Andreas Antonopoulos, the Bitcoin and blockchain expert, has shown its support for the ultimate scaling solution for Bitcoin known as Lightning Network (LN). During periods with high transacted volumes, the network was overloaded, which led to increase transaction fees and slow processing times.
Antonopoulos Supports Lightning Network
In order to temporarily reduce fees and transaction times, developers came up with the idea of Segregated Witness – also known as SegWit. This allows transactions to be smaller in size. Each block in the network would now be less congested and would be able to process more transactions than before.
But this solution is just temporary. Why? Because it still doesn’t allow the network to sufficiently scale not to generate bottlenecks, higher fees and slow transactions.
One of the main solutions is an off-chain scaling protocol known as Lightning Network. It allows individuals to transact the amounts of money desired but without having to register the transaction in the main network, at least for some time.
With the LN, Bitcoin may be able to process millions of transactions per second at almost no fees, which is a great solution to the scaling issues. But some individuals and companies complained that this is not an ideal solution to Bitcoin’s problems.
Andreas Antonopoulos, during a Q&A session, explained that LN brings enough scaling to Bitcoin.
About it, he commented:
“Lightning Network really does bring enough scaling. It allows us to change the dimensions of Bitcoin; it allows us to reduce the granularity of payments, not just down to millibits but down to staoshis and even sub-satoshi amounts… and do that all on the scale.”
GloBee was the first payment gateway that offered a full support to the Lightning Network. Lightning’s user interface and experience will be tested this week once GloBee fully implements the new feature.
At the moment of writing this article, there are 8,201 channels, operative in the Lightning Network, 2,618 nodes, and the network capacity increased almost 10% in the last week. LN it is currently able to handle 28.71 BTC ($184,000 dollars at current prices).