Alex Bosworth wants to solve interoperability issues between the main Bitcoin blockchain and Lightning Network.
Before now, both layers had existed independently; that is Bitcoin (BTC) users weren’t able to send Bitcoin cryptocurrency to a lightning network supported address or the other way round.
Lightning network, an invention of Alex, is an off chain, second-layer/sidechain protocol which is meant to reduce activities on the main chain, making transactions way faster and cost-effective for Bitcoin users. This is said to make Bitcoin way more usable for day-to-day transactions just as the original purpose was.
To bridge the interoperability issues between the two chains, Alex is once again proposing “Submarine Swaps.” This will easily send Lightning Network coins to the main chain and vice versa.
The idea behind “submarine swaps” was birthed from atomic swaps. The atomic swaps facilitate trading between coins and tokens of different blockchain platforms.
Submarine swap is presently being tested on the mainnet. This was announced by Alex himself through his official Twitter account, saying “Testing has started on mainnet submarine swaps. Talking with partners who want to be a part of deploying swap providing liquidity, integrate swaps into their platforms, and help complete mainnet hardening dev work. Still, lots to build but it’s more fun to try on mainnet #reckless.”
However, the swap is only one way; funds can only be sent from the main chain to the lightning network address. When this is successfully achieved, the developer intends to implement the other phase; making coins of the LN easily transferable to the main chain.
The Future Of Bitcoin and Other Cryptocurrencies
Bitcoin, presently the most valued cryptocurrency was created a decade ago to replace the present financial system as it claims to have more features which are of better advantage. Nevertheless, the challenges it has faced in recent times have made the cryptocurrency anything else but what it was meant to be.
Developers like Alex Bosworth are working hard to making sure Bitcoin achieves its aim. With the Lightning Network all set up and integrated with the LN protocol, Bitcoin can easily become merchants favorite while the world battles volatility issues in the cryptocurrency market.