SINGAPORE, Aug. 18, 2022 (GLOBE NEWSWIRE) — SAI.TECH Global Corporation (“SAI.TECH” OR “SAI” or the “Company”, NASDAQ: SAI ), a global energy-saving Bitcoin mining operator and a pure-Tech company that integrates Bitcoin mining, heating and power industries, announced that it has recently launched SAIHUB APP 1.1, which supports the Bitcoin Lightning Network.
SAIHUB APP 1.1
SAIHUB APP 1.1 has been officially released this month with the new feature Lightning Network support. Using SAIHUB APP 1.1, users can now not only top up their wallet on-chain, 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 of 1 Cong (SAT) or even 0 Cong (SAT), which meets the large needs of users’ actual transaction scenario.
“In the future, the SAIHUB app will continue to explore more features based on the Lightning Network ecology to meet a variety of user needs, such as instant messaging, Lightning Network lucky money, blog based on Lightning Network etc,” said SAI.TECH’s founder and CEO Arthur Lee, “We believe that in the foreseeable future, SAIHUB APP will promise a richer user experience by building a more open and functional ecology, while improving the 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”, bringing the Lightning Network with the concept of “scalable off-chain payment” to the public.
The Bitcoin network is designed to be decentralized and secure by recording ledgers on every Bitcoin node. It would require half of the entire hash rate network to manipulate the transaction record, which is nearly impossible to achieve. However, this popularity also comes with its shortcoming — the amount of transactions that the Bitcoin network can process per second is limited by the speed of generating each block and the size of each block, which clearly could not meet the increasing transaction demand resulting from rapidly growing Bitcoin owners and users. To solve this problem, developers created layers on top of the main network, with the first layer being the primary blockchain.
The Lightning Network is a second-layer agreement based on the Bitcoin network that has a peer-to-peer system of micropayment channels that enables instant transactions between participating nodes and thus solves the Bitcoin network’s scalability problem. Generally speaking, it is a “green lane” built outside of the main Bitcoin chain to handle a large number of high-frequency or small transactions with security assured.
The Lightning Network was first implemented into the Bitcoin network in 2018, and its use has grown significantly rapidly since then. According to Arcane’s latest Lightning state report, the number of payments roughly doubled and the value of payments increased by more than 400% during 2021 (measured in USD). According to today’s real-time Lightning Network statistics from 1ml (https://1ml.com/statistics), there are 17,783 Lightning Network nodes running 86,854 channels, totaling 4,567.33 BTC of network capacity.
About SAI.TECH
SAI.TECH is an energy-saving Bitcoin mining operator and a clean-tech company that integrates the Bitcoin mining, power and heating industries. SAI.TECH uses proprietary liquid cooling and waste heat recovery technology for its digital mining machines, using waste heat to provide recycled energy and heating to potential customers while reducing mining operating costs. SAI.TECH strives to become the most cost-effective digital asset mining company globally while promoting the clean transition of the Bitcoin mining, power and heating industries.
In May 2022, SAI became a publicly traded company under the new ticker symbol “SAI” on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation (“TradeUP”).
For more information about SAI.TECH, please visit https://sai.tech/.
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