Bitcoin, Crypto currency, Blockchain

Bitcoin: Lightning Network to 90% finished, already 1000 Mainnet Nodes

95c6a82c98a2c4917beffc3c98f99492 - Bitcoin: Lightning Network to 90% finished, already 1000 Mainnet Nodes

The Bitcoin Lightning is making great progress. As yesterday it became known, provided the project is already 90 percent finished. In addition, the Lightning Network was able to achieve another milestone. With 1.006 Nodes at the time of writing, the Bitcoin Mainnet on show for the first time, over 1,000 active Nodes.

According to the data of are also 1.894 Payment Channel open. Yesterday, on 11. March 2018, have yet to be registered 609 Nodes with the active Channel and 379 Nodes without the active Channel:

The news comes almost simultaneously with the news of João Almeida, the first Mainnet Version of the Bitcoin Lightning Networks could soon be released.

Lightning has now scored in both the Testnet and the Mainnet implementation since December of 2017, a significant growth, in spite of all the criticism. In the Lightning Testnet currently, there are already 1.888 Nodes.

The development takes a neat journey. At the end of December 2017, it was announced that the developer Alex Bosworth within the test network has carried out the first Bitcoin Lightning-transaction to Recharge his Prepaid phone successfully.

The Lightning network is based on a technology called “Payment Channels” (in English: payment channels). The payment channels can be used to payments outside the Bitcoin Blockchain Off-Chain (“on”). The advantage of this approach is that the transactions do not need to be immediately validated by the Miner.

Instead of writing a lot of (smaller) transactions in the Blockchain, can determine the two parties to a Payment Channel, over what period of time you leave the channel open and thus ongoing payments and when the transactions in the Bitcoin Blockchain will be included.

For this to happen, the parties to the Payment Channels and a private key. Only when both parties sign it with your key, and thus signal that the transaction is completed, will be written the total amount and the balance in the Blockchain, and the channel closed.

Criticism of the Lightning Network, there is because Lightning could promote the centralization of the network under certain circumstances. Two parties do not have the (technical) possibility to open a separate payment channel, they can use a third Node transactions to exchange. If now a large company, for example, a financial institution opens a Node and its customers a payment channel (with each other), there could be a centralization. In theory, the possibility to create a direct Payment Channel is always.

Nothing of the to in Spite of the far advanced development of the Lightning network from our point of view is good news. When the project is completed finally, it still remains.

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