Bitcoin lightning network will cut congestion
BITCOIN traders are waiting with baited breath to see what the impact of its Lightning Network will be.
The alpha model which went live for public testing on January 10 is getting set to revolutionise peer to peer trading.
The coin has a 34 per cent share of the total market cap of crypto but its still having trouble returning to last month’s highs.
Traders say Bitcoin could become faster and cheaper to use as the technology allows users to create linked payment channels that will allow real time transactions in high speed off the chain network.
Lightning Networks are off the chain
The system was designed to allow rapid entries out of the blockchain which will cut down the number of existing messages clogging up the system.
But the jury is out as to the safety of the transaction process for users.
The idea is that it can process potentially huge amounts of Bitcoin without stressing the blockchain and speed up the process which currently requires buyers and sellers to wait for block confirmation times.
And while Bitcoin, Etheruem and many of the top currencies are shooting south this morning – some surprise upstarts move up the charts like DigixDAO (DGD).
Prices fluctuated this week as World leaders discussed the global crypto phenomenon in Davos.
Movers and shakers
Digix DAO is Ethereum’s first major ‘Distributed Autonomous Organisation’ launched in 2016.
It traded 19.7% higher against the US dollar yesterday.
DigixDAO has a total market capitalization of $457.23 million and $11.79 million worth of DigixDAO was traded on exchanges in the last 24 hours.
Over the past week it has averaged out at 25.1% higher against the US dollar and works off the back of ownership of gold.
One DigixDAO token can now be bought for approximately $228.62 or 0.01998530 BTC on major cryptocurrency exchanges including HitBTC, Liqui, IDEX and EtherDelta.
Regulation in UK, USA and Europe ahead
The UK, USA and Europe have announced plans to invest public funds analysing the sector which is having a massive influence on global growth creating thousands of jobs globally.
Meanwhile after Russian president took a bet on Ethereum last year; Russia rapidly moving ahead with its very own Government backed Blockchain.
Businesses around the world are being backed by everyone from Hedge Funds, Institutional Investors and ordinary members of the public as the half a trillion dollar market continues to see influxes of funds.
British Prime Minister Theresa May told attendees at an event in Davos that she would be looking at the market very seriously.
She added: “Precisely because of the way they can be used, particularly by criminals… so that is something that has been developing, obviously increasingly developing. I think it’s something we do need to look at.”