Lightning Network technology remains a topic of substantial debate. Most people tend to forget this technology stands on its own and is not simply designed for Bitcoin or Litecoin. In a new development, the Zap team has come up with an interesting solution known as Olympus. It is effectively a way to conduct fiat currency to lightning transactions in mere seconds.
The Olympus Concept Explained
It is good to see the developers experimenting with Lightning Network technology come up with creative ideas every now and then. Olympus is certainly a creative approach to potentially taking cryptocurrency to the mainstream. To this date, the industry continues to struggle in several regards. The first major hurdle to overcome is getting crypto into the hands of people as conveniently as possible. Converting fiat currency to Bitcoin or altcoins remains a tedious process.
This is where Olympus could prove to be a gamechanger. According to Jack Mallers, this technology would let users convert funds in their bank account to Lightning payments in a matter of seconds. This would remove the need for dealing with exchanges, Bitcoin’s inherent flaws, or delays that can turn off novice users. Moreover, it removes the barrier of having to know how this industry works. A “brainless” and friction-free solution is what will take cryptocurrency mainstream, but that solution still has to reach the masses at this time.
Initial Testing is Promising
Although the initial video shows how this technology work for obtaining Bitcoin, the concept can easily be used for any other cryptocurrency or digital asset in the world today. That in itself is what makes Olympus so exciting. For now, it seems to work well with the Zap wallet, which confirms support for both Bitcoin and Litecoin. Most other cryptocurrency ecosystems have yet to implement LN technology at this time. Without it, they will not be able to benefit from this new technology.
It is also worth noting Oympus doesn’t work like other solutions. There is no pre-emptive opening of lightning channels between users. In fact, it is that particular aspect which has proven to be a hindrance in terms of making the Lightning Network more successful. It appears as if such an approach simply cannot scale, which would be very problematic for a technology that aims to address scaling issues found within most of the top cryptocurrencies today. Olympus uses Turbo Channels which allow small amounts in a channel to be spent under specific circumstances. It removes the need for channel confirmations altogether, which is certainly appealing.
Who Will Adopt it?
The bigger problem with solutions such as this is getting other developers to adopt it. Any lightning developer can implement Turbo Channels as they see fit, even though the technology has never been put through its paces in an official capacity. Additionally, this technology can also be used outside of lightning payments. In terms of atomic swaps and even submarine swaps, the same technology can be allowed for instantaneous transactions. There is a lot of potential waiting to be unlocked, assuming everyone works together to advance Bitcoin.