excellent for a swapping vast and small amount of coins with low transaction costs.
The Future Ahead
The LBTC network is still under development. It is quite easy to get into the delegates board right away. If you want to be one of the delegates, you just need to meet the technical requirements, pay your registration fees and get a sufficient number of votes to qualify for the top 101 list – no need for coin lock up or network checks of any kind.
To prevent the network centralization by the delegate pool, there will be an integration of delegate committee system and lightning nodes elections. This will set requirements on coins lock up like it is in EOS or Vechain, delegates will have to provide information about their profiles thus turning the voting process into clear transparent mechanism based on delegate weight in the community.
Future lightning nodes elections, delegate committee will be discussed on the upcoming Lightning Bitcoin Open Source Conference June 21 in Shanghai. More details will be posted on Twitter soon.
In any case, we would look at Lightning Bitcoin as an attempt at an enhanced network with the all-powerful and democratically correct DPoS Consensus that makes the forked Bitcoin service one of the excellent alternatives to the host of Bitcoin clones you may come across while looking to invest in the cryptocurrency arena. From that perspective, it is indeed something we will have a close look at. Of course, there is no whitepaper available as yet, but we would indeed foresee a great future for the most democratic version of the cryptocurrency and a forked Bitcoin network that would indeed offer the best investment options.
Want to know more about Lightning Bitcoin? Visit the official website at http://lightningbitcoin.io/
The Codes are available at GitHub
You can share your views with the effectively moderated LTBC Forum
You also have access to LTBC fanbase
Visit them on Twitter at https://twitter.com/LightningBTC
They are available on Telegram at https://t.me/LightningBTC
The service has a well-designed support page at email@example.com
Press and Cooperation if any can be handled through firstname.lastname@example.org
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