The initial version of Thunder Network is officially released, and the transaction processing speed is much faster than Visa

The initial version of the Lightning Network has now been officially released. Blockchain.info is a leading provider of Bitcoin and blockchain tools and software tools. The company has developed the first actual implementation of the Lightning Network - the Thunder Network.

Thunder Network is designed to process small transactions on the Bitcoin network in a faster and more economical way. Normally, Bitcoin transactions must be confirmed on the blockchain every time, however, Thunder Network can reduce the number of transaction confirmations as much as possible, greatly improving the efficiency of Bitcoin transactions. Blockchain has officially launched the initial version of Thunder Network in the latest news release. The company said that this conceptual payment protocol is currently in the prototype stage, which can promote trustless, secure and almost instant payments, and is therefore more conducive to small transactions.

The Bitcoin network was not originally designed to handle a large number of transactions. Bitcoin's small block size has led to a large backlog of transactions on the network. At the same time, the increasing demand from Bitcoin users to confirm their transactions has led to rising fees for miners. Bitcoin was once considered an ideal way to conduct small transactions such as tips, donations, and other small payments, but this is no longer the case. The increase in transaction fees for small transactions will make these transactions uneconomical, so to solve this problem, micro-transaction channels such as Thunder Network have been created. Thunder Network is based on the Lightning Network, which is expected to be implemented in Bitcoin Core in the near future.

Blockchain CEO Peter Smith said in his introduction to Thunder Network:

“Blockchain is committed to bringing our blockchain technology to the world… this product launch brings us one step closer to our ambitious goal.”

At the same time, the Thunder Network can process more transactions per second than Visa. According to Blockchain, the Thunder Network can process more than 100,000 transactions per second and only requires thousands of network nodes. The encryption standards used by the Thunder Network protect the privacy and security of all communications conducted on its nodes. The efficient routing of transactions on multiple nodes provides additional privacy protection, so no one can find out who made the transaction.

While the Thunder Network is a great concept, there is a tricky problem. The payment network will not be able to process actual Bitcoin payments until Segregated Witness and CSV are implemented on the Bitcoin network.