LN Scaling Solution Reached A Capacity Of $11 Million: Report

LN scaling solution for Bitcoin has currently reached a capacity of about $11 million which is interesting since there are quite the updates underway already. We are about to read more in the altcoin news below.

A user under the name of almkglor, wrote on Reddit in a bitcoin updates discussion and talked a little about the LN scaling solution- the Lightning Network. The first to be done is the channel update protocol named Eltoo. According to the Reddit user, this channel update protocol will be solving the network’s ‘’toxic waste’’ problem. Under the current protocol, the old state is deemed as very dangerous because if it ever gets acquired by someone else, they can use it to publish a unilateral close transaction that has to be considered as a theft attempt. In theory, you could even get punished if you lose the funds. With the new update, the old state is not being revoked but it is refurbished in the later state. Also, it could allow for multiple participants in the newly updated protocol.

Eltoo comes up with a few disadvantages as well. It would acquire a base layer change and it could make determining the costs a little bit harder since it is using complicated root finding algorithms. Mainly, the purpose of these updates is to split the larger payments into smaller ones. There are a few different variants of the implementation including the original which was proposed by the Lightning Labs and it sacrifices the proof-of-payment protocol. The base, which uses the proof-of-payment for all routes and the high one which combines both the base and the Original.

As noted in the latest cryptocurrency news, instead of using preimages and payment hashes as right now, the new update will replace them with payment points. The invoices will contain a payment point so the receiver will reveal the payment scalar which is a private key.
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This would allow for a whole lot of advantages such as the payment decorrelation, stuckness paments, and noncustodial escrow. It is also worth mentioning that this is just a small part of the updates that are underway for the LN Scaling solution. As noted, there are about 13 updates intended to solve the biggest issues of the network.