The crypto verse has had a fantastic month as Bitcoin’s price has risen considerably and it’s dragged the rest of the market along, as it usually does. The reasons behind Bitcoin’s increase in value is hard to pin down, and the chances are that it’s not just a single thing. But one of the factors that must be taken into account for sure is the Lightning Network because it’s increasing adoption significantly.
A mature technology
The Lightning Network is not just getting started anymore. Yes, it’s on Beta testing still, but it’s active in 8.375 nodes in the world. So it’s grown by 4.36% in the previous 30 days. It boasts 37.652 channels with a total capability equivalent of 1.038,31 Bitcoins.
Pushing Bitcoin Adoption
The Lightning Network has been growing from both the user and the development sides in a way that’s been a force for Bitcoin adoption for the last half a year. A new report shows how the new network and adoption correlate and why the trend will continue.
Without going into lots of technical details, the Lightning Network enables faster and cheaper transfers between parties in the Bitcoin network, compared to transferences settled directly on the chain. It’s no surprise that Bitcoin users like both things.
Took some time but getting there https://t.co/YpngV9u5Ic
— jack (@jack) May 21, 2019
Getting started in the Lightning Network is easier now than ever. The environment includes a vast selection of Lapps, hardware, and plenty of cool projects. One example is using the Blockstrem Satellite network. Users can now take their trading activities offline and use the said network instead of transacting on the internet.
Developers for the LN project were not precisely abundant in the beginning. The small nucleus of the initial developers had one thing in mind. It was to find a cheaper and faster way to transact in Bitcoin regardless of UX. That was fine to start. It is even needed so that the project’s central features could be developed.
But it didn’t take into account the lack of expertise of the least technically inclined users. But over the last twelve months, lots of new developers have joined the project. The increased availability in brain power allowed for the removal of the initial technical barriers.
The Breeze wallet, for instance, allows you to transact in LN without setting up a node. The job is done in the background, under the hood, so to speak, so users need not mind what’s happening at all. And that’s just one of many new Bitcoin resources that take advantage of the LN network.
The Extended Lightning Network Community
We must also mention another crucial factor. The expanding community. Meet-ups are becoming familiar. One of the largest is the Munich Lightning Network Hack Day. This conference promotes innovation within the LN community.
Lightning the future
It looks like the cryptosphere is finally leaving behind a very long crypto winter, so it behooves it to take notice of all the circumstances that helped it move forward. The Lightning Network is a driving force in the current crypto verse. Expect this new technology to keep bringing more new users, investors, and traders into the crypto world as its economy and markets expand.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.