Lightning Network: 1% Daily Compounded Growth

[pushups44]

From Lightning Network developer Alex Bosworth: https://twitter.com/alexbosworth/status/1115647838531100673

"In May of last year, there was about $150k+ of funds committed on LN. Almost a year later that figure is up to $5600k+. That's 1% compounding daily growth on the dot. We haven't even started linking up exchanges yet, haven't got chain-wallets off the sidelines. 1% daily growth"

[Pursuer]

so far it is mostly enthusiasts that are running lightning nodes because it is still hard to do it in my opinion and there aren't that many places that accept LN payments. but the best thing about this kind of growth is that the more users use different LN clients the faster the bugs are found and fixed so that we can get closer to real usages of it in places like exchanges for example.

[okala]

so far it is mostly enthusiasts that are running lightning nodes because it is still hard to do it in my opinion and there aren't that many places that accept LN payments. but the best thing about this kind of growth is that the more users use different LN clients the faster the bugs are found and fixed so that we can get closer to real usages of it in places like exchanges for example.

Yeah since lightening network is a new development and at that it need users to discover the problem and fix it before the full adoption of the Lightening network, I received payment through lightning network some few days back and it took me almost 4 hours before I could send the found to my on-chain wallet as lightening network cones with it own wallet such as eclair and the rest.

[franky1]

most of the balance is from bitrefill and LNBig giving out loads of free inbound balance

https://twitter.com/lnbig_com/status/1105801755265241094

https://twitter.com/lnbig_com/status/1112688601429614593
(~750 of 1000btc is related to LNBig)

[Haunebu]

No matter how small or big the development, it is still some form of development and advancement which is why I am happy regarding this development related to the LN. I don't host a LN node myself, but I am planning on doing so in the near future in order to help find more bugs and push it towards full scale adoption.

[pushups44]

so far it is mostly enthusiasts that are running lightning nodes because it is still hard to do it in my opinion and there aren't that many places that accept LN payments. but the best thing about this kind of growth is that the more users use different LN clients the faster the bugs are found and fixed so that we can get closer to real usages of it in places like exchanges for example.

Yeah, it's only a matter of time before this protocol is streamlined and used by exchanges. Lots of progress is being made, but given the complexity of the project, there's still plenty of work to do. The growth of the network is still important to look at.

[eternalgloom]

How does this work exactly? I'm still a complete noob when it comes to lightning network.
Do you have to set up your own node for this or can you also 'invest' in someone else's node?

[antisocial77]

a year ago i had a node by free google server.after trial time has passed, i didnt continue.can i reactiveate that node again with any server? i asked that before but nobody answered.

[aad140386]

In fact, LN really helped Bitcoin to reach a new level. Remember the end of 2017 and the beginning of 2018. Transactions in the Bitcoin network were slow and expensive until LN appeared. It is growing so fast precisely because it was very much in demand by the market and solved the most serious problem that faced Bitcoin at that time. I hope that in the future, solutions from LN will significantly increase the speed of transactions as well as reduce the transaction fee. In any case, Bitcoin continues to grow like the whole blockchain industry as a whole.

[Carlton Banks]

How does this work exactly? I'm still a complete noob when it comes to lightning network.
Do you have to set up your own node for this or can you also 'invest' in someone else's node?

Setting up own node is best. You can go various lazy routes, but they either put someone else in charge of your money or your privacy (so exactly the same as regular on-chain Bitcoin)

Remember the end of 2017 and the beginning of 2018. Transactions in the Bitcoin network were slow and expensive until LN appeared.

Wrong.

Transactions on the Bitcoin network are either slow _or_ expensive, not both.

You can choose:

• cheap and slow
• fast and expensive

There is no "slow and expensive" option

[Zadicar]

most of the balance is from bitrefill and LNBig giving out loads of free inbound balance

https://twitter.com/lnbig_com/status/1105801755265241094

https://twitter.com/lnbig_com/status/1112688601429614593
(~750 of 1000btc is related to LNBig)

Thanks for sharing this up.This shows exactly on where those balance came from.

Wrong.

Transactions on the Bitcoin network are either slow _or_ expensive, not both.

He do directly tagged them both. Slow in means of confirmation and expensive when it comes to fees on that time.

[pushups44]

Here is a Lightning Network visualization: https://1ml.com/visual/network

Notably, Sparkswap, a decentralized exchange based on the Lightning Network that will facilitate atomic swaps, is now in beta. It has reportedly secured $3.5 million in funding.

[Ailmand]

I think this is another step for cryptocurrency, one of the best feature cryptocurrency has is it's convenience to users and lightning network was created to solve bitcoin's scalability problem. I know that it is too early and it is still under development and users are still looking and experiencing some bugs. However, this is a good step which can bring bitcoin network to another level.

[funchiestz]

From Lightning Network developer Alex Bosworth: https://twitter.com/alexbosworth/status/1115647838531100673

"In May of last year, there was about $150k+ of funds committed on LN. Almost a year later that figure is up to $5600k+. That's 1% compounding daily growth on the dot. We haven't even started linking up exchanges yet, haven't got chain-wallets off the sidelines. 1% daily growth"

The Lightning network has promised us a lot from the very beginning. But these promises have always been carried out behind secret doors. Even today after a year later, we don't know the lightning network exactly what it is, in what state, what is going on.

[bitrefill]

most of the balance is from bitrefill and LNBig giving out loads of free inbound balance

https://twitter.com/lnbig_com/status/1105801755265241094

https://twitter.com/lnbig_com/status/1112688601429614593
(~750 of 1000btc is related to LNBig)

For what it's worth, we don't normally give out free LN capacity. We actually have a paid service for this:
https://www.bitrefill.com/thor-turbo-channels/
https://www.bitrefill.com/thor-lightning-network-channels/

[franky1]

most of the balance is from bitrefill and LNBig giving out loads of free inbound balance

https://twitter.com/lnbig_com/status/1105801755265241094

https://twitter.com/lnbig_com/status/1112688601429614593
(~750 of 1000btc is related to LNBig)

For what it's worth, we don't normally give out free LN capacity. We actually have a paid service for this:
https://www.bitrefill.com/thor-turbo-channels/
https://www.bitrefill.com/thor-lightning-network-channels/

for what its worth you recently changed ur prices, but vn at your now higher prices its not like a person pays500ksat and get 500ksat channel, they get 1mill sat channel
for what its worth, by opening a channel before even having a blockchain locked and confirmed tx peg is a risk
for what its worth, for LN to even allow channels to open without a pegged tx is a risk (opening a msat balance but collateral being coinbase.com data) as this shows its possible in code/technically to open channels without needing a blockchain tether AKA fractional reserving

[ðºÞæ]

The number of Lighting Channels has stalled. Channels cost money and most choose to "Hodl" BTC instead of funding channels with no intend to use them.

[smartbitcoininvestor]

We need the Lightning Network for faster and more efficient payments. I think credit and debit card transactions will finally be realized once the Lightning Network matures. I can't wait to see lightning fast payments with whats already in my wallet.

[Kapyong]

LN up-take has been stagnant since mid March.

[bitrefill]

most of the balance is from bitrefill and LNBig giving out loads of free inbound balance

https://twitter.com/lnbig_com/status/1105801755265241094

https://twitter.com/lnbig_com/status/1112688601429614593
(~750 of 1000btc is related to LNBig)

For what it's worth, we don't normally give out free LN capacity. We actually have a paid service for this:
https://www.bitrefill.com/thor-turbo-channels/
https://www.bitrefill.com/thor-lightning-network-channels/

for what its worth you recently changed ur prices, but vn at your now higher prices its not like a person pays500ksat and get 500ksat channel, they get 1mill sat channel
for what its worth, by opening a channel before even having a blockchain locked and confirmed tx peg is a risk
for what its worth, for LN to even allow channels to open without a pegged tx is a risk (opening a msat balance but collateral being coinbase.com data) as this shows its possible in code/technically to open channels without needing a blockchain tether AKA fractional reserving

1. We actually lowered prices on the capacity-only Thor channels (non-Turbo), we never raised them afaik. I'm not sure what you mean.

2. You misunderstand how Turbo channels work. The risk is Bitrefill's because we are fronting the BTC in that channel

3. There is no concept of what LN "allows". Channel rules are established between the two parties that enter them, it is voluntary. That means you can agree to any rules you want. If you use rules that are different than other LN wallets or the rest of the network, you will be limited to a subnetwork of people using the same rules. Turbo channel opening requires a custom channel, but there is nothing fractional about it. It still requires unencumbered BTC to allocate the balance. It's just that Bitrefill choose to "give" our BTC instantly to you with Turbo because you have already made a separate payment to us of sufficient amount. This same concept can be used to create larger channels than the common protocol too. If we wanted, we could open a channel right now with 10BTC in it, it would just require updating the software we use to be compatible with each other. 

Don't confuse Lightning protocol with Bitcoin protocol, Lightning is real peer-to-peer interacting and channels can have any rules on top of BTC as an anchor. Nothing fractional, and nothing custodial about a Turbo channel.