It’s one of the best-known cryptocurrency legends: A guy bought two pizzas with 10,000 Bitcoin back in 2010 to prove the digital currency worked. Now he’s doing it all over.
Trying the same thing with the lightning network, he ended up paying 0.00649 Bitcoin for two pizzas, or $67, and the transaction cost about 6 U.S. cents.
“I wanted to show that yes, you still can buy pizzas with Bitcoin,”Laszlo Hanyecz said in a telephone interview from Jacksonville, Florida. “But if it’s a $50 pizza and a $100 transaction fee, that doesn’t work. The idea is that on Lightning Network we can get the security of Bitcoin and instant transfers. You don’t have to wait for a blockchain confirmation.”
As the Bitcoin network struggle with high fees and slow transactions more nimble competitors are starting to make an impact.
New currency EOT [Encryption of Things] is not just eyeing the market for connected devices (IoT – Internet of Things) it is also extremely fast with a new block confirmed every 90 seconds.
More here: – EOT Business Case
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