Divi Announces Lightning Network Protocol
There has been a lot of buzz around Lightning Network and how it is the solution to the scalability problem of legacy blockchains like Bitcoin and Ethereum. However, despite the advantages of Bitcoin’s lightning network, there are still several challenges that need to be solved if the cryptocurrency is to become the preferred payment choice of the future. Divi whose main goal is to make cryptocurrency easy for everyone has introduced its lightning network called “Chain Lightning”.
The Divi team announced in an official blog that Chain Lightning is up and running and currently being tested. The Lightning Network Daemon (LND) hopes to solve all the problems of Bitcoin’s Lighting Network, or more appropriately implement better solutions to issues like slow block time, ease-of-use, and a flat node structure.
Chain Lightning will introduce a one-click lightning node setup. Similar to their premier one-click masternode setup (MOCCI), the one-click lightning solution will simplify the process involved in deploying lightning nodes.
Divi’s solution also solves one of the core limitations of Bitcoin’s Lightning Network which has to do with block size and processing times. The Divi blockchain has a block of 2MB which are added every 60 seconds. This is 20 times faster than the Bitcoin Network. Inherently, Chain Lightning will have faster settlement times.
Chain Lightning also tackles challenges bothering on fees, ease-of-use, account name, node funding and atomic swaps.
The Lightning Network is a "Layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds.