So-called “second layer” tech aims to solve cryptocurrency’s

biggest challenge - scaling

W

hen Bitcoin soared to US$19,

on 17th December 2017, not

all holders of the world’s most

prominent cryptocurrency were celebrating.

That’s because the cost to send Bitcoin

between users sky-rocketed along with the

spot price. Worse, because so many people

wanted a piece of that sweet crypto action,

the network became congested, creating a

perfect storm: slow transactions and extreme

fees, as long as 17 hours and as high as $50.

It’s a problem long anticipated, but

fortunately the solution is almost here.

Originally proposed in late 2014, by Bitcoin

developers Joseph Poon and Thaddeus

Dryja, the Lightning Network will run

alongside the main Bitcoin blockchain, and

allow smaller transactions to be sent almost

instantly, and - from the point of view of

many end-users - for free.

Bitcoin Struck

By Lightning

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Compiled by Anthony Fordham

and Staff Writers.