Lightning Network Continues Expanding
The Lightning Network is continuously growing. Currently, Lightning operates more than 10 thousand open channels. In addition, these very channels are displayed consistent and fast-tracked growth. The network’s channels are able to hold 97 Bitcoins. Almost a month ago, Lightning operated seven thousand channels and could only contain about 24 Bitcoins which displays an impressive growth of over 3000 additional channels in a short time-frame.
A Promising Future
BTC has always faced immense issues regarding scalability as a token. The issues only worsened after the cryptocurrency peaked at its all-time high of $20000 and users on the network recorded the most traffic. Transaction prices skyrocketed, climbing over $20 per use and continued with the trend for many following days before calming down. This proves the inefficiency of its system.
In 2017, developers began discussing several proposals to dealing with the incessant scalability issue. SegWit was one proposed solution, as well as Lightning. How SegWit operates is that it cuts down of BTC transactions to provide the network with additional room for transactions and cheaper costs.
Lightning is a solution to scaling detached from chains, allowing the leading cryptocurrency to overlook countless transactions, with all transactions either zero-fee or much cheaper. Despite the efficiency of these solutions, a few bumps in the road are still evident. Developers are consistently upgrading and proposing more robust solutions to deal with them.
Down the road, the Lightning Network expects to see more gains, growth, and channels as well as additional operating nodes (redistribution points) and provide more platform room for Bitcoins. In addition, new and enhanced protection and privacy measures are being added to the network for its users.
Olaoluwa Osuntokun, the Chief Technical Officer of Lightning Labs stated that nodes operating on the system should not randomly restrict specific transactions or payments and place certain avenues on a blacklist. He compares it to Tor, the anonymous dark web browser by saying that leaks regarding timing are valid and unacknowledged malicious attacks are indeed potentially possible. Nodes do not have the ability to pick and choose which payments to receive.