Lightning Network Growth
The Lightning Network, active on the Bitcoin mainnet, has surpassed 3000 notes that have capacity for almost 100 TBC. Data monitoring resource 1ml.com confirmed that the network’s overall capacity increased by 85 percent in July and that the network is able to accommodate 86 BTC in funds.
The increase paints a different picture than the state of the network at the start of the summer. Kevin Rooke, a Twitter commentator, noted that at the time, the network’s capacity was comparatively low at just 18 BTC. A month later, the lightning network started growing and capacity reached 35.4 BTC. To illustrate just how dramatic growth has been since the start of the year – in February it was at 4 BTC and as of August 1, it reached 97 BTC.
Though the network has seen some stellar expansion over the past few months, there is still some criticism of the network. According to David Shares, a developer also known as StopAndDecrypt, stated that, “The fact of the matter is, this network graph actually does a really terrible job of presenting the Lightning Network to you. It’s pretty and fun to play with, but it does everyone involved an analytic injustice.” Other critics have also questioned the network’s ability to process transactions. According to Bitcoinist, certain low-value transactions are unlikely to be successful under the present state of the system because developers are focused on improving robustness.
On the other hand, the network is also seeing some support from major proponents like Litecoin creator Charlie Lee, who sees the network as the “ultimate decentralized exchange.”