Cryptocurrency News Today: Smart contract based Bitcoin Lightning Network tested by MIT

Recently, a study in MIT revealed that it is testing smart contracts. It is testing the smart contracts based on the Bitcoin lightning network.

According to CoinDesk, MIT has been consistently testing different aspects of the Bitcoin lightning network. It is also testing the smart contracts system. It has been doing so for quite some period of time. Also, it is trying to find out how the lightning network can be combined with a smart contract in order to get proper scalability.

Digital currency initiative:

The school started the digital currency initiated 3 years back. It was started in 2015 as a way to innovate in cryptocurrencies further. Also, it is consistently testing the cryptocurrencies in order to innovate newer and newer features as well. This is the reason why this initiative is gaining more and more prominence.

With the help of smart contracts, if indeed the scalability of the cryptocurrencies can be achieved, it will be easy for public to use the cryptocurrencies. The researchers who are concluding this research include Tadge Dryjaand Alin S Dragos. They are testing the smart contracts system on the smallest unit of Bitcoins. If indeed they are able to combine both of these, the capacity of the Bitcoin lightning network will be increased significantly. Also, they are working on a prototype in order to test the code as well. One of the researchers recently stated that they are amalgamating the smart contracts system with the lightning network in order to ensure that the speed of the transactions can be increased significantly.

Smart contracts based on Bitcoin:

Smart contract and lightning network are 2 different aspects of Bitcoin. The aim of the lightning network is to provide scalability to the network. On the other hand, smart contracts provide easy execution of the transactions based on certain conditions. As a result, when both of these are combined, scalability can indeed be achieved as well. With the help of advanced smart contracts, execution of the transactions will be made possible.

Questions persist:

After the testing of a demo, still, there are quite a few questions. Before such a feature can be launched, it is important to test extensively to ensure that it is completely stable. Only when that is the case, it will be easier to test the exchanges as well as the transactions on this very feature.

One thing which is for sure is that it will be tested in detail by the researchers at MIT before it is unveiled in front of the public. Only then, there will be a complete confidence in this initiative.

Become A Financial Analyst at Signup now to start sharing your experience. Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.