Which are the cryptocurrencies apart from Bitcoin which are adding lightning tech? The lightning networks are being incorporated with various cryptocurrencies in order to make the networks faster. Most of the cryptocurrency enthusiasts, as well as investors, are just aware of the lightning network which is being integrated with Bitcoin. However, Bitcoin is not the only cryptocurrency which is incorporating the lightning network.
Slow speed of the network:
The main reason why the lightning network is being syndicated with Bitcoin is that with the increase in the number of transactions, the transition verification times are becoming longer. This is slowing down the speed of Bitcoin-based transaction. Thus, as the popularity of Bitcoin increases, the network will slow down more and more. Till a couple of months back, it took almost 3 to 4 hours in order to verify the Bitcoin-based transactions. That is why it was the need of the hour to make the network much faster so that the transactions can be done in real time.
This is the reason why Bitcoin is adding lightning tech in order to speed up the Bitcoin transactions.
Other cryptocurrencies syndicating lightning tech:
Some of the other cryptocurrencies syndicating lightning tech in the current year include:
Even though technically, the components of the lightning tech which are being tested by these cryptocurrencies might be different from one another but the essential principle of the lightning network remains the same. Source: Bitcoin.com
Litecoin is the cryptocurrency which is closest to implementing the lightning network in its network. It is slated to launch the lightning network in the coming few days.
On the other hand, when some of the other cryptocurrencies might take a bit longer in order to introduce the lightning network but it is surely on the cards. Most of the cryptocurrencies which we mentioned above, plan to do so in the current year 2018.
According to Jeremy Rubin, who is the developer of the Stellar lightning network, the lightning network is the next step in cryptocurrency innovation. It will enable cryptocurrencies to operate with complete scalability.
Not each and every cryptocurrency is using the same type of lightning network. Ethereum is using the different Scaling technology which is known by the name of Raiden whereas neo is using Trinity. However, the goal remains the same that is to speed up the network so that the transaction verification times are shorter and the transactions are conducted pretty soon enough.
It remains to be seen when are these cryptocurrencies able to introduce the lightning network so that the transactions can become much faster than they are currently.