One of the principal developers of the Lightning Network – Olaoluwa “Laolu” Osuntokun, is not surprisingly interested in tools that are being developed by Bitcoin.
Today, most developers have been mainly looking at developing solutions to help smooth out bitcoin’s much-discussed protocol-level, based problems. The developer is now taking steps to launching a newly developed application on the network.
Even though there is much debate about the volatility of scaling, a debate that has been going on for a while now – including, how many forks there will be. Osuntokun is pushing the limits as to produce an application for videos that could throw off standard digital advertising models. The programmer believes that someday in the near future, him or someone like him will figure out how to do this with tools that are available already today.
One of the major keys to seeing his amazing vision come to fruition are the bitcoin protocols that have been recently updated. This means that apps requiring a high-volume of transactions to run, could not be built on the network.
However, even with the Lightning Network in full operation, software engineers would be able to use the open-source technology to develop any new apps. This is a trend that many developers have been using in the last several months. Many of the apps are now being developed to take on digital media. There was even a fake mock-up of Coindesk.
What it boils down to is that there has been a long line of newly developing projects, like Stremium and Yours, who have attempted at completing transactions with Bitcoin micropayments. They are being used to pay for a vast array of different types of content. Also, they are using the micro-payments to make bitcoins transaction fees become low-value payments system realistic.
The Lightning Network like Osuntokun has now realized this could be the solution. Long-term the programmer believes that giving people access to videos, without logins and passwords – but with payments would bring an end to the annoying YouTube Ads.
Creating the apps is not easy, it takes a lot of technical know-how. They had to recreate new protocols to make sending videos efficient all over the web. It’s a new technique that is being used to play videos more fluently, without hiccups and stutters.
One of the more beneficial factors of the new technology is that it makes it easy for developers to work with bitcoin’s layer one. Now, they don’t have to consider other bumps that occur with Bitcoin. The video app is said to be only the first of a long string of apps that will likely be developed. They will be incorporating the Lightning Networks technology, instead of the normal bitcoin one. Lightning Labs team are working on the first version the LND and it will be released once it’s deemed safe.