Twitter has had an impact on both the crypto payment launched by El Salvador and the development of Bitcoin in the Lightning Network.
Original title: “What stimulated Bitcoin’s “Lightning Network” indicator to reach new highs? 》
Written by: Sahana Venugopal
Compilation: Blockchain Knight
At the end of September last year, the BTC Lightning Network remained at a theoretical level to a large extent, with a total of less than 8,000 BTC nodes.
Let’s fast forward to the end of September 2021. Now 2.1 million people are using the Lightning Network, which supports wallets to send BTC , and Twitter has initiated BTC payments by integrating the API of the Strike wallet that supports LN.
More importantly, the BTC Lightning Network indicator recently hit a record high.
Yann&Jan recently pointed out on Twitter , “The number of BTC Lightning Network nodes has reached 1.56W, the total transaction frequency is as high as 7.3W, the capacity has increased by 22%, and there are 2,904 BTC .”
The above indicators not only highlight the growth of the Lightning Network, but also raise a related question whether it can support millions or even billions of users in the future.
According to the latest data from Glassnode, the number of Lightning Network nodes was 15,710 at the time of the press release.
At the same time, the transaction frequency was 72,636, a slight decrease from the highest record set recently.
Finally, the capacity also exceeded 2,926 BTC.
Glassnode observes that this growth is “extraordinary” and expressive.
Glassnode believes that “in the past nine months, the total BTC capacity in the LN channel has grown explosively, increasing by 170% in 2021, reaching 2,904 BTC (approximately 127 million U.S. dollars) . Of these, 514 coins are in Joined the LN channel in September.”
Glassnode observed that in the past few weeks, Twitter has had an impact on the Crypto payment launched in El Salvador and the development of BTC in the Lightning Network.
Although the Lightning Network has performed well recently, not everyone believes in the Lightning Network.
For example, Mr. Whale, an important advocate of Crypto, believes that the Lightning Network is centralized and cannot be scaled to the required size. He believes that the Lightning Network is vulnerable to multiple attacks.
In a recent blog post, Mr. Whale pointed out, “So far, the network can only process about 2,800 BTC, which accounts for about 0.0001% of the total BTC supply. BTC worth billions of dollars are traded every day. It is simply unrealistic to adopt the Lightning Network .”
Even so, some traders and analysts are still convinced that the BTC Lightning Network will surpass the payment giants.
Peter McCormack’s Twitter pointed out, “The era of Western Union is about to end. Twitter + Strike has destroyed the Western Union business model.”
Willy Woo quoted his tweet as saying, “Western Union vs. Lightning Network is like Blockbuster vs. Netflix. The business is betting on physical currency and has branches all over the world. The pair was initially engaged in telecommunications business and later expanded to transmit via optical fiber. It’s a kind of irony for the funded company.”
The development of the Lightning Network can also be linked to the price of BTC itself . For example, “BTC Magazine” pointed out that if the market value of the global remittance industry, marketing field, and global digital payment market is combined with Twitter, the value of one BTC may exceed 300,000 US dollars.
In El Salvador, President Nayib Bukele also shared some data about the Lightning Network and Chivo. Although there are 65,437 transactions per second, a single transaction still takes a few seconds to complete.
Nayib Bukele pointed out on Twitter, “’Transacciones por segundo’ does not mean that we have 65437 new transactions per second, but the system processes 65437 transactions per second on average. Remember, a single transaction takes a few seconds. Don’t try Use this to calculate the total daily transaction volume.”
As more and more people use Chivo Wallet and StrikeAPI, the Lightning Network may set another new high.
Source link: ambcrypto.com
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