BTC Lightning Network Growth Picks Up the Pace

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BTC Lightning network growth picks up the pace

BTC Lightning Network has seen a rapid growth recently, with the new reports claiming that the process of its expansion continues to speed up.

A Rapid Growth of the BTC Lightning Network

BTC Lightning Network, which is an active part of the Bitcoin MainNet, has just surpassed 3000 nodes. Additionally, the Network now has the capacity for almost 100 BTC tokens. This is a result of a rapid growth seen in July when the network’s capacity went up by an entire 85%.

This is an enormous change when compared to the network’s state at the beginning of the summer when its capacity included the ability to only hold 18 BTC. After only one month, its capacity doubled, and the Network’s growth allowed it to reach the capacity of 35.4 BTC. Then, on August 1, that capacity increased to reach 97 BTC, which is an incredible increase. To demonstrate how big of a growth this is, we should note that the network’s capacity back in February included only 4 BTC.

Network Continues to be Heavily Criticized

Despite the rapid expansion of the network, it still received its fair share of criticism over the past months. There were many concerns regarding the network’s centralization, for example. A known developer by the name of David Shares said that the network graph doesn’t represent the BTC Lightning Network quality nearly as well as it should. According to him, the network is fun to use, but from the analytical point of view, it is represented very badly.

Numerous other critics still continue to question the network’s quality, its ability to process transactions, and alike. Some of them claim that only a few transactions of low value have a potential not to be processed properly. This is due to the fact that most of the developers are trying to improve the network’s robustness, which is why they haven’t addressed such issues as of yet.

Still, not everyone is so strongly against the BTC Lightning Network, and one of its largest proponents is Charlie Lee, the creator of Litecoin (LTC) itself. Lee has commented on the network, stating that he believes that it represents the ‘ultimate decentralized exchange’.

Now, obviously, the network still has a lot of work to do, as well as its developers. However, this level of growth and expansion is definitely a positive development in its timeline, and many are optimistic about its future. Not to mention that, despite its flaws, the network still manages to attract new developers, additional investors, and its community continues to grow as well.

4 COMMENTS

  1. I see a change (whether this is related to the Lightening Network or not)
    Earlier: when I send some bitcoin, I need to wait for some 40 minutes and all the 6 confirmations to get the fund in the destination wallet
    Nowadays: when I send some bitcoin, the destination wallet signal that fund is received under 10 minutes, before even the 1/6 confirmations have been made

    • The lower time of your transaction has nothing to do with the lightning network. It currently has a 99% failure rate when sending large amounts of like 300USD worth of BTC. You transaction time was faster probably since the BTC network wasn’t overloaded.

  2. This was a bad writeup. It contains no technical details of substance. I am not seeing this “rapid expansion of the network”.

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