Recently, the big news of the Lightning Network [LN] about to go live broke out via CoinGate’s announcement on Twitter. This is one of the most awaited developments in the cryptocurrency space and is significant to both, the Litecoin [LTC] as well as the Bitcoin [BTC] community. In fact, Charlie Lee, the creator of LTC also participated in a bet with Roger Ver this year, claiming that the LN would be ready in the next 18 months.
An unofficial Twitter fan-channel of Bitcoin Lightning Network named Lightning Network statistics, tweeted the updates on the progress of the Bitcoin LN today. Here, the handle wrote that there are now above 4,500 nodes on the network with above 2,000 channels being actively involved. The post also revealed that the capacity on the network is 495.290 BTC as of now, which is equivalent to 1,90,07,59,574, at the time of writing. The original tweet read:
4,691 nodes (2,159 with active channels)
495.290 BTC capacity ($1,924,723.25)
new in the past 24h:
31 nodes, 287 channels
median node capacity: 0.010 BTC ($38.89)”
Another popular Twitter channel called A v B also updated the community on the strengths and potential improvements that have to be made to perfect the technology. Here, the user listed the advantages of the Lightning Network, namely, insanely low fees, sub-satoshi micropayments, instant payments, infinite scalability, onion layer encryption, off-chain privacy and decentralization.
Under the list of things to improve upon, the same user mentioned adding on-chain and off-chain gateways, channel balancing and better mobile wallets as the potential add-ons.
According to Lee, LN is the best second layer solution to crypto-transactions, especially Bitcoin and Litecoin, that will enable atomic swaps between the two cryptocurrencies. Furthermore, he has, on several occasions, opined that Litecoin can help Bitcoin with scalability issues as its effective block space is quadruple of that of Bitcoin.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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