MIT Working On Smart Contract-Powered Bitcoin Lightning Network
The Digital Currency Initiative(DCI), a research group at MIT, has commenced demonstration of a lightning network node with smart code integration. The team has devised a test model to complete a transaction in the event of trigger controlled by smart contract. The researchers are diving deep into the application of smart contract on the lightning network to bring a higher degree of complexity to the scaling solution. The goal of the DCI is to bring together the sharpest minds at MIT and elsewhere to conduct the research necessary to support the development of digital currency and blockchain technology.
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MIT’s Digital Currency Initiative started designing the scaling solution in the year 2015. The purpose was to develop superior and complex scaling on the Bitcoin network. It would permit smart contract to be set up in a specific queue and once the trigger event occurs the smart contract would facilitate automatic buying and movement of funds.
The smart contract were designed to execute transactions based on external factors or events. For example, the price of Bitcoin or a fiat currency reaching a certain threshold. Two researchers Alin S. Dragos and Tadge Dryja developed a test oracle. An oracle is an entity that allows movement of data to smart contract. The Oracle developed by the duo of Alin and Tadge transmits the price of U.S. Dollar to satoshis on the smart contract. The Oracle is the next step in MIT’s “lit” integration on the Lightning Network.
Alin S. Dragos explained the standalone functionality of the lightning software. He reasoned that any data could be moved on the smart contract. He chose U.S. Dollars because of the cool quotient. Data such as weather information or stock prices could be transmitted using smart contracts. Dragos confirmed that the prototype is still in testing phase and later stages would take a significant of time to see closure. He, however, reiterated his belief that Bitcoin can scale without any glitches with the current model.
Image via MIT Facebook Page
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