Lightning Labs Secures $10M in Investments, Releases Beta of First Paid Product

Lightning Labs, the developer of the high-speed transaction protocol Lightning Community (LN), has secured $10 million in Sequence A funding spherical.

The information was introduced by Lightning Labs CEO and co-founder, Elizabeth Stark, in a weblog submit on Feb. 5. The corporate plans to allocate the raised funds to additional improvement of the Lightning funds expertise and scaling of its developer ecosystem.

Launch of Lighting Labs’s first paid product

In the identical announcement, Lightning Labs additionally launched the beta model of Lightning Loop, the corporate’s first paid product. Lightning Loop goals to assist startups, node operators and customers ship and obtain on Lightning extra effectively, whereby customers can switch funds between the Bitcoin (BTC) blockchain and the LN in a non-custodial method.

Stark additionally revealed that the corporate has seen over 30 firms that built-in its node monitoring software known as ldn to date, which permits node operators to watch node utilization in actual time. Community reportedly motivated the builders to create a software for preemptively recognizing node and community points.

Cointelegraph reached out to Stark for remark however had obtained no response as of press time. This text will probably be up to date pending a response.

Efforts to hurry up blockchain-based transactions

Lightning Community is designed to hurry up blockchain-based transactions. It provides one other layer to Bitcoin’s blockchain and permits customers to create cost channels between any two events on that further layer. These channels can exist for so long as required, and since they’re arrange between two folks, transactions will probably be virtually instantaneous and the charges will probably be extraordinarily low and even non-existent.

Over time, the Bitcoin neighborhood has give you numerous proposals on how one can enhance Bitcoin’s scalability. They’ve but to achieve a convincing consensus. Earlier in February, a gaggle of researchers on the Massachusetts Institute of Know-how revealed the creation of a brand new cryptocurrency-routing scheme to hurry up blockchain-based transactions.

The answer considers that transactions are carried out with minimal involvement from the blockchain, and claims to eradicate a situation by which one of many customers within the joint account handles too many transactions.