Bitcoin is the world’s very first cryptocurrency that has managed to gain immense support from the user community due to the benefits that it has to offer the world. Bitcoin was introduced to the world about a decade ago and ever since then, there have been numerous projects aimed at adding new features as well as making the Bitcoin network more user-friendly.
By increasing the features offered by the Bitcoin network, it would be more appealing to a wide range of people around the world. Thus, working toward Bitcoin’s dream of mass adoption. Here, we shall have a peek into some of the on-going projects in the Bitcoin network.
Ongoing Bitcoin Projects
1. Lightning Network: The most awaited feature for the Bitcoin platform is the Lightning network project. Due to the slow transaction speed and the hefty fee that users had to cough up led to the downgrade of the usage of Bitcoin around the world.
The lightning network project helps to solve this issue by allowing users to create payment channels that can be used to do a large number of transactions at extremely high speeds and low fees. The summation of the entire transaction is then broadcasted to the blockchain. Thus, lowering the number of transactions on the blockchain as well.
2. Atomic Swaps: Another ongoing project on the Bitcoin network is the atomic swap. The primary goal of this undertaking is to enable users to send Bitcoin to any other altcoin blockchain as well; without the need to opt for a manual exchange.
Atomic swaps will eradicate the fee that is usually charged by the crypto exchanges. This also increases the usability of Bitcoin and all other altcoins in the real world.
The projects that we discussed in this article are a part of the later stages of development and will be implemented on the main Bitcoin network very soon. With more projects being developed, it adds more features to the Bitcoin blockchain and thus, attracts more users towards this technology, consequently – moving toward the goal of eventual mass adoption.