March 18, 2019

Lightning Network Celebrates First Year with Progressive Scaling Solutions

It was March 15 of last year when the Lightning Network officially went live with its beta implementation. Just a single year from its first release, the Lightning Network has now seen progressive scaling solutions with a capacity that is over a thousand BTC or around 4.2 million USD.

The Lighting Network is a decentralized network that uses and is powered by smart contract functionalities in the blockchain. It is dubbed as the transaction for the future particularly because it allows instant payments that measure in milliseconds at a very low-cost. One of the best features of the Lightning Network is its scalability that allows billions of transactions to be accomplished in just a single second across the network.

The lightning network basically works using the blockchain technology to create fast and secure transactions at high volumes. It features bidirectional payment channels where two parties can create, initiate and end transactions without the need for custodianship. It also allows the conduct of unlimited off-blockchain transactions that is enforced with the confidence of on-blockchain technology.

Having surpassed the capacity of 1,000 BTC in the lightning network in just a single year is already a feat for the blockchain world. Coupling that with the increase in the number of channels to 39,222 and the number of nodes to 7,381 can only signify the advancement that is made by the Lightning Network and the blockchain community.

There is certainly an abounding feeling of excitement among blockchain players and cryptocurrency enthusiasts concerning the adoption of the Lightning network. As Jack Dorsey, Twitter's CEO asserted, "It's not an 'if;' it's more of a 'when' – how do we make sure that we're getting the speed that we need and the efficiency?" As the Lightning Torch continues to snowball and reaches more people, then we could expect the Lightning Network to go further horizons.