Thunder and lightning continue heavyweight, 10 billion market value can be!

Author: Blue Foxn
These days, Encrypted Cats fire in the blockchain world. As you can see from the data, in just over a week, the total number of Encrypted Cats traded over 12 million U.S. dollars, more than 80,000 cats were sold and the most expensive one Only sold more than 800000 yuan. Even many ordinary users are consulting how to buy a cat, how to buy Ethereum, from the block chain market to the mainstream market spread, a great potential to detonate the market.n
However, this time the cat has highlighted the biggest obstacle the blockchain has hit the mainstream so far: transaction costs are high, slow, and poor scalability. If not the current infrastructure is not sharp enough, clues cat is likely to become a blockchain killer application.n

As can be seen from the above chart, from December 5, 2017 to December 10, 2017, Ethereum awaits confirmation of the delayed transactions daily to maintain at more than 20,000, causing congestion, whether it is to play the mini-cat friends or normal use of the ether Square Internet trading friends are uncomfortable, after all, we must use the same narrow road. Some people in order to give priority to passing, increased miner fees, resulting in substantial increase transaction costs. A community partner sent a screenshot to buy a cat, due to the miners fee is not high enough, resulting in not buying a cat, only to raise costs, fiddle for a long time to buy success.n

As you can see on the graph, the trading of cats failed many times, even raising the gasprice to 80GWEI. The cat’s price was only about 30 yuan, while the handling fee was raised to over 50 yuan. The handling fee is more expensive than the product itself.n
Outdated blockchain infrastructures can not host killer blockchain applications, and the demand for resolving this paradox is growing as blockchain applications such as games expand into the mainstream.n
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The thunder and lightning network has the opportunity to become the global micro-payment blockchain infrastructuren
There are many solutions to the scalability of the blockchain, including Ethereum fragmentation, thunder and lightning network, bitcoin lightning network, lisk’s sidechain, and changes in the consensus mechanism.n
If Ethereum is going to have a more ecological way, it must have an extensible approach. At present, eos is said to be capable of reaching millions of tps transactions and can support large-scale commercial applications. If it happens to be on the ground, it will have an impact on Ethereum’s ecology.n
Ethereum ecological value to get up, there is a pressing landing program. For now, due to the consensus mechanism of Ethereum’s PoW (followed by PoS and PoW hybrid), there is also hardware and bandwidth limitations, and the main-chain extension is not yet as fast. Thunder and lightning network from the chain point of view to consider a breakthrough, through the balance of proof and payment channel network technology to achieve. The ultimate goal of the lightning network is to achieve a good user experience of blockchain transactions worldwide, enabling digital tokens, especially ERC-20-compliant tokens to be paid and traded, as easily as today’s PayPal and WeChat currency, Can achieve fast, low transaction costs and scalability.n
So, thunder and lightning network can solve the problem of congestion cat jam?n
As far as its current technology is concerned, it not only solves the congestion cat problem, but also solves the problem of high fees. In addition, it is applicable to other large-scale micro-blockchain applications, which can solve the barrier of blockchain application to the mainstream population.n
Here are some scenarios for a brief analysis, such as games, energy, finance, decentralized exchanges, retail, networkless payments and other scenarios, can use lightning network, that is to say if Ethereum ecosystem to mainstream small Trading, high-frequency concurrent transactions, lightning network is an indispensable supplement in its system. In this sense, the thunder and lightning network has the opportunity to become the global micro-payment infrastructure, which is also the core of the future value of lightning network.n
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Thunder and lightning network and blockchain gamen
First of all, let’s look at the game of the encrypted cat. At present, in order to purchase the encrypted cat, a lot of people raise the gas price directly to 80GWEI. Even though the network is still clogged, Ethereum can only handle the transaction with limited capacity. Speed ​​up trading. This is certainly not normal for many scenes, you can not imagine that in order to buy a bottle of 3 yuan water, spend 10 yuan fee, especially when you are thirsty, in order to speed up the confirmation of the transaction, you need to formalities The fee is raised to 20 yuan; you can not imagine that in order to pay 1 yuan to share a bicycle rental fee, it costs 5 yuan fee. Similarly, you can not stand the game, in order to buy a piece of equipment, pay higher than the equipment itself, the handling fee.n
For ccc and future blockchain games, thunder and lightning networks can solve the vast majority of digital token quick payment problems, the current price of a lot of common cipher cats is more than 10 US dollars, as well as a variety of internal small transactions These trivial transactions are more suitable for completion through lightning networks, through its balance of proof and payment channel network technology to complete the payment quickly, the sale of encrypted cats, but also can significantly reduce fees, the current fee, some have been Exceed the price of the encrypted cat itself, this is not a normal phenomenon, the experience is very bad. If the use of thunder and lightning network encryption cat game, a substantial increase in transaction speed and transaction costs significantly reduced, will promote the significant increase in the transaction volume of the encrypted cat game, every day, many ordinary users want to buy a cat, but spent a whole day, nothing Buy, thunder and lightning network if you can really landing, have the opportunity to solve the problem of trading performance of the encrypted cat, but also have the opportunity to enhance its ease of use and increase the total volume of the market, and now more than a week the total amount of transactions reached more than 10 million US dollars , If using lightning network technology, may be able to at least double.n
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2. Lightning network and blockchain energy industryn
Tabalaba is a global energy network foundation that seeks to develop a market standard for energy market networking platforms through blockchain technology that enables interoperability and reduces market costs and complexity. Tabalaba plans to use lightning networks to enhance transactional performance in order to support millions of transactions per second. Another energy blockchain Power Ledger based in Australia is trying to implement P2P energy-sharing networks, such as a community of solar users selling their surplus electricity to others, which is also a good fit for lightning networks , The world’s users who share energy every day may reach tens of millions of millions in size in the future, countless small amounts of electricity are paid daily, and local users are using Sparkle’s small (local electricity trading token of Power Ledgers) Pay. For example, you and your family go on vacation, every day there are surplus electricity generated and sold out, the amount may not be large, but every day to receive some revenue, but also green.n
In addition to Tabalaba and Power Ledger, another Grid devoted to the development of distributed energy is also planning to use the lightning network technology. One of the biggest demands of using lightning network is to reduce transaction costs. Grid considers the role of thunder and lightning throughout the strategic development. Instead of focusing on profitability in its early stages, Grid rapidly reduces transaction costs and increases market share by leveraging the technology of lightning network. According to the current Visa transaction costs, a $ 10 transaction, the cost is about 0.3 US dollars. This transaction cost is still very high. In Ethereum and the chain of a transaction costs about 0.11 US dollars. This is a clear advantage over Visa. On the Grid, for a $ 10 deal, using lightning networks, the transaction fee can be reduced to 0.033% of the Visa transaction fee. This means transaction costs have been reduced at least a thousand times. This is a very, very fundamental difference.n
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3. Lightning Network and Blockchain Financial Servicesn
Wala is a financial technology company that primarily serves users without a bank account and provides them with digital financial platform services, with over 1 million online community users using Wala digital financial services to enhance their financial position. There are a large number of micro-deals on its platform, which takes into account the fast payment of lightning network and almost free transaction costs. Wala provides a number of nodes to provide payment channels on the lightning network. These nodes are highly mobile and can act as hubs for payment channels. The lightning network allows holders of Wala tokens to participate in fast, low transaction fees transactions, and can also become an active node. Because of the low transaction costs, the Wala platform even considers Wala as a burden, giving users access to purely free financial services. Wala plans to integrate Lightning Light Client into its wallet in the future to support decentralized token management.n
Another blockchain finance company expects to use the lightning network is Trade.io, which plans to build a direct P2P trading platform using Ethereum’s backbones and lightning networks to support its micropayments business.n
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4. lightning network and decentralized exchangen
The decentralized exchanges that plan to use lightning networks currently have loopring and OpenANX. OpenANX takes advantage of the lightning channel payment channel technology to address the current challenges of digital token transaction management. For exchanges, the lightning network can help them solve some problems once it comes to a small trading scenario.n
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5. Lightning network and blockchain community trading platformn
Soma is a platform that integrates communities and deals where users trade in, have community elements, and receive social rewards. For such a community trading platform, there will be a lot of P2P micro-transactions. Community members via Soma’s network of lightning networks can make quick and easy trade of digital tokens at low transaction costs, and there is a guarantee that trading privacy can be guaranteed without disclosing all information to the main chain.n
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6. lightning network and no net paymentn
SmartMesh is an IoT underlying protocol project that attempts to connect network devices to each other without a network. It enables networkless payment, communication, and gaming by incorporating lightweight nodes in the blockchain. This scenario is also a very big expansion for the lightning network. Although the wireless network covers a lot of places, there are many bad networks all over the world, and there are a lot of people without network coverage. What is the connection expansion of SmartMesh without network equipment? , Lightning network expansion is also much.n
For example, you can easily use any of the Ethereum or Ethereum ERC-20 standards when you have a network or restaurant in a poor network, a supermarket, a bottle of water, a sandwich, payment via a grid network and lightning network Tokens for webless payment.n
Other technologies that are focusing on lightning network technology include augur and Gnosis, which make use of the lightning network for predictive micro-payment scenarios, especially for hot spot events.n
In addition, Golem, the market leader in blockchain centric computing today, is also considering using lightning network technology to solve its P2P trading problems, not only computing power but also decentralized storage, bandwidth Small trading scene, thunder and lightning have the opportunity to solve, but also for Storj and other projects.n
A friend in the United States has been communicating with a team of lightning networks that have been working with one of Germany’s largest energy companies in the past few months. Share

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