Financial solution provider IOV Labs has taken Bitcoin’s scaling solution to the next level with the launch of a new mobile light client for Lumino Payments Network. This will allow users to carry out off-chain transactions with a higher TPS of 100 and a potential to reach 20,000 transactions.
Lumino Payments Network is a third layer scaling solution for smart contracts on the Bitcoin network. Since IOV Labs operates on the Bitcoin blockchain similar to smart contracts on Ethereum, it is a step towards improving access to Bitcoin’s DeFi with ease. CEO of IOV Labs Diego Gutiérrez Zaldívar in a statement on the development said the aim is to increase adoption for cryptocurrency as this will make the financial system more inclusive.
“Developing a truly inclusive financial system is a driving force behind our work at IOV Labs. The RIF Lumino Light Client will grant millions of unbanked mobile users access to micropayments transactions at high speeds and near-zero cost, backed by the unparalleled security of Bitcoin. Given the compounding of financial pressure and exclusion on the unbanked brought on by this pandemic, and the increasing accessibility of DeFi applications, we expect to see a whole new level of cryptocurrency adoption in the very near future.”
Developers can use the mobile light client without having to run a full Bitcoin node which is a new development on the Bitcoin blockchain. According to the head of RIF payments Ale Narancio, efforts are ongoing to integrate the Lumino network with the Lightning network. These two have the same aim of scaling Bitcoin transactions which currently are at a maximum of 7 per second.
With these developments in place, the ongoing controversy about Bitcoin’s block capacity may finally be a thing of the past. This is likely to get closer to reality as Lumino Payments Network continues to increase its TPS and as it integrates with the Lightning network.
