Bitcoin [BTC] Lightning Network makes progress, hits above 2k active channels

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:

“http://1ML.com observed:

4,691 nodes (2,159 with active channels)

15,104 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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