By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > Markets > Crypto > This New Crypto Startup Brings Bitcoin to Local Mesh Networks
Crypto

This New Crypto Startup Brings Bitcoin to Local Mesh Networks

News Room
Last updated: 2023/09/01 at 3:57 PM
By News Room
Share
3 Min Read
SHARE

In a world increasingly reliant on internet connectivity, a Florida-based startup is breaking new ground by enabling Bitcoin (BTC) Lightning Network transactions even when there’s no access to the web.

Contents
Devices connect directly to each otherKey challenges remain

The company, called LNMesh, leverages local “mesh networks” to facilitate Bitcoin payments offline, crypto news outlet Decrypt reported on Thursday.

The idea behind LNMesh is to address scenarios where traditional internet access is unavailable or unreliable, such as in the aftermath of natural disasters or in remote regions with spotty connectivity.

The project has gained significant attention, particularly after researchers from Florida International University published a paper that explained their breakthrough titled “LNMesh: Who Said You Need Internet to Send Bitcoin? Offline Lightning Network Payments using Community Wireless Mesh Networks.”

Not surprisingly, the paper has also been shared between community members on X:

Devices connect directly to each other

Mesh networks are decentralized communication networks where devices connect directly to one another via Bluetooth and Wi-Fi, creating a local network independent of the internet.

LNMesh capitalizes on this concept by establishing a local Lightning Network, which is a faster and cheaper layer built on top of the Bitcoin blockchain.

What’s remarkable about LNMesh is that it doesn’t require changes to the existing Lightning Network protocol or code.

Instead, the team behind the project set up a network of Bitcoin and Lightning nodes using low-cost Raspberry Pi computers, devices that are often used by Bitcoiners to run their nodes on.

These nodes were spread across their university campus and connected via a local mesh network using Bluetooth and Wi-Fi.

The experiments conducted by LNMesh researchers demonstrated that Lightning payments could be successfully sent between nodes using this offline approach.

Because Lightning payments occur off-chain, they don’t rely on the Bitcoin blockchain, allowing them to settle offline.

Key challenges remain

While the potential for offline Bitcoin transactions is exciting, there are still challenges to overcome.

One key issue is coordinating the opening of channels between users in an efficient manner. LNMesh explores methods to analyze users’ daily mobility patterns to determine the best channels to open, but this coordination process may need further automation for practical use.

Nevertheless, LNMesh’s breakthrough paves the way for Bitcoin to be used in situations where internet access is limited or nonexistent, offering a lifeline for those who rely on digital currency, even when the digital world goes offline.

The startup’s commitment to open-source development means that its code and research findings are available for others to explore and build upon, potentially ushering in a new era of decentralized offline payments.



Read the full article here

News Room September 1, 2023 September 1, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Fraudsters use AI to fake artwork authenticity and ownership

Stay informed with free updatesSimply sign up to the Artificial intelligence myFT…

JPMorgan questioned Tricolor’s accounting a year before its collapse

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Netflix misses Q3 earnings estimates, meme stock trade returns as Beyond Meat rallies 1,300%

Watch full video on YouTube

How subsea cables power the global internet

Watch full video on YouTube

Google and Anthropic reportedly in cloud deal talks, Netflix falls after earnings miss

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

Crypto

'Fundamental Shift' in Traditional Bitcoin Market Cycle May Be on the Horizon

By News Room
Crypto

FTX/Alameda Unstakes Over $1B in Solana – Is a Major Price Shift Coming?

By News Room
Crypto

Mastercard Launches “Crypto Credential” To Replace Wallet Addresses With Usernames

By News Room
Crypto

Polygon Executive Pivots Roles To Developing ZK Proof Tech

By News Room
Crypto

Altcoin Interest Driving South Korean Crypto Craze – Report

By News Room
Crypto

Russian Central Bank Flags Sharp Rise in Crypto-related Activity

By News Room
Crypto

BitGo’s $100M Suit Against Galaxy Gets Green Light from Delaware Supreme Court

By News Room
Crypto

Here Are Your Top Crypto Gainers Today on DEXScreener

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?