Bitcoin (BTC) lighting network started sending transactions over the blockchain recently. However, it seems that the developers are not quite happy with its working and are planning to add a new twist to the network and rearchitect it.
According to analysts, the lighting network of BTC does improve the capacity of Bitcoin. However, for that, the users are required to store a large amount of data which slows down the downloading and streaming process.
Lighting Labs & Blockstream To Create An Alternative
‘Laolu’ Osuntokun, the co-founder of Lighting Labs, Rusty Russell and Christian Decker of Blockstream are coming out with an alternative and a simplified way called Eltoo for making off-chain transactions. Importantly, the proposal for an alternative option not only involves reducing the amount of data required to be stored by the users but it will also focus on keeping the cryptocurrency of the users safe. Storing a large amount of data can be quite problematic and in most of the cases, it is unnecessary as well. In the case the old data is broadcasted accidentally it can make the users lose money. That is why technically, the analysts call this excess data as toxic information.
In this regard, Eltoo can be a boon as it will cut down the possibilities of such problems. This solution stores only the most recent data related to the off-chain transaction and hence you will never have to face the consequences caused due to “information symmetry” problem. In this problem, if your devices like tablet or Smartphone running on lighting app suddenly face some issues with its operations there is a strong possibility that you may lose access to the whole history of data.
Eltoo Helps To Reduce Risk Of Losing Funds
According to Decker, “With eltoo, we reduce the risk of funds being swept away. We remove this toxic information.” Decker added that he lost funds while working on an old lighting node on his laptop. The main purpose of developing Eltoo is to come out with an option for the users so that they can carry out off-chain transactions using BTC without piling significant and unnecessary data on the blockchain.