Bitcoin (BTC) Lightning Network Capacity Could Reach $1 Billion In First Half Of 2020
Lightning Network Capacity Could Reach $1 Billion In First Half Of 2020
Lightning Network is growing at a rapid pace and every few months, the network capacity achieves a new milestone. With an 11 percent increase in a month, the BTC capacity has gone to 561 that amounts to about $2 million at the current price, according to the data provided by 1M.
If we calculate the network’s capacity with Bitcoin’s price at its peak at $20,000, the current capacity would have been about $11 million.
Apart from the network capacity, the number of channels are also surging. With over 36 percent surge, the total number of channels is now 21,524. As for the number of active channels, they are 2,784.
However, the new channels have seen a decrease of more than 17 percent in the past 24-hours. Meanwhile, the number of nodes have now crossed $5,600 with over 17 percent monthly rise. Bitrefill, Blockstream, Hodl Monkey, Joltfun, and Loving Room of Satoshi are the current top stores and services.
With the ongoing surge in Lightning Network activity, one Redditor shared a post titled,
“If the current trends continue, the lightning network will have a capacity of over $1B within the next 15 months,” that only includes public channels and the Redditor expected them to “possibly many more that are not advertised (hidden).”
People are excited and hopeful of this prospect as one enthusiast commented, “I hope you are right, I have a feeling this could be the breakthrough we are all hoping for. Or are you joking?”
Talking about its possibility, another one shares,
“LN makes Bitcoin useable in daily life. It remains to be seen whether merchants will pick up on this sufficiently (offline and/or online) so that the gap between users and merchants becomes smaller. At least online I would expect LN to establish a mini breakthrough.”
The data for this chart, according to the Redditor came from here,
Crypto awareness has surely reached the masses but adoption is much far away but as lightning network makes transactions on blockchain instant and scalable, we would be able to make the process faster.
A decentralized network, Lightning uses smart contract functionality to enable the instant payments across the network. This layer two technology debuted the market last year for which now Bitfury, a blockchain technology firm is also releasing suite tools to drive its adoption further.
This product is designed to make the lightning network “easier for vendors and consumers to use.” In order to let Bitcoin users create or open payment channels, the firm also released a public lightning network node called “The Peach.”
Recently, we also shared how Lightning network is gearing up for this year with a number of developments viz. Neutrino, Submarine Swaps, Dual Funded Channels, Atomic Multi-Path Payments (AMP), Splicing, Wumbology, Sphinx-send, and Watchtowers in the pipeline, which shows interesting times are surely ahead.