The Bitcoin community once again captured attention with a recent debate that shed light on critical issues with the Lightning Network, an L-2 protocol designed to accelerate BTC transactions. Leading blockchain security expert James Loop pointed out a significant operational challenge. As per Loop, LN’s requirement for users to be online to receive payments complicates its usage, as it limits when and how users can receive Bitcoin.
So, there have been efforts to develop an asynchronous payment protocol aimed at eliminating the need to be online to process transactions. Loop asserted that this development could potentially expand the usability of the Lightning Network by allowing offline transaction capabilities.
However, Nikita Zhavoronkov, the lead developer at Blockchair, criticized the proposed solution. Zhavoronkov argues that by attempting to resolve one of the network’s limitations, developers are inadvertently straying away from the core vision of Bitcoin as a decentralized, peer-to-peer electronic cash system. He suggests that the proposals could open the gates to custodians on the Lightning Network, which could mean more third parties in a system that was designed to function without them.
“Surely it’s not a purely peer-to-peer version of electronic cash that allows payments to be sent directly without going through a financial institution’,” Zhavoronkov said, quoting the original Bitcoin whitepaper to highlight his concerns about the evolving architecture of the Lightning Network.
Bitcoin Miners Hit Jackpot
The debate underscores a growing tension within the Bitcoin community about the balance between technological innovation and staying true to the cryptocurrency’s foundational principles. While developers seek to enhance functionality and scalability through networks like Lightning, some purists continue to claim that these enhancements may compromise the decentralized ethos at the heart of Bitcoin.
Meanwhile, Bitcoin mining operations have generated significant capital gains. Data from Glassnode shows that on April 20th, BTC miners collectively earned $106.7 million. This rise in revenue is primarily attributed to the recent minting process, which concentrated on Runes and has had a significant impact on network dynamics.
As mentioned in a recent article by Wu Blockchain X, 75.444% of these earnings originated from network transaction fees. This percentage sets a new record, indicating a notable shift in the revenue allocation among BTC miners.