Éclair Is Testing Offline Payments on the Lightning Network
Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
The commonly discussed reason why Bitcoin adoption may still be a very distant thing is that the network is very inefficient when it comes to processing transactions. It is too slow by modern standards with VISA capable of 24,000 transactions per second, it is hard to compete against it with just 7 TPS which is the current speed of the Bitcoin network.
Lightning Network can dramatically increase the throughput. It allows many people to instantly send tokens without any delays by packing transactions in a single block and adding hundreds of them to the mainnet — a process called roll-up.
Éclair wants to change how the system works
To further increase the usability and utility of the network, the best thing to do is to make it available even in offline mode. Asynchronous payments are being tested right now by Éclair. The new proposal for the lightning network will reduce its reliance on third-party custodial platforms allowing it to be used without having a stable connection to the internet.
The idea is to hold funds temporarily until the node can join the network again. It means that the lightning network will be available to people using unstable connections, devices that may go into “sleep mode”, and tablet PCs capable of running a node.
While asynchronous payments are still far away from being implemented fully, the currently deployed Éclair is one of the foundational steps. Right now, the network needs more experimentation and testing before we can start talking about the future where you can use BTC just like any other convenient payment option.
It is an undeniable fact that VISA, MasterCard, American Express, and UnionPay are way better options for people who want to pay for goods and services quickly and without any hassles.
We hope that Éclair continues its development
The current implementation of Éclair by the Lightning Network is an important development in the crypto industry opening up new prospects for Bitcoin and widespread adoption shortly. Without asynchronous payments and better throughput, competing against already established payment systems will be close to impossible.
Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.