The Lightning Network (LN) has reached a capacity worth of 10 bitcoins on its mainnet implementation, setting a new record for the network.
Lightning Hits a $70,000 Capacity
New statistics form April 1 display that mainnet Lightning, which in March reached a few milestones to adoption, can now accept 10.476 BTC ($70,000) bitcoins’ worth of capacity.
LN’s latest achievement comes just days after a new widget tool, LightningTip, was made available for any users that wished to make Lightning payments on a website.
LN Surpasses Bitcoin Cash
Last month, Lightning released its mainnet for Bitcoin use.
The first beta application in the form of Lightning Labs’ Lightning Daemon (lnd) was launched with significant praise, the startup also declaring they managed to gather $2.5 million in one funding round, which was also supported by Twitter CEO Jack Dorsey.
With currently over 1500 nodes, 1126 of which are public, the protocol now has a higher node count than Bitcoin Cash (BCH), which is remarkable seeing as the network has been around for only three months.
The initial idea for Lightning Network was first devised a few years back as a second-layer protocol that would run on Bitcoin’s existing blockchain.
Developments in SegWit implementation for Bitcoin have reduced high fees to a fraction the values from weeks before. Many popular wallets, such as Blockchain.info, suggested that fees should be just 2 satoshis per byte.
While many skeptics will doubt the scalability of this technology, it still has big supporters from the industry, such as Jack Dorsey and Litecoin founder Charlie Lee. It will be interesting to watch the evolution of this protocol and how it will innovate the crypto space.