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The Lightning Network: What You Need To Know

The Lightning Network: What You Need To Know
Breaking News / Bitcoin

The Lightning Network has split the crypto community into two. On one side, you have people who think that it is a work of genius that is the best invention since Bitcoin. On the side, though you have people which think it is just preventing Bitcoin from growing and potentially a waste of time. No matter which side you are on, there is one thing that almost everyone can agree on which is the importance of decentralisation.

For the Lightning Network to be a successful project in its attempt to build a reliable second layer for payments then the distribution of nodes must be as broad and numerous as possible. Enthusiasts of the small block and second layer ideology are also passionate components of autonomy through nodes and so in order to help the project grow its essential to operate the protocol by doing validations on your own computer.

Currently, there are over 4220 nodes on Lightning and 3022 of them are active. Around 1800 of those nodes have active payments channels and the average node capacity is 0.248 Bitcoin. The promise regarding fees has been kept as the average cost of one transaction is even lower than 1 satoshi and enthusiasts have been continuously running for an average of around 4 months.

To date, despite the bullish publicity surrounding the early 2018 mainnet launch, not many people seem to have gotten on board. There has only been a small number of Bitcoin transactions which are made through a lightning channel settlement and despite the constant growth of nodes and channels, we’re some way away from the adoption by a mainstream audience.

Now though it is actually easy to ‘ride the lightning’ as CryptoInsider puts it which is all thanks to the community of enthusiasts. If the Lightning Network was to fade away then this would be a real loss.

HODL device

Using a Casa HODL device is probably the easiest and best way to run a Lightning node. If you buy a small computing device solely dedicated to the node(s) and if you make sure it has all the right specs to effectively run all the operations, then you’ll be sorted.

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