Bitcoin [BTC] Lightning Network’s Almost at 100 BTC Capacity: Doubles in a Month
Lightning Network has seen a gradual but significant growth in the number of Bitcoins (BTC) nearing 100 BTC over the last month. The network has doubled its capacity from 55 BTC at the beginning of July, to 97 BTC. It additionally observed a shoot up to nearly 120 BTC while the technology was being tested by Andreas Brekken.
The number of channels that were open on the network has additionally multiplied, from around 55,000 channels toward the start of July to upwards of 11,000 open channels as of now. More applications are found for the Lightning Network signifying the growth of adoption for it.
Bitcoin has been struggling with scalability from quite a while, with many suggesting that the block size ought to be expanded so as to take into consideration more processable transactions. While that seems to be a stopgap answer for some because of space concerns, many suggested that the arrangement was to build a Level-2 scaling solution These are architectures based over the Bitcoin blockchain, and the Lightning Network is one of them.
The Lightning Network enables the nodes on the Bitcoin blockchain to open up payment channels, which are then enrolled as an exchange on the Bitcoin blockchain. A practically boundless amount of transactions can be processed using this channel, with the changes reflected after the channel is shut. After shutting, the exchanges are added to the following block.
This viably considers low charge transfer of even minute payments, opening up the course for zero-expense payments and other such applications. In any case, the measure of Bitcoin that can be possessed on the Lightning Network is controlled by the number of nodes on the network.
Recently, the CEO of shitcoin.com, Andreas Brekken tested out the Lightning Network for a number of use-cases. In a 4-part review series, he came to the decision that the LN is still developing.
“Sending payments using the Lightning Network is cheaper than the regular Bitcoin network, but suffers from routing errors and wallet bugs that make it impractical even for highly technical users.”
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