Bitcoin [BTC] Lightning network is doing spectacularly well, claims Andreas Antonopoulos

Bitcoin [BTC] and its varied applications have grabbed headlines in the crypto-verse for quite some time now with scalability and speed of transactions being the key focus points. In his latest video, Andreas Antonopoulos, the author of Mastering Bitcoin and a famous BTC proponent, spoke about the running parameters and the testing on one such application on the BTC foundation, the Lightning Network [LN].

Antonopoulos was asked whether there was any recent testing that was done on the LN to check for customer satisfaction. To this, he replied that there was no testing as such because users have been running the LN since January 2019, which included running it on the production network. He added:

“There are almost 6000 nodes involved in the Lightning network with a capacity if $4 million. There is no one-off test for the LN and I will assure you, since Jan of last year, the network has been running spectacularly.”

The Bitcoin proponent went on to say:

“What surprises a lot of people is the sheer speed of transactions on the Lightning network. When a user presses the button to authenticate the transactions on their mobile phone, the speed is such that the transaction will have settled in the receiver wallet by the time you look back at your mobile screen. Users also have to understand that it is still a learning stage and it is being set up well for future cases.”

Antonopoulos further spoke about the Lightning torch trend and stated that it is a game that is intended to test user nodes and wallet setups. According to him, using the Lightning torch, users can find out the node and wallet strategy. He explained:

“The entire point of the lightning torch process is to test the strength and capacity of the network itself. Suppose I send you some money over the LN, instead of keeping it, you add a bit of your own money [maybe a couple of SATs] and then send it to another trusted person. Gradually this process will become more and more difficult and once the $4 million capacity is reached, it becomes almost impossible to continue the transactions as there are very few nodes present that can take that much capacity.”

Leave a Reply

Your email address will not be published. Required fields are marked *