Lightning Network Team to Hold a Meetup in Kyiv

News and Analysis

On May 12, Kyiv will host a meetup featuring Lightning Network’s team, which will visit Ukraine’s capital at full strength.

Joseph Poon, Elisabeth Stark and Thaddeus Dryja will speak about how Lightning Network operates, what changes have been made to bitcoin’s core, what are other changes to be expected, and how it all may change bitcoin.

“It would be a great opportunity for Ukraine’s community to contact with bitcoin infrastructure developers face to face,” Distributed Lab’s founder Pavel Kravchenko commented to ForkLog.

Lightning Network is a technical solution which optimizes transactions process and settles some issues of network scalability. In particular, it enables recording only those transactions that correspond to fundamental movement of funds instead of all transactions. Lightning Network is built within the main blockchain.

By using actual blockchain to transact, and a script language to create smart contracts, the system launches a safe network enabling its members to effect major transactions at high speed. Counterparties thus will be able to transact beyond the main network using a smart contract in bitcoin’s blockchain as an arbitrator.

Earlier this year, Joseph Poon and Thaddeus Dryja stated that should Lightning Network be implemented, hub competition will cut transaction fees down almost to null.

The meetup will be held on May 12 in Kyiv, on 10 Verkhny Val st. at 7.00 p.m. Additional information is available at the event’s page on Facebook.

The event will also feature Pavel Kravchenko and Lilia Vershinina of Distributed Lab speaking about this week’s Consensus 2016 conference in New York.

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