Lighting Bitcoin Network And Its Speed Revealed

The Lighting Bitcoin Network, also known as the Lighting Network, has been here for a while as an independent solution to all the problems that are keeping BTC from mainstream adoption. This network claims to solve the bleak scaling problem, make instant transactions, keep the transaction fees minuscule and take the transactions off the blockchain.

But how can a system independent of core Bitcoin offer these improvements? And how can it violate the conventional rules of Bitcoin by offering secure transactions with zero confirmations? Most of all, our biggest question – what is the Lighting Bitcoin Network?

As you probably know if you followed our Bitcoin news before, the Lighting Network is a second-layer network which transmits signed but non-broadcasted transactions among peers. It relies on the Bitcoin blockchain only for final settlement of funds. This means that the transactions are not limited to the block size at all, the confirmation times are irrelevant and the Bitcoin blockchain does not need to store every transaction that ever happens.

The Lighting Bitcoin Network consists of many lighting nodes and channels – a node runs much like and unlike a Bitcoin node and actively monitor “channels” for malicious behaviour. As of March 27, 2019, the Lighting Bitcoin Network:

• Has over 7.5 thousand nodes
• Has almost 40 thousand open channels
• A little over 1 thousand BTC in capacity

Also, reports in the crypto news show that it is growing at a rate of:

• 25 nodes an hour
• 304 channels an hour

Basically, the Lighting Bitcoin Network is praised because of its:

• true micro transactions (coming at fractions of cents)
• lowest fees imaginable (fractions of cents again)
• a degree of privacy (without blockchain records)

Still, many point out that the disadvantages of this network start with the routing and centralization. Payment routes need to be calculated afresh every single time, which creates problem when the network gets big enough.
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This essentially says that since a chain of 10 hops to pay $10 requires everyone to pay $10 forward, you’d end up moving $100 in funds. Also, there is too much lending and at some point, moving large quantities becomes infeasible.

All in all, the Lighting Bitcoin Network is a revolutionary thing which (just like many other things) needs further development.