New Payment Technology Sprite is Faster Than Lightning Network

Announced in early 2015, the Lightning Network, has been heralded as a promising solution to bitcoin’s scaling challenges – one that, over the past year, has been inching closer to launch.

However, a new paper has laid out the framework for another payment system that researchers claim would be even faster.

Payment channels such as those proposed by the Lightning Network are one strand of the debate over scaling bitcoin which, although it often takes the form of arguments over block size, is ultimately about the volume of transactions the network can handle in a given length of time.

Larger block size is one way to improve transaction volume, but another strategy is to conduct payments ‘off-chain’, that is, in private payment channels between two or more parties where only the final balance is broadcast back to the main blockchain.

Read more here: http://www.altcointoday.com/sprite-is-faster-than-lightning-network/