Crypto Expert Andreas Antonopoulos Says Bitcoin's Lightning Network Scaling Is Scaling Solution

Andreas Antonopoulos is well known for his expertise in Bitcoin and blockchain and has put his support behind a scaling solution developed for Bitcoin specifically known as Lightning Network (LN). When the network has been burdened with high volumes of transactions, it was incredibly overloaded, causing high fees and slow processing.

Right now, to help with the reduction in transaction times, the creators of the network have been throwing around the idea of Segregated Witness, which has been abbreviated to SegWit. With SegWit, transactions cover a smaller size, and the blocks on the ledger are not as crowded and it becomes easier to process other transactions.

However, the SegWit protocols are not meant to be lasting solutions, since it still does not let them scale in a way that avoids high fees, slow processing, and generates bottlenecks. That is where the Lightning Network comes in.

Lightning Network is an off-chain scaling protocol, which helps the user to transact with the coins they want to use, but without having to go outside of the main network for now. The LN lets users of Bitcoin process millions of transactions each second at incredibly low rates. However, there are some experts and enthusiasts do not see this option as a continued solution to the issues.

Regarding LN’s ability to bring scaling options to Bitcoin, Antonopoulos said, “Lightning Network really does bring enough scaling. It allows us to change the dimensions of Bitcoin; it allows us to reduce the granularity of payments, not just down to millibits but down to staoshis and even sub-satoshi amounts… and do that all on the scale.”

So far, GloBee is hopefully the first of many that has offered the necessary support to the LN protocol. The interface plans to test out this option in the coming week once GloBee implements the technology.

Right now, there are over 8,000 channels and close to 3,000 nodes operative with LN, and their capacity has just increased by 10%. Right now, they have the scalability to handle 28.71 BTC, or $184,000.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%. With these gains, digital currencies are leading this year, with...

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given...

PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg. This week, Paypal announcing support, buy, sell, and hold for cryptos...

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000. Interestingly,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today