Microsoft Looking Towards the Lightning Network for New Identification Platform
While the CEO of Microsoft, Bill Gates, has been vocal on his opposition towards cryptocurrencies; it now appears that this opposition is not shared throughout the entire Microsoft community as the lead developer for firm's new identification system, Daniel Buchner, has publicly stated that this new system is designed to function on the Bitcoin blockchain.
Daniel took to Twitter to discuss the new platform that promises to revolutionize the way in which digital identities are gathered, stored, and utilized in the digital economy. Daniel spoke briefly about how he was first introduced to BTC in early 2011 and how he has been developing this protocol since.
Microsoft Authenticator App
Microsoft has been venturing into blockchain-based technologies over the last few years as their developers continued to look for ways to improve their Microsoft Authenticator App. Despite the bad press thrown towards BTC by Mr.Gates, only blockchain technology was able to provide these solutions.
According to company executives, Consensus 2018 will see the unveiling of this new Decentralized Digital Identification System. The head programmer behind the project, Ankur Patel, has made public statements praising the development of the platform and the revolutionary manner in which this protocol can be used.
Speaking to the press, Mr. Patel explained how in its current state, peoples digital identity is spread across multiple online platforms with the owner really having no control over the information. This has become a major problem for individuals and Microsoft hopes to regain this lost control through the use of this new digital hub where users can easily access and control the data provided.
Scalability Issues No More
As BTC began to suffer scalability issues in 2016, it became evident that a new protocol would be necessary to handle such a large amount of network volume. The Lightning Network provides an off-chain solution that eliminates scalability issues and is looked at by many in the cryptocommunity as BTC's saving grace. Due to this, the Lightning Network has been chosen as the best option for Microsoft's new platform. The LN is able to handle the sheer amount of volume a global identification network would need to be able to sustain.
The Lightning Network is perfectly suited to tackle these tasks as this off-chain solution is capable of handling millions of transactions a second without bogging down the BTC blockchain. The Lightning Network is currently in its Beta testing stages which have been seeing huge advancements in the protocol. The Lightning Network is able to accomplish this higher level of efficiency through the use of off chain private payment portals.
These payment portals allow users to send and receive an unlimited amount of transactions without bogging down the BTC blockchain. Only once the payment portal is closed; does the information then get placed on the blockchain. This means BTC users can once again start enjoying “Lightning” fast payments without delays or large transfer fees.
Microsoft Goes Blockchain
It is no surprise to learn that the 6th-largest tech company in the world is deciding to utilize blockchain technology in their future projects. The efficiency of this technology is undeniable and you can expect to see more major firms jump on the blockchain bandwagon as the advantages of this technology become more popular. Hopefully, Microsoft's decision will push the value of BTC even higher in the coming weeks as 2018 continues to see more large corporations enter the blockchain marketspace.
What do you guys think? Is Microsoft stepping up their game? Let us know in the comments below.