more than 3000 Bitcoin It is now hosted on lightning networkSidechain that enables faster, low-fee payments to Bitcoin holders Data from the tracker TXStats offers.
– Ylmazckrkrpto October 4, 2021
Capacity has doubled from 1,500 bitcoins since June 2021 and tripled since late 2020, showing increased demand for the Lightning product. The increase comes against the background El Salvador’s Move to Legalize Bitcoin in the last year.
What does Lightning do to Bitcoin
Lightning, created by Bitcoin technology company Blockstream, is a “layer 2” payment protocol designed to be layered on top of a blockchain-based cryptocurrency such as Bitcoin or Litecoin. It is intended to enable fast transactions between participating nodes and has been proposed as a solution to the Bitcoin scalability problem.
The network consists of nodes (computers) running the LN software, connected to other nodes via payment channels allowing them to forward payments on their way to their final destination (payment recipient). Each payment channel needs enough Bitcoin on it to pay.
Adoption of the Lightning Network has been slow but steady. A lot of Bitcoin (and cryptocurrency) use cases remain the case for trading and speculation in current times, but that is changing rapidly.
More than 77,000 “channels” now operate on Lightning nodes to support the growing network, making hundreds of Bitcoin transactions every day. Moreover, El Salvador’s move to legalize Bitcoin has increased the demand for a quick Bitcoin payments tool, which takes seconds instead of minutes to confirm transactions on the Bitcoin network.
The post where the Lightning Network exceeded 3,000 Bitcoin (BTC) capacity first appeared on CryptoSlate.