Users of the main digital currency, Bitcoin, bet the usability of it to Lightning Network. Consequently, the number of users adopting this platform to improve scalability in the Bitcoin Blockchain network, is increasing. The increase in the amount of BTC moved through this protocol, is striking during the last weeks.
It is likely that the main impulse, is the slowness of transactions due to the fall of the hashrate. The other aspect has been the committees. Lightning Network, it should be emphasized, comes to solve these problems in a harmonious way. The scalability of the network, could overcome big problems to the same extent that LN is adopted.
Consequently, it is highlighted that the Bitcoin nodes in this protocol, have doubled in a short period of three months. The LN is shaping up as the end of the narrative about Bitcoin’s inability to become a widely used currency. However, its usability has not become a pressing need because the pioneering cryptocurrency still does not reach its goal of massification.
Bitcoin’s massive usability will make Lightning Network a necessity
Bitcoin’s current usability level, though large, is far from massive. In this sense, the use of tools such as the LN, is only an option to overcome the uncomfortable problems of commissions or frequent bottlenecks. But as the leading cryptocurrency approaches mass use, Lightning Network it is becoming more and more necessary.
Until 2018, criticism of Bitcoin focused precisely on its inability to become a global currency. Blocks of transactions in the original network, can not exceed the size of 1 megabyte. This means that the processing capacity is less than 7 transactions per second.
Compared to other projects like Solana, whose Blockchain can exceed up to 50 thousand transactions per second, the difference is obvious. However, with the launch of Lightning Network and its capacity of tens of thousands of transactions per second, the problem seems to be solved.
Despite this, the usability of the tool for Bitcoin transactions remained low. This lack of interest in its application seems to be coming to an end, with the migration of transactions to that network, which seek scalability.
Lightning Network accelerated growth
An important aspect related to the improvement of Bitcoin in terms of its usability, is the growth of LN. Although this platform is still in its initial phase, the numbers reached are not negligible. By April of this year, there were more than 10,000 active nodes. At the same time, some 45,000 payment channels and mobilized amounts of 1,158 bitcoins were opened until then.
In less than three months from that time to the present, the increase is remarkable. For example, the amount of blocked Bitcoin amounts to 1,821.29 BTC, with growth of 20% since last month. Meanwhile, the nodes doubled to reach 22,781. At the same time, the number of payment channels rose to 56,103.
To get an idea of the magnitude and acceleration of this growth, the last double increase in the number of nodes should be highlighted. So, to go from 5,000 to 10,000 nodes, it took almost a year. Now a similar percentage increase is reached in a quarter.
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