Coinscrum Event Hosts Bitcoin Maximalists and Discussions Regarding the Lightning Network
The London-based conference Coinscrum is currently attracting Bitcoin (BTC) maximalist and also Lightning Network supporters. The event took place last week and several figures were present including the core developer Matt Corallo.
During the last years, the number of altcoins in the market has been growing at very fast rates. The truth is that there are more than 2000 digital assets in the market and several hundred that will be released in the future. Bitcoin’s market dominance fell from over 85% a few years ago down to around 33% in January 2018. Now, Bitcoin’s dominance is around 53%.
Nevertheless, Bitcoin’s fundamentals have never been better. There are several experts showing that the fundamentals behind Bitcoin continue to grow even during a bear market. Jameson Lopp, the Chief Technology Officer (CTO) at Casa, wrote an article in which he showed that there are many metrics related to Bitcoin that kept improving during the last months.
One of the things he mentioned is that over the past year, transaction fees collected by miners plummeted 99.5%.
— Jameson Lopp (@lopp) December 21, 2018
This could be related because the Bitcoin network implemented Segregated Witness (SegWit) and because of the advancements in the Lightning Network (LN). Segregated Witness has reached an adoption level of 40%. This reduces the size of each transaction allowing the network to be less congested and process more transactions per block.
Bitcoin developers are currently working on the Lightning Network which is the ultimate scaling solution for Bitcoin. This would allow reducing the fees paid when making a transaction and it will also increase the speed of transactions. When Bitcoin was reaching its all-time high in December 2017, the network was completely congested.
It was almost impossible to make cheap transactions and processing times were also skyrocketing.
Corallo seems excited but also cautious on the Lightning Network. Indeed, the LN is still on its early days and there are several modifications that should be implemented before is ready to use massively. At the event, he commented:
“Everyone’s super excited about Lightning, even in this bear market. Obviously, it’s still early. There is still a lot of user experience challenges.”
He went on explaining that the LN has to be improved at the engineering level before it is able to reach its full potential in the future.
He then compared Bitcoin with other virtual currencies in the market. He mentioned that Bitcoin is setting precedent about how things get changed. Other digital currencies can be modified in a much easier way than Bitcoin, in some cases, this is not positive. Corallo explained that he cannot change the rules unilaterally.
At the moment, the Lightning Network has 6,088 nodes, 24,669 channels and a network capacity of 657.12 BTC ($2.39 million). Although there is a genuine growth, there are some things to modify in the future before it is able to reach users all over the world.