Lightning Labs Release Taproot Upgrade for the Lightning Network
The popular development group Lightning Labs just released a host of upgrades. These new protocols improve the security and functionality of the network. They also introduce more privacy to the Lightning Network user experience. Here are the upgrades that the beta version of the Lightning Network Daemon (lnd) brings to the table.
Lightning Labs New Release
Notably, the Beta Version of Lightning Network Daemon v0.15-beta has been a major up-taking with more than 50 developers contributing to its completion. The protocol includes a host of upgrades that are sure to make the second layer protocol more attractive to users and companies alike. Of these upgrades, the Taproot protocol is the most anticipated.
The Taproot upgrade alters how Bitcoin generates keys and verifies transactions. The new upgrade enables users to generate P2TR addresses for receiving and sending using bech32m. This is a big change from the original Elliptic Curve Digital Signature Algorithm (ECDSA) used in the past.
Specifically, the upgrade introduces Schnorr Signatures to the equation. Schnorr Signatures improve functionality by supporting multi-signature multi-input transactions (UTXI). This strategy enables the network to operate with more efficiency.
It also improves the overall flexibility of the network. For example, the upgrade enables node operators to improve their performance in a couple of ways. For one, they now have path-finding preferences. This option enables operators to select their preferred pathway based on efficiency and costs.
Major Database Reduction
Another significant reason for the upgrade is the reduction of the database. The upgrade reduced the database by 95% through the elimination of redundant data that was stored on the revocation log bucket. This removal improves the performance of the network.
It’s About the Community – Lightning Labs
Discussing the upgrade, Lightning Labs product growth lead, Michael Levin, spoke to the community. He explained that the new features were introduced to better meet the needs of today’s Lightning Network users. In the early days, the LN network was used mostly by developers seeking to experiment.
Today, the Lightning Network is used by anyone who wants to save money when making Bitcoin payments. The network has seen considerable adoption due to a host of new Dapps and user-friendly interfaces that eliminate the technical requirements. This latest upgrade falls in line with the overall goal to bring the technology to the masses.
Lightning Labs is one of the core development teams for the Lighting Network. The group secured $70 million in April to further its efforts. Today, Lighting Labs operates as the most notable of the three main LN developers in operation. It serves a vital role in providing access to decentralized financial infrastructure.
Lighting Labs Upgrades Demonstrate Future Adoption
The Lighting Network has been in beta testing for over 2 years now with major development occurring every few months. Notably, Lightning Labs continues to make the Lighting Network more hospitable for developers and users through its combination of services and features. This latest upgrade is sure to help push even more crypto traders to this off-chain protocol and help promote Bitcoin’s best solution for congestion.