Bitcoin Blockchain’s Micro Payment System is Coming to Life with Lightning Network and Tippin
The Lightning Network (LN) and the Tippin application are helping microtransactions in the Bitcoin (BTC) network start growing once again. The Tippin application has already recorded 14,000 signups in a very short period of time.
Lightning Network Continues To Grow
Since Tippin was released to the market, 15,000 tips have already been sent across the network. Moreover, almost 600 channels have already been connected to Tippin.me node on the Lightning Network. This shows that there is an increasing interest in transacting smaller amounts of Bitcoin.
Users that are interested in processing these transactions can download the extension for Google Chrome or Firefox. The Tippin.me application works for users on Twitter and adds a Lightning network button next to the DM icon.
According to the Twitter user Kevin Rooke, the Tippin.me extension went live. He showed the impressive growth of the network by providing very interesting data. Rooke showed that the app could add $30,000 or more of potential transaction capacity to the channels related to it.
3 months ago, @tippin_me went live.
Since then, there have been:
⚡️ 15,000 tips sent
⚡️ 14,000 sign ups
⚡️ 4,000 browser extensions installed
⚡️ 559 channels connected to it
⚡️ $30,000+ of potential transaction capacity added to those channels pic.twitter.com/EwuKnbhQME
— Kevin Rooke (@kerooke) March 4, 2019
The lead developer of this initiative is Sergio Abril and aims at expanding the application even further. Users will be able to send small amounts of Bitcoin at almost no cost and in just a few steps using the Tippin.me application.
Aril started the LN project with the intention to learn more about the Lightning Network and how it works. Moreover, he said that he wanted to help the payment layer to gain traction among the crypto community. In the future, he has plans to keep improving the app and how it works.
The CEO of the popular social network Twitter, Jack Dorsey, supported the initiative and the project. After the support provided by Dorsey, several individuals decided to install the application.
Although the Lightning Network will need more years to reach mass adoption, the community is working very hard for this to happen as soon as possible. According to Abril, due to the fact that is difficult to create a friendly user experience and remain decentralized, the funds that the user receives and sends through Tippin are custodied by the application.
It is also worth mentioning that there might be some bugs and other malfunctions. However, Abril explained that they are working in order to solve all the issues that might arise in the future. According to Andreas Antonopoulos, one of the most prominent figures and experts in the crypto market said that in order to have a fully user-friendly application on top of the Lightning Network, two years could be required.
The Lightning Network continues its growth path. According to 1ml, the number of nodes has reached 7075 and there are more than 32780 channels opened. The network capacity is currently 760 BTC.