In the early part of this year, power network (LN) has seen massive growth and continued adoption from the bitcoin community. Just yesterday, the Lightning Network saw its capacity exceed 1500 BTC.
This increase in activity and adoption shows that users are confident in the ability to conduct off-chain transactions securely through LNs. These payments are then secured on the blockchain through two-party ledger entries.
This year, the Lightning Network saw a massive 42% increase in the number of BTC available. Also, there are now over 12,000 nodes handling 45,000 payment channels. These exponential numbers are expected to increase with the adoption of cryptocurrencies as any form of daily payment.
Source: Arcane Research
Why does BTC need the Lightning Network?
Since its inception, bitcoin has had issues with blockchain congestion and the associated high fees during an influx of transactions. LN aims to reduce that congestion while reducing fees for transactions.
As a second layer payment protocol on bitcoin, the Lightning Network is important for allowing users to make micro-transactions. Without the ability to perform these transactions, BTC is obsolete for the layman due to high fees and slow transaction times.
Allowing users to make these small transactions is crucial to the adoption of the cryptocurrencies we use in our daily lives. Ensuring transactions are instant and completely secure for worldwide crypto adoption. The scalability that the Lightning Network brings to the blockchain is key to moving this technology away from being used as a traditional investment and as a type of fiat currency.
in the past few weeks El Salvador Declares Bitcoin as Legal Tender, Bitterfill announced that on several occasions they have processed more than 10,000 daily transactions. This high number of transactions on LN saved about 2 blocks on-chain. Thus proving that the Lightning Network is applicable to everyday transactions and contributing to the expansion of bitcoin for anyone to use.
Will Twitter integrate with the Lightning Network?
In another major victory for the adoption of the Lightning Network, Twitter CEO Jack Dorsey responded to a tweet last Thursday asking if it was being integrated into Twitter or BlueSky, a new decentralized social media protocol that created He is going. His response was short and sweet:
only a matter of time
— jack (@jack) June 11, 2021
With the continued adoption of blockchain technology, the Lightning Network will be an important integration for everyday app users transacting with crypto. While no integration has taken place yet, the answer to Jack Dorsey’s question is telling.
Soon, apps around the world will be built with blockchain technology in mind, making transactions consistently easier, faster, and more secure than ever through transactions on the Lightning Network.
Featured Image Source: Nastya Dulhiier on Unsplash