The Lightning Network hit a record 12,000 active nodes this week marking a new record in the development of the network. This latest news showcases the second layer protocol’s continued expansion among crypto users eager to see Bitcoin return to the days of low cost and instant transactions. The Lightning Network is still in its Beta testing stage, but this fact hasn’t slowed down developers and users alike from joining the network.
The LN Hits 100 BTC
The total channel value of the Lightning Network has now surpassed 100 Bitcoin. Both of these milestones signal bullish movement within the cryptocommunity. The Lightning Network received a boost in capacity last week after the CEO of Shitcoin, Andreas Brekken, opened the largest channel to date. The node holds 35.24 BTC which is around $225,000. When questioned about the node, Brekken stated that in order for Shitcoin to understand the LN “They must become the Lightning Network.” No additional information was provided on when his LN review would be released.
Lightning Node Count
The Lightning Network node count is growing. For reference, there were only 29 LN nodes in January of this year. In April, the node count was around 2000 and the capacity of the network was around $150,000. Today marks 12,000 plus nodes on the network. This rapid adoption was fueled by a combination of contributing factors such as increased Lightning App development and further payment processor acceptance of the LN.
Lightning Network App developers have come up with some pretty ingenuitive ways to showcase the protocol’s instant micro-transaction capabilities. The platform Satoshi’s place allows you to tag a public whiteboard at a cost of one Satoshi per pixel. A Satoshi is the smallest unit of BTC.
While this platform’s original intent was to showcase the LN’s abilities, it now seems to have become a part of the larger Bitcoin vs Bitcoin Cash debate. The board is littered with anti and pro BCH propaganda.
The introduction of lightweight mobile LN nodes has also fueled the speedy advance of this revolutionary protocol. Platforms such as éclair provide mobile users a reliable LN wallet option. Prior to these mobile wallets, users were required to host a full LN node. Many believed that this difficulty resulted in slower adoption.
The Lightning Network got a huge boost in the vendor category this week as the popular cell phone top-up provider Bitrefill announced their new e-commerce LN voucher program. LN users can now buy vouchers for some of the world’s largest retailers including Amazon, Uber, Hotels.com, and Google Play. Bitrefill was an early LN supporter and now it appears they are ready to raise their involvement in the project.
Light Years Ahead
The Lightning Network is considered by many as BTC’s best option in combating the scalability issues which have plagued BTC since January of last year. Now that the 10,000 node mark has been surpassed, you should expect to see the LN really take flight in the coming months.
What do you guys think? How long before the LN hits 100,000 nodes? Let us know in the comments below.