The Beyondcoin Lightning Network
July 15, 2020
I've launched the Beyondcoin Lightning Network just a few days ago and the LN (Lightning Network) means a lot of good things for Beyondcoin and that's one of the things I will be going over in this blog post.
What is the Lightning Network?
The Lightning Network is a side-chain, basically it's a separate blockchain from the mainnet chain. That allows for payments to be sent at speeds 100s of times faster than using the mainnet. The Lighting network also allow for point of sale systems to be a thing as payments can be sent faster than a credit card. The side chain (LN) is still a decentralized network of nodes, but by running a node, you earn incentives! When someone sends a LN transaction, the transaction is sent through channels. Channels are nodes that have Beyondcoin stored between another node. When a transaction is sent through your channel, you will get a portion of the transaction fee and the greater the Beyondcoin sent through your channel = the more you will make!
What the Lightning Network means for Beyondcoin?
After covering what the Lighting Network is in general, lets talk about what it means for Beyondcoin. The Lighting Network for Beyondcoin, will allow stores, vending machines, and more to acccept Beyondcoin via the Lightning Network as transactions can be faster than using a credit card and even faster than the time it takes for you to get your credit card or cash out of your wallet. The Beyondcoin LN will also allow users to earn some sweet BYND from just running a node and opening some channels! The LN also allows Beyondcoin to scale a lot faster than other coins, even Bitcoin! The LN also allows for users to play games and more (I am working on a LN game for Beyondcoin)! Lastly, the Beyondcoin Lightning Network will allow smart contracts and atomic swaps, smart contracts are code that you can run on the network to do things like create a token and more. Atomic swaps are cross-chain exchanges, meaning you can exchange your Beyondcoins to other coins that have a lightning network (BTC and LTC)!
This is just the tip of the iceberg of what the Lightning Network will do for Beyondcoin, there are many other things yet to come! As always, remember to go beyond the impossible!