DMG Blockchain Solutions Contributes to Open-Source Lightning Protocol to Speed Blockchain Transactions

DMG Blockchain Solutions (TSXV:DMGI) has announced that it is contributing core code to a protocol called Lightning which can increase blockchain transaction throughput and make the bitcoin network more scalable.

As quoted in the press release:

The Lightning protocol is a cross-industry effort backed by technology industry innovators including Jack Dorsey of Twitter and Square, Charlie Lee of Litecoin, and academics at MIT. The core functionality that DMG is developing for Lightning is called atomic cross-chain swaps, which will allow Bitcoin-related businesses to speed blockchain processes such as real-time payouts, payments in different currencies, faster and cheaper trading transactions, and diversification of coin holdings, as well as enable other efficiencies.

DMG software developer and Lightning contributor Alex Bosworth is leading this effort. Bosworth tweeted, “…continuing my work with swapping on Lightning. A user-friendly visual swapping tool is in-progress. Soon you will be able to swap or offer swaps with anyone.”

DMG’s early embrace of Lightning provides further differentiation of its innovative approach to developing its Blockchain Platforms business. Danny Yang, DMG’s Chief Technology Officer, summarized the significance of this development: “DMG, along with others in the bitcoin community, is adding its technical resources and time to build the basis for a more scalable version of the Bitcoin network. As both coin mining and blockchain technology have gained traction even among large businesses, we see more payments and commercial transactions happening over cryptocurrency networks. We all stand to gain by making bitcoin-based transactions more affordable and accessible.”

Click here to read the full press release.