Bitcoin Lightning Network Reaches 30K Channels and 7K Nodes with Support from Jack Dorsey 🚨 This article is 6 years old...
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Bitcoin Lightning Network Reaches 30K Channels and 7K Nodes with Support from Jack Dorsey
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Updated: May. 25, 2023 at 2:14 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Bitcoin Lightning Network has seen strong growth, surpassing 30,000 channels and close to 7,000 nodes in 2019. The network has reached new levels of capacity, currently supporting 738 BTC. When combined with endorsements from Twitter CEO, Jack Dorsey, support for the network doesn’t seem to be slowing down.
Lightning Network Reaches Unexpected Heights
Created as a solution to Bitcoin’s scalability problem, the Lightning Network is a second layer on top of Bitcoin meant to increase the transaction throughput of the blockchain network. By adding another layer on top of Bitcoin, it’s possible to circumvent some of the limitations of Bitcoin’s design.
Now, the network has surpassed a significant milestone, bringing faster and more secure Bitcoin payments. The Lightning Network now has 31,360 channels and just under 7,000 nodes. Its network capacity has also increased by almost 20 percent in the last 30 days.
Some Reddit users have pointed out that the number of nodes with active channels is around 3,600, while others have said that the number isn’t indicative of a large number of inactive or “zombie” nodes. What the number points to is the discrepancy between the number of active and public channels.
Twitter CEO Joins Communal Effort by Setting up His Own Lightning Node
Jack Dorsey, the founder, and CEO of Twitter has also joined the Lightning Network and has set up his own Casa Node. A plug-and-play solution for running Bitcoin and Lightning Networks at home, the Casa Node is marketed as an all-in-one solution for beginners.
In @CasaHODL pic.twitter.com/Nu4fvsODMm
— jack (@jack) March 3, 2019
According to Michael Borglin and Thomas Connors of the Lightning Ramp team, the Casa Lightning Node is “the easiest way to use Lightning available today.” The node comes pre-assembled, requires no coding experience and is pre-synced with Bitcoin for fast activation.
And while Jack Dorsey has been accused of being a “Bitcoin maximalist,” he certainly isn’t unknowledgeable when it comes to cryptocurrency technology. As the founder behind Square, and consequently Cash App, Dorsey has been a proponent of Bitcoin and cryptocurrency in the industry.
Dorsey said that the Lightning Network could soon be integrated into Cash App. Jeremy Welch, the CEO of Casa, said that Lightning Network in Square would be significant “on multiple levels,” as it could help the network compete with bigger financial institutions.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Jack Patrick Dorsey, born on November 19, 1976, is a testament to the American dream of innovation and entrepreneurship.