We all know the story about the guy who bought two pizzas for 10,000 Bitcoin. This was the first Bitcoin transaction registered. Today this transaction would be worth 105 million dollars. This guy is known as Laszlo Hanyecz and now he has bought another pizza using Lightning Network. And no, he did not pay 10.000 BTC for it!
Laszlo Hanyecz Lightning Netwwork Transaction
Laszlo has been working in order to test the Lightning Network, the off-chain scaling solution so important for the Bitcoin network. That’s why, Hanyecz has performed a transaction using the lightning network so as to buy some pizza in London.
Laszlo has commented on his blog about that:
“I wanted to try out a real trade using lightning network. I don’t know any pizza places near me that accept lightning bitcoin yet but a friend from London agreed to do it and he sub contracted out the pizza delivery to a local shop.”
Hanyecz had to provide the payment hash pre-image to the delivery driver in order to get the pizza. If he would not have been able to produce the image, the pizza would have been destroyed.
“As far as I know, we don’t yet have pizza/bitcoin atomic swap software but we improvised and decided that I would need to provide the payment hash preimage to the delivery driver in order to claim my pizza. If I can’t produce the preimage, proving that I paid, then the pizza would not be handed over and it would be destroyed.”
Lightning Network Being Developed
At the moment, the Lightning Network is being developed. This is an off-chain scaling solution that will allow Bitcoin to scale. In theory, LN would be capable of handling millions of transactions per second and with really low fees.
Bitcoin has been suffering from high fees and slow transaction times due to the congestion of the network. At the moment, Segregated Witness is expanding on the network, giving time to Bitcoin to get prepared for the official LN release.
There is no official date for its launching, but some experts believe that in July or August it should be ready. Others believe that the date maybe October of the current year. At the moment, LN is facing some issues with the privacy of the users transacting, but it is trying to be solved by the developers.
LN has been receiving support from different enterprises and institutions, including Microsoft. Developers from different cryptocurrencies, like Litecoin, are working side by side in order to make the LN a real solution for the scalability problems.
Join the conversation over at Telegram (https://t.me/coinstaker)
Image Courtesy of Pixabay and Laszlo’s Blog
- Bithoven Exchange Announces New Margin Trading Services For Users After Several Requests - Jul 11, 2019
- Binance Exchange Launches a New Fiat Crypto Exchange Called Binance Jersey - Jan 17, 2019
- VISA Acquires Ripple’s Partner Earthport After Closing a £198 Million Deal - Dec 29, 2018
- Report Says Cryptos Could Soon be Legalized in India - Dec 28, 2018
- Binance’s Christmas Gift: XRP Added as the Eighth Quote Asset - Dec 25, 2018
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!
Tags:bitcoinCryptocurrenciesLaszlo HanyeczLaszlo Hanyecz Lightning NetworkLaszlo Hanyecz PizzaLightning NetworkLightning Network BitcoinLightning Network How it WorksLightning Network Laszlo HanyeczLightning Network NewsLightning Network UpdateLNLN BitcoinLN NewsPizza