Developers are often the first ones to grasp the potential of new technologies. This is probably the reason why almost all developers are huge believers in blockchain technology, cryptocurrencies and the Lightning network. Recently however, Lightning has also gained an increased amount of attention from investors, because of the numerous benefits it brings. Serena Capital has just finished leading a major funding round totaling $1.7 million. The funding was focused around Acinq, which is one of the leading startups currently working on the Lightning network.
Acinq is aiming to increase the number of transactions which bitcoin can support. This is great news since it means Lightning Labs is not playing solo anymore. Until now they were the only startup dedicated entirely to the Lightning network. Launching a few years ago, the company has become instrumental in the push to create and improve the network.
Acinq aims to increase the transactions that Bitcoin can handle
Acinq is also responsible for Éclair and Éclair Wallet. Éclair is one of the 3 lightning software implementations alongside those by Lightning Labs and Blockstream. Éclair Wallet is also the most popular lighting wallet in the world. Now this seems like an awful lot for a startup to achieve in a few years. It is actually even more impressive when all of this has actually been done by a 3-man team.
The fresh income of money will be used by Acinq in numerous ways. Hiring 3 to 4 developers is the biggest priority. The amount of work needed to start the process of lightning adoption is gigantic. Even though Lightning has entered its beta and some users are already sending money, the technology is still unfinished. This means that everyone currently using the technology is at risk of losing money. The risks don’t seem to scare investors since there’s already more than $500 000 worth of bitcoin on the network.
As much as that is, this is still only a pinch of what the developers like Acinq hope for the Lightning network. They want to increase both the capacity and security of the network. The end result being that even people with absolutely no interest in cryptocurrencies start using it. Acinq is still considered by many as a support player in the overall quest for Lightning adoption. The main players in this story are without a doubt Lightning Labs and Blockstream.
However, the Lightning network is still in its infant stage, so Acinq may earn its recognition due to the way it wants to simplify lightning. As many current projects are realizing, user-friendly solutions are worth their price in gold. With the recent developments, Lightning is steadily picking up steam. If more investors realize the potential of this technology, in a few years it could have global usability, global impact and a positive impact on Bitcoin.
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