Lightning Labs Introduce Beta Of Initial Paid Product

February 11, 2020 9:11 AM UTC

Lightning Labs, the designer of the fast exchange protocol Lightning Network (LN), has gathered $10,000,000 in Series A funding round. The news was revealed by Lightning Labs CEO and co-founder, Elizabeth Stark, in a blog post. The organization intends to allocate the collected funds to increase the growth of the Lightning payments technology.

Lightning Labs presented its initial paid product, the beta version of Lightning Loop, in a similar announcement. The purpose of Lightning Loop is to assist new companies, node operators, and clients send and receive on Lightning more effectively, wherein clients can move transfers between the LN and the Bitcoin (BTC) blockchain in a non-custodial way.

Lightning Network Designs to Accelerate Blockchain Transactions

Elizabeth Stark also uncovers that the Network has seen more than 30 organizations integrate its node-checking apparatus, called ldn until now, which permits node administrators to monitor node utilization progressively. The network reportedly helped the designers to make a tool for preemptively spotting node and system problems. 

Lightning Network is built to accelerate blockchain-based transactions. The network adds a layer to Bitcoin’s blockchain and empowers clients to build payment channels between any two gatherings on that additional layer. These channels can stay as long as required, and because they’re set up between two individuals, transactions will be quick and the costs will be very low or even non-existent.

The arrangement considers that exchanges are performed with the least contribution from the blockchain, and claims to exclude situations in which one of the clients in the combined account handles such a large number of transactions.

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