The person who conceptualized the Bitcoin Lightning Network has caused a stir recently when he published a new paper proposing a disruptive scaling solution. The emergence of this new solution undoubtedly brings new ideas and possibilities to the cryptocurrency field. In this article, we will delve into the specifics of this new scheme and analyze its potential impact on the Bitcoin network and the blockchain industry as a whole.

The founder of the Bitcoin Lightning Network has been committed to solving the scaling problems faced by the Bitcoin network. In his latest paper, he proposed a new expansion plan aimed at improving the throughput and transaction processing speed of the Bitcoin network. The launch of this plan will undoubtedly bring new hope and opportunities to the entire industry. Let's take a look at the specific content of this plan.

The new expansion plan mainly revolves around how to improve the transaction processing capabilities of the Bitcoin network without sacrificing decentralization. By introducing new technologies and protocols, the founders of the Bitcoin Lightning Network have come up with an innovative solution that can effectively improve the performance of the Bitcoin network. The core concept of this solution is to achieve parallelization of transaction processing by optimizing the transmission and storage methods of blockchain data, thereby greatly improving the throughput of the network.

Specifically, the new solution uses a method similar to sharding technology to divide the entire blockchain network into multiple sub-networks, with each sub-network responsible for processing part of the transaction data. This sharding method can effectively reduce the burden on the entire network and improve transaction confirmation speed and throughput. At the same time, the new solution also introduces a more efficient consensus mechanism and data compression algorithm, further improving the performance of the network.

In addition to technological innovation, the new plan also focuses on community governance and network security. The founder of the Bitcoin Lightning Network proposed to establish a more democratic and transparent governance mechanism to allow community members to be more involved in the development and decision-making of the network. At the same time, he also emphasized the importance of network security and proposed a series of countermeasures to ensure the stable operation of the network and the security of user assets.

The proposal of this new plan has aroused widespread concern and discussion inside and outside the industry. Many experts and scholars have expressed great interest in this solution and believe that it is expected to open up a new situation for the development of the Bitcoin network. However, some people have questioned the feasibility of this plan and believe that its implementation may face many challenges and difficulties. However, in any case, the launch of this plan will bring new thinking and enlightenment to the entire blockchain industry.

Overall, this expansion plan proposed by the founder of the Bitcoin Lightning Network is undoubtedly an important attempt and innovation. By introducing new technologies and concepts, he pointed out a new direction for the development of the Bitcoin network. In the future, we can look forward to seeing the further improvement and implementation of this solution, bringing more surprises and possibilities to the entire blockchain industry. Let us look forward to witnessing the transformation of the Bitcoin network from cocoon to butterfly.

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According to a Coindesk report on June 5, Jadge, the early proposer of the Bitcoin Lightning Network concept
Dryja published a new paper on Monday that outlines the scaling solution he has been working on for the past year. The Utreexo technology mentioned in the paper will reduce the number of states known as "UTXO" (also known as "UTXO
set”) of the memory footprint of a Bitcoin full node, while full nodes will be easier to run with the help of cryptographic proofs.

In his paper on the Lightning Network, Dryja said that if transactions on the Bitcoin main chain were placed on the second-layer network, the scalability of Bitcoin would be greatly improved. Today, several large development teams are working hard to implement this technology for Bitcoin payments, but this technology is still in the experimental stage and it is not 100% safe to use.

Utreexo technology ultimately makes it easier to run a Bitcoin full node. While a full node requires some computing resources to set up, it is still the most secure way to use Bitcoin (transactions on the network do not require a trusted middleman to verify that they are authentic).

The paper explains:

As the number of users of the Bitcoin system increases, UTXO
The set will also increase accordingly, so the resource cost for users to run a Bitcoin full node will increase. This will result in fewer users running their own nodes, while more users will rely on those lightweight clients or (third-party) nodes to obtain the status of the Bitcoin network.

Therefore, this paper outlines ways for nodes to store less data without compromising network security by using cryptographic proofs. The paper writes:

Nodes using accumulators only need to store data representing the logarithmic size of the UTXO set, which greatly reduces storage space and disk seek time.

The paper also introduces the results of Dryja virtual running technology, which shows the superiority of this solution.

He told CoinDesk:

Since January of this year, I have implemented more code and made it public on GitHub, finally getting performance data on the Bitcoin mainnet download size.

Analyzing this data, I discovered a small problem: while storage requirements were reduced overall, the proof data still increased the load on network bandwidth.

The paper explains:

In a simulation run in early 2019, where we downloaded Bitcoin's blockchain and allocated 500MB of RAM for cache, cryptographic proofs only increased the download size by about 25%.

Dryja told CoinDesk that if other developers want to take a closer look at the technology, he will release the code as open source so developers can test the idea.

He said: The technology has not yet been integrated into the wallet, which will take some time, but there will be open source code for everyone to try.