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.