Bitcoin second layer, Lightning Network keeps growing, both in its capacity and number of channels.
LIGHTNING: capacity doubled in 2 weeks
Network capacity doubled from $80k to $148k in less than 2 weeks, from April 10 to today.
User base also saw staggering rise, there are now over 2000 active public nodes that process LN transactions for a fee of 1 Satoshi per byte. Other important metric in LN is also increasing, the network has now reached 7000 active channels.
“The universe keeps expanding at an accelerated rate,” well known crypto Twitter account of Armin van Bitcoin commented tweeting about the progress.
We just passed 2,000 nodes with over 5,650 open channels on mainnet. The total network capacity is now $150,000 USD. The universe keeps expanding at an accelerated rate. Send $BTC instantly for 1 sat / tx or less… yes… less. ?⚡️ #LightningNetwork #bitcoin #segwit pic.twitter.com/PXeuPbdtA3
— Armin van Bitcoin ⚡ (@ArminVanBitcoin) April 22, 2018
LN is basically still in beta and less than 5 months young, but this expansion rate is a good indication that Bitcoin core developers are on the right track when it comes to their scaling solutions.
LN is already bigger than Bitcoin cash network, has more nodes and beats BCH in what its supposed to be best at – low transaction fee.
USERS RECLAIM BITCOIN FEES CONTROL
Meanwhile, even main-chain transactions continue to see low transaction fees and empty mempool.
Even Bitcoin core developer Peter Todd, previously critical of the technology, now appears to be changing his view of LN.
Just tried again, and out of the box it was a perfect success! $40 payment confirmed instantly.
— Peter Todd (@peterktodd) April 21, 2018
As van Bitcoin among others noted over the weekend, the advent of SegWit and second-layer technology such as Lightning means legacy players in the cryptocurrency industry now had less sway over fee dictation.
“We don’t need Coinbase! We don’t need BitPay! We don’t need (Square’s) CashApp! We, the users, decide who to pay, what software to run and how much to spend on fees,” he wrote April 21.
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