Breaking: IOTA creates Instant, No-Fees "Flash Channels"
IOTA creates Instant, No-Fees "Flash Channels"
Similiar to other Layer-2 solutions (such as Bitcoin’s Lightning Network, Ethereum’s Raiden), Iota has created instant, no-fees Flash Channels.
Flash Channels reduces transactions on the Tangle drastically - from thousands to merely a handful; turbo boosting efficiency of the network and greatly reducing transaction times for all IOTA users.
IOTA's Flash Channels mechanics are likened to the off chain schemes used in the Lightning Network.
Details can be found at:
https://blog.iota.org/instant-feeless-flash-channels-88572d9a4385
My question now is:
When will IOTA have the capabilities like that of ILP or Atomic Swap?
By JaiChai
About the Author, Not!
JaiChai has been in the cryptocurrency space for over 6 years. He is an enigma, regarded by his cohorts as sarcastic, funny, intuitive - but most of all, elusive. JaiChai alternates long dormant periods with concentrated periods of frenzied commentary - only to go silent again. He’s known for randomly submitting philosophical and contrarian posts on most cryptocoin forums.
When asked about his vanishing acts, he says, "I’m just somebody who enjoys being nobody because I look like everybody. Besides, time checking things off my 'bucket list’ - sans notoriety - is time well spent.”
Interesting bit of information - thanks for the link
You are very welcome.
The IOTA group is quite active on Slack. In fact, I bought my first IOTA cryptocurrency on their escrow exchange before they were listed on Bitfinex.
Thanks for commenting and the up vote.
Namaste,
JaiChai