Blockstream releases latest version of c-Lightning

Blockstream announces the latest version of c-lightning aiming to help Bitcoin's lightning network to scale further. It dubs it "Rat Poison on Steroids"

By · Aug 5, 2020 . 6min read

Bitcoin lightning network upgrade
Source – Pixabay

As per a blog post, Blockstream announces the latest version of c-lightning aiming to help Bitcoin’s lightning network to scale further.

Blockstream dubs the latest c-lightning solution “Rat Poison Squared on Steroids,” possibly taking a jab at Warren Buffet who once described Bitcoin as “Rat Poison Squared”.

This version is c-lightning v0.9.0 and covers the work of twenty-one c-lightning contributors, eight of whom are first-time contributors, showing growth in developer activity.

Blockstream team presents the following updates in the c-lightning v0.9.0:

Advanced multi-part payment for sending

Multi-part payments – MPP split payments if the receiver supports it so they’re easier to send across the network. This should help smoothen the user experience (UX) from users who experience friction when sending large payments. This usually requires an adequate amount of liquidity in all the channels between the sender’s node and the receiver’s node. However, payments fail when the software can’t find a path to the user. With the Blockstream’s latest c-lightning update, senders can now initiate MPP. Earlier, only receivers could use this feature and not senders.

Coin Movements for Easy Accounting Purpose

Anyone using Blockstream’s c-Lightning can now worry less about filing tax returns from their payment activities. With Neigut’s API, this comes easy and further enhances the credibility of crypto payments as not the usual tax liability dodging tool as most think.

Watchtower support to tackle fraud in the system

This helps for the easy detection and penalising fraud on the lightning network. With just a plug-in, the penalty coded into it are integrated with external watchtower services. Subsequently, it “watches” a user’s bitcoin in the Lightning Network making sure it’s safe.

Lightning Network keeps pushing while DeFi has already exploded

As solutions like Blockstream’s c-lightning and others continue to search for sustainable lightning network solutions, DeFi continues its explosive growth. As at publication time, 20,472 BTC are locked up in several smart contracts on Ethereum.

Chart showing 20,472 bitcoins locked in Ethereum beating Lightning network. This is true even as Blockstream releases c-lightning update
Source: Dune Analytics

This is $234 million as compared to Lightning network’s $11.2 million.

TVL in Lightning Network is $11.23 milllion perhaps with Blockstream releasing c-lightning update, the story may change
Source: Defi Pulse

In fact, tokenized bitcoins dominates off-chain transactions today. On the overall, DeFi has over $4.3 billion TVL and the potentialities are still not fully explored.

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