Originally developed to speed up and reduce the cost of cryptocurrency transactions, the technology was first used to work with Bitcoin. However, due to the growing popularity of altcoins, their developers are beginning to realize how necessary this technology is for working with cryptocurrency.
Litecoin, zcash, ethereum and ripple are just a few of the whole list of cryptocurrencies that plan to implement or begin testing this technology. One of the main investors in Bitcoin, Jeremy Rubin, the lead developer of Lightning, called it a necessity for any payment platform. “Lightning is perhaps the biggest innovation happening in the cryptocurrency world right now. When Bitcoin fully switches to Lightning, any community that is not ready for such technologies will simply no longer be profitable,” says Rubin.
Many developers are excited about the possibilities that will become available if they can connect several different networks using Lightning.
Elizabeth Stark, co-founder and CEO of Lightning Labs, claims that other than Bitcoin and Litecoin, it has not seen “a worthy application for this technology.” This does not mean, however, that cryptocurrencies will not be able to benefit from the implementation of Lightning technology. Many developers are already coming to the conclusion that the cryptocurrency exchanges that dominate the market today could easily be replaced by technologies that allow users to exchange digital currency between different blockchains, and many of them see Lightning technology as a crucial factor in this transition.
“My opinion is that many cryptocurrencies are interested in introducing cross-blockchain exchanges and new technologies,” Elizabeth said, adding: “Lightning is the obvious way to make this a reality.”
According to https://www.coindesk.com
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