Lightning Network Establishes New Record Processing 1 BTC in Transactions in Just a Day
The scaling solution proposed for Bitcoin (BTC), the Lightning Network (LN), continues to grow and expand amid a bear market in the virtual currency world. Satoshi Labs, the company behind the hardware wallet Trezor, registered 1 BTC in Lightning transactions in just a single day.
The information was released by Pavol Rusnak, the CTP of Satoshi Labs in a recent tweet uploaded on January 27.
It seems that our @SatoshiLabs node is the first #LightningNetwork ⚡ node in history that routed 1 BTC (100,000,000 satoshis) in #Lightning transactions per single day! 🎉 (stats by #lndash) pic.twitter.com/rePMoQuRR3
— Pavol Rusnak (@pavolrusnak) January 27, 2019
The Lightning Network capacity has been growing over time as well as the channels and nodes operating on the network. According to data provided by 1ML, the number is 5,727 and the number of channels 22,270. The network capacity has also reached 577 BTC, close to $2 billion.
The Lightning Network is the scaling solution proposed for Bitcoin that will allow it to reach hundreds of thousands of transactions per second without congesting Bitcoin’s main network. Each of these LN transactions will include very low fees, even lower than on-chain transactions. With faster and cheaper transactions, there are more use cases for Bitcoin and also the possibility to process micropayments.
Trezor is one of the most popular hardware wallets in the market alongside Ledger. Companies are starting to deploy their own Lightning Network nodes trying to help Bitcoin be more scalable and be able to welcome millions of new users.