Lightning Network Proves To Be Highly Active, With More Nodes Than XRP, Litecoin, And EOS Combined
The purpose of the Lightning Network is to improve the scalability of Bitcoin, reducing the fees for transactions and increasing their speed. LongHash has reported on the growth of Bitcoin recently, which is especially important when considering that the mainnet launch of the network was only last year. Presently, based on the data collected by LongHash, it appears that the Lightning Network has more active nodes than the combined nodes of several popular cryptocurrencies.
With no intermediaries, decentralized currencies leverage a distributed network of devices. Active nodes are used for multiple purposes, like eliminating double spending, keeping the integrity of the network, and sending data. According to information from 1ML, the Lightning Network is home to over 3,800 nodes with active channels, but 7,284 nodes total. A year ago, the nodes in operation were only about 615, demonstrating a 528% increase since then.
Reports from LongHash show that there are only two cryptocurrencies out of the top five by market cap that exceed the nodes of the Lightning Network – Bitcoin (10,603 reachable nodes) and Ethereum (7,580 nodes total).
As seen throughout the industry, every cryptocurrency appears to apply decentralization to their assets in a different way, which means that active nodes cannot be adequately compared between networks. LongHash uses EOS and similar platforms as an example since they have created their infrastructure in a way that fewer nodes are operated than other platforms. Furthermore, the requirements for operating this type of node are substantial, which is likely why there are so few in operation.
Having a “correct” approach to both decentralization and the governance of a network is debatable. If it was not, there would be no other cryptocurrencies to ever arise in the first place. Considering these factors, more active nodes does not necessarily mean that the platform or token has a higher decentralization level than other platforms. The Block even discovered this year that a significant amount of the network’s capacity is done over the Lightning Network.