SAIHUB App Announces Support for Bitcoin Lightning Network
August 18 2022 - 4:38AM
SAI.TECH Global Corporation ("SAI.TECH" OR "SAI" or the "Company",
NASDAQ: SAI), a global energy-saving Bitcoin mining operator and a
clean-tech company that integrates Bitcoin mining, heating, and
power industries, announced that it has recently launched SAIHUB
APP 1.1, which supports Bitcoin Lightning Network.
SAIHUB APP 1.1
SAIHUB APP 1.1 has been officially released this
month with the new function of Lightning Network support. By using
SAIHUB APP 1.1, users now can not only top up the wallet on the
chain, but also make or receive instant payments off chain based on
the second layer added to the Bitcoin Blockchain. Lightning Network
supports the smallest transaction to 1 Cong (SAT) or even 0 Cong
(SAT), which meets the great needs of users' actual transaction
scenario.
"In future, SAIHUB App will continue exploring
more functions based on the Lightning Network ecology to fulfill a
variety of users' needs, such as instant messaging, Lightning
Network lucky money, Blog based on the Lightning Network etc," said
SAI.TECH's founder and CEO Arthur Lee, "We believe that in the
foreseeable future, SAIHUB APP will promise richer user experience
by building a more open and functional ecology, while improving the
efficiency from information transfer to value transfer."
About Lightning Network
In February 2015, Bitcoin developers Joseph Poon
and Thaddeus Dryja published an article titled "Bitcoin Lightning
Network: Scalable Off-chain Instant Payment", brought the Lightning
Network with the concept of "scalable off-chain payment" to the
public.
The Bitcoin network is designed to be
decentralized and secure by recording ledgers on every Bitcoin
node. It would require half of the whole hash rate network to
manipulate the transaction record, which is almost impossible to
achieve. However, this popularity also comes along with the
shortcoming---the amount of transactions that Bitcoin network can
process per second is limited by the speed of generating each block
and the size of each block, which clearly could not meet the
increasing transaction demand resulting from fast growing Bitcoin
owners and users. To solve this problem, developers created layers
on top of the main network, where the first layer was the primary
blockchain.
The Lightning Network is a second layer agreement
based on Bitcoin network that features a peer-to-peer system for
micropayment channels which enable instant transactions among
participating nodes thus resolving the Bitcoin network scalability
problem. Generally speaking, it is a "green path" built outside the
Bitcoin main chain in order to manage a large number of
high-frequency or small transactions with security ensured.
The Lightning Network was first implemented into
the Bitcoin network in 2018 and the usage of it has been growing
significantly fast since then. According to Arcane's latest
Lightning state report, the number of payments roughly doubled and
the value of the payments increased more than 400% over 2021
(measured in USD). According to today's real-time Lightning Network
statistics from 1ml (https://1ml.com/statistics), there are 17,783
Lightning Network nodes running 86,854 channels, 4,567.33 BTC
network capacity in total.
About SAI.TECH
SAI.TECH is an energy-saving Bitcoin mining
operator and a clean-tech company that integrates the Bitcoin
mining, power, and heating industries. SAI.TECH uses proprietary
liquid cooling and waste heat recovery technology for its digital
asset mining machines, utilizing waste heat to provide recycled
energy and heating to potential customers while lowering mining
operating costs. SAI.TECH strives to become the most cost-efficient
digital asset mining operations company globally while
simultaneously promoting the clean transition of the Bitcoin
mining, power, and heating industries.
In May 2022, SAI became a publicly trading company
under the new ticker symbol “SAI” on the Nasdaq Stock Market
(NASDAQ) through a merger with TradeUP Global Corporation
("TradeUP").
For more information on SAI.TECH, please visit
https://sai.tech/.
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