Bitcoin, Technology

Bitcoin Lightning Network Reaches Record Node Count

Bitcoin Lightning Network Reaches Record Node Count

Amidst all of the gloom that currently surrounds the crypto market, latest market data has revealed that Bitcoin’s Lightning Network now possesses a capacity of more than 10 BTC.

Since the launch of its testnet in December 2017, the Lightning Network has been growing steadily, and the node count has increased progressively from 29 nodes in January to over 1,500 active nodes on the 1st of April, 2018.

The Lightning network beta was launched on the mainnet on March 15.

As things currently stand,  Lightning now possesses a higher node count than Bitcoin Cash, which is quite impressive considering it has only been around for a little over two weeks on the mainnet.

The idea for Lightning Network was first conceived a couple of years back as a second-layer protocol that would be built atop the existing Bitcoin blockchain.

Lightning technology aims to make micro-transactions a reality so that Bitcoin can be scaled and implemented for regular, everyday transactions.

L.N’s increasing market clout has recently been showcased by WooCommerce, a WordPress based commercial platform, that now allows for its usability for both BTC and LTC payments.

Bitcoin Lightning Network
Related Story: Bitcoin Lightning Network Beta Is Now Live

Similarly, VPN provider TorGuard, as well as Austrian tech company Coinifinty, have also executed monetary transfers using the network.

While many naysayers continue to question the scalability of this technology, industry leaders such as Jack Dorsey and Charlie Lee continue to support the Lightning Network.

Moving forward, it will be interesting to see how this technology evolves and brings forth innovation within the crypto domain.

Update – this article has been updated to reflect that the SegWit is implemented and the Lightning network testnet has been live since December of 2017.

Cover Photo by Emil Jarfelt on Unsplash

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Author

Shiraz Jagati

Shiraz is a cryptocurrency journalist and analyst living in Melbourne, Australia. When not exploring the emerging blockchain ecosystem, he loves to play the blues and dabble in the world of meditation.

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