Volume Of Payments In Lightning Network Reaches Peak At 455 BTC
The throughput of the Lightning Network (LN) has grown a hundred times since its official launch in the Bitcoin mainnet in January 2018, the LongHash analysts report.
Currently, payments for more than 450 BTC ($1.7 million) are being conducted through the LN channels. The transactions in the network are supported by 16,000 channels, the amount of which has demonstrated a 16-fold increase since February 2018. Meanwhile, the number of nodes reached 4342, among which 1853 nodes were active at the time of the publication. The average capacity of one node reaches 0.245 BTC ($925.6).
The developer’s official website states that LN is a decentralized network that uses blockchain smart contracts to ensure the “lightning speed” of transactions between the network participants. At the same time, the protocol itself is a second-layer off-chain solution or “add-on” over the main blockchain. In addition to high speed, the developers focus on the possibility of the network to conduct a multitude of micro-payments, with minimal commission fees.
Federico Tenga, co-founder of the Chainside project, told Blockspoint that the Lightning Network is having a healthy steady growth in users and throughput while most of the other crypto projects are declining in popularity due to the bear market. However, the most outstanding improvements are on the quality of the code, making better its stability and usability.
“Nevertheless, a lot of work still has to be done before Lightning can really be used by non-technical users. In particular, some of the innovations that are on the way and will improve the usability of the system are the implementation of Watchtowers, which will improve the security of mobile users, and the introduction of the Eltoo protocol for payment channels, which will make wallet backups much easier (one of the main issues of current Lightning users). But these will probably require a lot of time to be implemented as some changes are needed on Bitcoin itself”, — said Tenga and added that mass adoption of Lightning is still years away. But it has the opportunity to achieve a steady organic growth away from the influences of market fluctuations because it is not dependent on a speculative token.
As previously reported the number of active Lightning nodes in the Bitcoin blockchain reached more than 4000.