The Lightning Network, which runs on top of the Bitcoin (BTC) blockchain, of recent surged to a network capacity of over 332 BTC, roughly equalling $1.8 million.
According to 1ML data, the Lightning Network’s capacity has surged by almost 200% in a month, and in the same period, the number of nodes increased a little over 8%.
The Lightning Network functions to reduce the time and fees involved in carrying out Bitcoin transactions.
Already, the protocol is gaining momentum with Charlie Lee (creator of Litecoin) saying that: “Bitcoin with Lightning Network more closely fits the Bitcoin whitepaper’s title: ‘A Peer-to-Peer Electronic Cash System.’ This is Satoshi’s Vision.”
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