Bitcoin Mining Pool Founder of BTC.TOP: Lightning Network Will Not Fix Bitcoin Scalability Issues
Bitcoin has a problem with scalability. No one in its right mind you disagree with the fact that BTC gets too clogged when too many people used it. Debates about this exist since 2014 and early 2018 was a great proof of that.
After the Lightning Network was launched, everybody thought that things would be smooth. However, some people seem to believe that this is far from the actual truth.
The Lightning Network, as you probably know, is an off-chain scaling solution for the Bitcoin network. It means that the transactions are made outside of the chain, on a layer 2 solution, in order to be faster and easier to manage. However, even with the LN growing up fast, Jiang Zhuoer, the founder of the BTC.TOP mining pool, does not believe that the Bitcoin Lightning Network may be the future.
Zhuoer has questioned whether the LN has the capacity to actually be a good scaling solution. He said that it did not have a viable user base as well, which would lead to its demise.
The Lightning Network Is Actually Progressing Well
However, statistics show that the LN, despite the crypto bear market and all the bugs and issues when it was launched, managed to thrive and actually become more popular.
At the moment, it has a total of 6,727 nodes, which is an increase of 17% when compared to the last 30 days. This when Bitcoin has stagnated in price between $3,500 and $4,000 USD. It also has a network capacity of 725 BTC.
The Bitcoin Lightning Torch initiative is also reaching mass adoption and increasing people’s attention on the LN. A branch of Fidelity Investments, one of the largest investment companies in the world, has also become of the first companies to receive the torch, which made the LN even more famous.
Lightning Network Is Not Enough For Zhuoer
Unfortunately, not even all this seems like enough for Zhuoer. He has affirmed that Bitcoin could not use something like a scaling solution that is made via a layer 2 and that the solution should be made within the boundaries of the network to be actually effective.
He affirmed that most of the funds actually flow from exchanges and directly, not via layer 2 programs. Because of this, the solution may even interesting for technical users but it will remain something that is not really a true solution if it is not widely used, despite its growth. When we consider how centralized exchanges work, his argument actually makes a lot of sense.
Zhuoer does not seem to believe that mining or the price of Bitcoin will be affected by the Lightning Network and that the number of users that it has is still too small. The LN, he affirms, is limited in scope and extremely centralized, which is also an issue. This way, it will simply not solve all congestion issues which will appear in the future as the adoption of the BTC network grows.
He expects a bull run during 2020 or 2021 that will clog the network again and maybe cause some more issues for the developers.
The founder of BTC.TOP was not alone in his criticism, though. Recently, Roger Ver, Gabriel Cardona and other people from the Bitcoin Cash community have attacked the LN while affirming that BCH will be better and that it can do more in a single day than the Lightning Network will do in its whole history. They also criticized it for having a poor user experience.