Promising to be electrifying and covering for the rapidly expanding Bitcoin, Lightning Network is the nearest alternative for scaling the underlying. At the time of press and perhaps triggered by expanding Bitcoin prices and increasing number of BTC accepting merchants, the LN network capacity is up 54 percent processing a massive $4,259,141.07 or roughly 1057 BTCs. As the capacity grows, the number of channels follow suit and are up 18 percent to 7,381. But why is Lightning Network gaining so much traction roughly a year after launch?
Segwit Laid the Foundation
For once, we must understand that Bitcoin as a network is limited by block size. Back in Q3 and Q4 2017, several solutions were proposed and in a bid to deal with a bloated network, the community agreed to soft fork the network through a user activated upgrade in Segregated Witness (Segwit). It was Segwit that laid the foundation for LN as it ran a code separating transaction signature from data thereby freeing…
Read Full Story : Ethereum World News