The Lightning Network just reached a new record capacity at 510 BTC

02 Jan, 2019 | Updated: 02 Jan, 2019
by Will Heasman
News
The Lightning Network just reached a new record capacity at 510 BTC

Bitcoin’s answer to the scaling problem The Lightning Network (LN) has set a new record in regard to its capacity, breaking threw the threshold of 510 BTC.

Currently, the LN sits at a capacity of 532.90 BTC, holding an equivalent USD value of $2,059,895, the number of nodes on the network has increased by 16% in the past month with the network citing 5,010 nodes in total.

Furthermore, Channels which connect these aforementioned nodes, enabling payments and smart contracts, have almost doubled up 36% in 30 days, with 17,151 channels currently in operation.

Founded as a solution to the scalability issues plaguing the #1 cryptocurrency, LN created a second layer, built on top of the BTC blockchain in order to alleviate the heavy pressure of numerous transactions.  

As of writing the LN is still in its beta phase, but development continues in order to bring the scaling solution to the broader public sometime soon.

Read more: Micro auction uses lightning network to sell art piece for $0.000000037; Roger Ver offers Open Node $1.25 Million to switch to BCH, gets turned downWhat are the hottest cryptocurrency trends for 2019?

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Read more about:Bitcoin (BTC)

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