While Bitcoin prices are down about 72 percent from its peak, Lightning Network is making records as its capacity increases by nearly 200% coming really close to touching $2 Million BTC (333.50 BTC).
Lightning Network Capacity Rises about 200%
Lightning Network is growing at a solid pace as it sees a rise of 197 percent in its capacity close to reaching $2 million BTC at $1,808,407. With a network capacity of 333.50 BTC (at the time of writing) it has grown exponentially in just a month.
As per the data available on 1ML, the number of nodes is registering at 4,100 seeing a boost of about 8 percent. Whereas, the number of channels currently running is 11,416. However, due to the decentralized nature of the Lightning Network, the statistics covered are approximations.
Introduced about a year and a half ago, Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. It started to see a substantial surge in its nodes and capacity only about four months back.
Working on the scalability aspect of the bitcoin, this second layer off chain scalability creates a secure network of participants which are able to transact at high volume and high speed through bidirectional payment channels and having blockchain as arbiter.
This has the crypto community excited to see the development going on in the space despite Bitcoin prices taking a hit and dropping 72 percent from its peak at $5,445 (at press time).
One Bitcoin enthusiast shared,
Pay less attention to the price and more attention to development. 👍🚀⚡
Capacity: 338 BTC ( $1.9M USD )
PS: Buy Bitcoin! pic.twitter.com/lEfzYQHjnG
— Conan O’Bitcoin (@ConanOBitcoin) November 18, 2018
Recently, Alex Bosworth, Lightning Infrastructure Lead at lightning and CEO of yalls.org shared Lightning Network upgrades in the works on Twitter,
Tons of great Lightning Network upgrades in the works:
– Active cross-hop route pinging to improve wallet sending success rates
– Dual-funding options and liquidity markets to solve inbound capacity limits
– Hidden channel transactions using ECDSA signature aggregation
— Alex Bosworth ☇ (@alexbosworth) November 12, 2018
There is a lot of work and development going on Lightning Network as a Bitcoin supporter and software developer, Francisco Calderón shared a script to rebalance your own Lightning Network channel,
I’ve been working on a simple script to rebalance your own #LightningNetwork channels, spoiler alert: it works!
— Francisco Calderón ⚡ (@negrunch) November 16, 2018
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