Bitcoin

Lightning Network (LN) adoption increases slowly as it crosses 100 nodes

Adoption of Lightning Network (LN) mainnet is increasing slowly with reports coming in that it has almost doubled its node count and capacity in days as Bitcoin users rapidly switch on to its benefits.

Current data shows that there are 107 active Lightning Network nodes, 237 channels and a total Bitcoin load worth just over $19,000. There has been a lot of reservation about LN from some well-known Bitcoin industry figures; however, Lightning Network is garnering adoption and support among users keen to avoid fees and confirmation delays when sending coins.

A current example has taken off in the form of an updated version of ‘Bitcoin Pizza,’ with US pizzeria owners seeking to accept LN payments for Bitcoin orders. The concept began as a tongue-in-cheek thread on social media, but has since roped in genuine business interest despite the nascent state of LN.

Blockstream started rollout of a Lightning payments webstore last week highlighted concerns from those who cautioned against using the so-called layer two technology before complete testing had completed.

As adoption grows, questions are also mounting as to the extent of users’ knowledge about what LN is and how its works on a fundamental level. The practice of opening and closing channels in order to accept payments appears to already be causing confusion, with Reddit accounts seeking to eradicate common misconceptions.

It is not just Lightning which is making progress this week. SegWit propagation, which had developed steadily over the previous six months, suddenly spiked almost 100% to 19% of Bitcoin transactions in January. The move coincides with popular p2p trading platform Localbitcoins’ implementation of SegWit, which similarly facilitates considerably cheaper transactions as a major use case for casual Bitcoin traders.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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