Lightning Network Hits 100 BTC And Becomes Larger Than It Ever Was
Despite the price of Bitcoin facing a bear market and the Lightning Network still having some issues, the platform is bigger than it ever was right now. After reaching a capacity of 100 BTC (around $730,000 USD), the LN beat its own record and became huge.
Proposed as a scaling solution for Bitcoin as a second-layer, the LN just hit a new milestone after the protocol started to get some steam during 2018. This is an important mark because the capacity of the network has been as low as 3 BTC this year, so increasing so much really means something for the community.
From Nothing To 100 BTC
Crossing the 100 BTC threshold was not an easy task and it took more than half a year. The network has first hit the 50 BTC capacity back in July this year, so it looks like scaling is finally working as intended because the capacity just doubled in less than two full months.
According to statistics provided by @LNstats:
— Lightning Network statistics ⚡ (@LNstats) September 4, 2018
— Lightning Network statistics ⚡ (@LNstats) September 5, 2018
For the first time, open channels have also crossed over the mark of 12,000. If you take into account that they were at 7,000 just 2 months ago, you can see just how impressive the numbers are. The node count has also tripled since March, which means that there is still a lot to make before the LN is at full speed, but things are definitely looking great.
Most of the growth has been made during the Summer months. Months like July saw an increase of 85 percent on the capability of the network when compared to June.
Scaling Problems Will Remain
These improvements show that there are many developers committed to making the LN work as intended like Bitrefill and SatoshiLabs, which keep looking for ways to improve the network. However, even now, the LN is anything but user-friendly. Many transactions still fail, especially any transaction worth more than 3 cents.
The CEO of Bitrefill, Sergej Kotliar, has no illusions about how the LN is working right now. He affirms that the LN definitely has tradeoffs and that the scaling problems will remain. They are very hard to solve and only increasing the size of the network is simply not enough to solve all the problems of the network at the moment, but he hopes that they will be completely solved in the near future.
Casa Will Make Running A Lightning Network Node Easier
Casa has recently announced the Casa Lightning Node, which is will be a new device that will help you to set up your own Bitcoin LN node at your home. The device was created by taking usability into account and it is a plug and play device that you can set up easily to connect.
The devices will be sold in a limited run at the moment, only 100 of them will be sold for $300 USD each (you can pay with BTC or ETH if you want). This way, this can provide a good stability solution for the network at the moment.