bitcoin

SAIHUB App Announces Support for Bitcoin Lightning Network

Meta description


SINGAPORE, Aug. 18, 2022 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” OR “SAI” or the “Company”, NASDAQ: SAI), an energy-efficient bitcoin mining operator and -tech that integrates bitcoin mining, heating and power sectors, announced that it has recently launched SAIHUB APP 1.1, which supports Bitcoin Lightning Network.

SAIHUB APP 1.1

SAIHUB APP 1.1 was officially released this month with new Lightning Network support function. By using SAIHUB APP 1.1, users can now not only top up the on-chain wallet, but also make or receive instant off-chain payments based on the second layer added to the Bitcoin Blockchain. Lightning Network supports the smallest transaction at 1 Cong (SAT) or even 0 Cong (SAT), which meets the great needs of users’ real transaction scenario.

“In the future, the SAIHUB app will continue to explore more functions based on the Lightning Network ecology to meet a variety of user needs, such as instant messaging, Lightning Network lucky money , the blog based on the Lightning Network, etc.,” said the founder of SAI.TECH. and CEO Arthur Lee, “We believe that in the foreseeable future, SAIHUB APP will promise a richer user experience by creating a more open and functional ecology, while improving efficiency from information transfer to value transfer.”

About the Lightning Network

In February 2015, Bitcoin developers Joseph Poon and Thaddeus Dryja published an article titled “Bitcoin Lightning Network: Scalable Off-chain Instant Payment”, introduced the public to the Lightning Network with the concept of “scalable off-chain payment”.

The Bitcoin network is designed to be decentralized and secure by keeping records on each Bitcoin node. It would take half of the entire hash rate network to manipulate the transaction record, which is nearly impossible to achieve. However, this popularity also comes with a flaw — the number of transactions the Bitcoin network can process per second is limited by the generation speed of each block and the size of each block, which clearly could not meet the growing demand for transactions resulting from rapidly growing bitcoin owners and users. To solve this problem, the developers created layers above the mainnet, where the first layer was the main blockchain.

The Lightning Network is a second-layer agreement based on the Bitcoin network that includes a peer-to-peer system for micropayment channels that allow instantaneous transactions between participating nodes, thus solving the scalability problem of the Bitcoin network. Broadly speaking, it is a “green channel” built outside of the Bitcoin mainchain to handle a large number of high-frequency or small-sized transactions with assured security.

The Lightning Network was first implemented in the Bitcoin network in 2018 and its use has grown considerably rapidly since then. According to the latest Arcane Lightning Status Report, the number of payouts has roughly doubled and the value of payouts has increased by more than 400% compared to 2021 (measured in USD). According to the current Lightning Network real-time statistics of 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-efficient bitcoin mining operator and clean technology company that integrates bitcoin mining, power and heating industries. SAI.TECH uses proprietary liquid cooling and waste heat recovery technology for its digital asset mining machines, using waste heat to provide recycled energy and heating to potential customers while reducing operating costs of mining. SAI.TECH strives to become the world’s most profitable digital asset mining company while simultaneously promoting the clean transition of the Bitcoin mining, power, and heating industries.

In May 2022, SAI became a publicly traded company under the new symbol “SAI” on the Nasdaq Stock Exchange (NASDAQ) through a merger with TradeUP Global Corporation (“TradeUP”).

For more information about SAI.TECH, please visit https://sai.tech/.

Media Contact
[email protected]

Investor Relations
[email protected]

Comment here