Qtum, a famous platform based on a public and open source blockchain, has launched its own customised version of the Lightning Network implementation called Eclair.
Eclair will allow Qtum to handle a much higher number of transactions compared to the past. This feature is highly demanded by mainstream retailers and major payment processors.
In addition, Eclair allows the creation of payment channels, near real-time transactions and provides the ability to make micropayments on the Qtum network.
Objective: increasing the number of transactions
Blockchain scalability is the foundation for processing an above-average number of transactions.
Eclair creates a large number of Lightning Network channels outside the Qtum mainchain. This mechanism allows reaching payment speeds comparable to transactions that take place in a normal store using a traditional payment method.
Two peers belonging to the Qtum network using the Eclair protocol can perform transactions without having to trust third parties to manage the transactions, while also improving the privacy of the users themselves.
These are the words of Miguel Palencia, IOC of Qtum:
“At 70 transactions per second (TPS), the Qtum network already exceeded the Bitcoin network 10 times over, but we knew that wasn’t enough. To meet the needs of e-commerce giants and outpace major payments platforms, we set our sights on achieving massive transaction volumes. Today, with Qtum Eclair, we’re taking a crucial step to exponentially increase the Qtum networks’ TPS capability and demonstrate our commitment to continuously advancing our enterprise-ready platform”.
Qtum is currently at the 26th position for market capitalisation with a price of about $5 per token, according to data provided by CoinMarketCap.