Developed since 2015, this scalability solution Phone Number List works by facilitating multiple transactions between two parties on the Bitcoin blockchain in a private transaction channel, then reconciling them in a batch . In theory, the benefits are Phone Number List obvious: instead of having to record a dozen or more transactions, the blockchain only records one based on the transaction data sent to it by the overlay network. At a basic Phone Number List level, the process only ties two people together - useful but hardly a large-scale solution.
However, the LIghtning network allows Phone Number List transactions to be routed through an infinite number of off-chain nodes, so that someone can send or receive funds to anyone else in the network without opening a direct channel between them. Using Phone Number List the network in this way does incur transaction fees, but the Lightning Network reports that once the system is running, these transaction fees will be insignificant — and Phone Number List certainly lower than what you would pay to do transactions on a bloated and queued blockchain through itself.
While the Lightning Network is Phone Number List most likely to make a noticeable difference in terms of cryptocurrency scalability issues, the timeline for the solution to become a viable solution is uncertain. Even with the alpha release for public testing on January Phone Number List 10, 2018, the day the network goes live as a large-scale problem-solving software is unknown. Still, work on this and many others will continue to advance over time; given Phone Number List enough time and effort to address scalability issues, there may indeed be a viable solution by the end of 2018.