Today is Lightning Network's 7th Birthday

[Helena Yu]

HAPPY BIRTHDAY LIGHTNING NETWORK

It's been 7 years after Joseph Poon and Thaddeus Dryja create an idea to fix Bitcoin scalability issue through second layer network e.g. lightning network. Although lightning network seems to be less discussed, but the fact is many wallets and exchanges already support lightning network. Also we can see on the graph where it show the sum of channel value and total of channel created is steady increasing with slight decrease during dump market.

If you want to see list of open source wallet support lighting network Open-source Lightning wallets

If you want to see list of exchanges support lightning network https://github.com/theDavidCoen/LightningExchanges

If you want to get more knowledge and other things related with lightning network All Lightning Network Threads In One Place

https://lightning.network/lightning-network-paper.pdf


https://txstats.com/dashboard/db/lightning-network?orgId=1&from=now-5y&to=now

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[Zanab247]

HAPPY BIRTHDAY LIGHTNING NETWORK

It's been 7 years after Joseph Poon and Thaddeus Dryja create an idea to fix Bitcoin scalability issue through second layer network e.g. lightning network.

Indeed, they need to be celebrated for the lighting network they have created some years ago that is helping the users to improve in profits making and to make their income secured in their wallets until the price is low before they can buy and hold for future purpose. Its a great honor to Joseph Poon and Thaddeus Dryja for making lighting network available in the community which many crypto and Bitcoin users has learned positive things from the lighting network.

[DooMAD]

Yeah, it's always tricky to determine whether it's the whitepaper or the release of functional software which should be classed as the moment to celebrate.  But I guess this date is as good as any.  Looking forward to seeing what the next 7 years might bring, despite what it's detractors might say.

On which note:

Public Notice: Due to the nature of this topic, it is likely to be targeted by the forum's most prolific disinformation agent, franky1.  They are wholly incapable of being reasonable when discussing any matters concerning the Lightning Network.  Check various sources before taking anything they say at face value.  Consider adding them to your ignore list.

[kryptqnick]

Huh, I didn't know about that, and it's a fine date for celebrating birthdays. It's been a long enough time to look for some achievements, right?
I remember a time when Bitcoin transactions were very expensive during several periods, so the Lightning Network was a very worthy, even if not user-friendly, consideration. But what about now, when Bitcoin transactions aren't always cheap but are usually not high enough to make a fuss out of it? Did the Lightning Network reach enough people, and is it still relevant, especially considering the trade-off of it being off-chain transactions?
Is it possible to understand how many people use it? I see estimates that vary really wildly, from 100,000 to 80 million people, but all comes from websites I don't know and don't really trust. How big of a thing is it, and is it used primarily for Bitcoin nowadays?

[crwth]

Belated Happy Birthday LN~!

What are your favorite things about the lightning network? Mine are the following:

• Better Privacy - with the Onion Routing
• Lower Fees
• Micropayments and Scalability

[DaveF]

Huh, I didn't know about that, and it's a fine date for celebrating birthdays. It's been a long enough time to look for some achievements, right?
I remember a time when Bitcoin transactions were very expensive during several periods, so the Lightning Network was a very worthy, even if not user-friendly, consideration. But what about now, when Bitcoin transactions aren't always cheap but are usually not high enough to make a fuss out of it? Did the Lightning Network reach enough people, and is it still relevant, especially considering the trade-off of it being off-chain transactions?
Is it possible to understand how many people use it? I see estimates that vary really wildly, from 100,000 to 80 million people, but all comes from websites I don't know and don't really trust. How big of a thing is it, and is it used primarily for Bitcoin nowadays?

https://1ml.com/ tends to be accepted as a generally accurate view of nodes and amounts on it and such.
As for the use question, it's hard to say since more or less due to the way it operates transactions are more or less anonymous.  
So you can't tell if I sent 100 transactions or 100 people sent 1 transaction.

Not to mention the custodial wallets that people may be using so you loose more data there since payments could be from several people all coming from 1 channel.

And yes, the date of the 1st paper with a date works as the birthday.

-Dave

[franky1]

while i see no one wanted to wish it a happy birthday on the day..
and only 6 other posts this week want to celebrate LN

lets show some perspective of the 7 years, to go along with the lack of concern.. as shown by how empty this birthday card topic is of lacking best wishes/celebrations.

so taproot
january 2021 and first put into activated code JUST 15 MONTHS AGO

https://txstats.com/dashboard/db/taproot-statistics?orgId=1
currently holds 22,800btc

LN 84 months 5300
TR 15 months 22800

LN is what id call a kid that "failed to launch"(grow/mature)
and no one wanted to go to its birthday party or give it a birthday wishes card on its celebration day

time to get the hint.
LN for 7 years is still a small niche usecase, a buggy flawed protocol where its not fit for the promised off-ramping of millions of users wealth away from bitcoin onchain utility..

time for people to now start asking for something better if they want a "layer2"
patience is wasted if after 7 years nothing has flourished with notable success compared to other options

heck even ethereum another network. started ~ 7 years ago
and has more value locked into its community than LN has

get the hint guys. LN has not met its expectations
time to stop pounding the drums that LN will lead people to the promised land.. they had 7 years .. time to accept defeat

imagine if bitcoin launched 2009 and by 2016 only had ~80k users holding only a total of 5,300 coins between them..
would you say bitcoin is "going to the moon" or failed to launch

there are 60m users on coinbase, 25m users on binance. al waiting for the unmet-promises of something that can allow them to get off their custodian and store value independently. and for 7 years they have been told to wait for silly subnetworks to provide that solution, to avoid using bitcoin while they wait for the silly subnetwork ..
.. times up!

[Abiky]

Belated Happy Birthday LN~!

What are your favorite things about the lightning network? Mine are the following:

• Better Privacy - with the Onion Routing
• Lower Fees
• Micropayments and Scalability

The Lightning Network is only 7 years old, yet it feels like it's just start to blossom. Adoption for this Layer-Two scaling solution is really low compared to the main Blockchain network. We need as much merchants into the LN as possible, to help contribute to the cause. The LN totally helps BTC reach the masses worldwide. With it, I think Bitcoin can become a world currency.

We're only three years away until the LN becomes a decade old, so anything could happen. As long as developers keep working on it, the LN would be on a road towards non-stop success. Who knows if this will render altcoins useless in the future? Just my opinion

[franky1]

Belated Happy Birthday LN~!

What are your favorite things about the lightning network? Mine are the following:

• Better Privacy - with the Onion Routing
• Lower Fees
• Micropayments and Scalability

The Lightning Network is only 7 years old, yet it feels like it's just start to blossom. Adoption for this Layer-Two scaling solution is really low compared to the main Blockchain network. We need as much merchants into the LN as possible, to help contribute to the cause. The LN totally helps BTC reach the masses worldwide. With it, I think Bitcoin can become a world currency.

We're only three years away until the LN becomes a decade old, so anything could happen. As long as developers keep working on it, the LN would be on a road towards non-stop success. Who knows if this will render altcoins useless in the future? Just my opinion

soo.."wait another 3 years the developers will come through with their promises".. you say..!

LN has liquidity and capacity limits. its not designed to handle real bitcoin use cases. its not going to be able to handle everyones payments. just the small niche stuff of "coffees"

here is a little example using LN stats of the LN suck rate.. oops success rate



the more users on it the more route lquidity/capacity is needed by their route peers to then provide route paths. meaning more liquidity needed (not for someones personal payments) but to be a provider of someone elses path

the options then become. people needing more channels to provide more paths which means again more liquidity per path. (not going to work)
or
end up centralising to hub services (custodian 2.0) of services with the hundreds/millions of channels where they control their outbound balance

[DooMAD]

here is a little example using LN stats of the LN suck rate.. oops success rate
[image]

Thank you for once again demonstrating your uncontrollable talent for presenting absurd and unreasonable metrics by which to judge things.

Honestly, who in their right mind would use LN to send values in excess of $1000?  It's not built for such purposes.  Given that LN was never designed to handle large payments, an unbiased and non-malevolent person wouldn't claim that LN should have the liquidity to handle such transactions.  But since you are totally biased and beyond malevolent, you continue to make a mockery of reason and sense.

[franky1]

here is a little example using LN stats of the LN suck rate.. oops success rate
[image]

Thank you for once again demonstrating your uncontrollable talent for presenting absurd and unreasonable metrics by which to judge things.

funny thing is i actually used the AVERAGE numbers of LN stats.., no exaggeration, nor worse case.. instead it was average/expected case.. from stats gathered from LN stats themselves.... and yet LN still doesnt shine or meet the promises you lot proclaimed it wold for the lasy (yawn) 7 years..

shame you didnt check that the stats i shown were actually from your own networks main stats page.. meaning its your groups stats.. not mine

Honestly, who in their right mind would use LN to send values in excess of $1000? It's not built for such purposes.  Given that LN was never designed to handle large payments, an unbiased and non-malevolent person wouldn't claim that LN should have the liquidity to handle such transactions.  But since you are totally biased and beyond malevolent, you continue to make a mockery of reason and sense.

you lot are advertising LN as the network people should use instead of bitcoin.. telling people bitcoin doesnt need to scale becasue every one can just use LN instead (facepalm)
yet LN cant and wont handle bitcoin utility at scale..

my point is people in BITCOIN want to transact more than LN's max expectation $700 total per session(far less per payment).. which your silly network cannot even dare be capable of handling, thus your silly network cannot handle bitcoiners use

so in short
STOP ADVERTISING YOUR SILLY NETWORK AS THE THING THAT BITCOINER SHOULD MOVE OVER TO
or wait several more years for the hope, dream or promise of utopian fantasy of being cable of

stop advertising that bitcoin doesnt need to scale because LN is the promise//future for bitcoiners to move to..
LN is not. so stop pretending it is. especially now you have conceded to admit you now know LN cant cope
but thanks for making my point by you admitting now that your silly network cant handle even $1k  per session let alone per payment

if i see you after this posts timestamp. trying yet again to advertise LN as the solution bitcoiners should use instead of the bitcoin network where you kept on saying it is the "solution to scaling".. please know i will be referring you back to this to remind you

oh by the way.. minimum wage in america is $10 for 40hours a week for 4 weeks
meaning people wanting to get paid or remit their salary to relatives ($1600) is not something LN can do..
yep LN is not even suitable for minimum wage earners of america.. let alone workers with skill and talent that get paid more

so dont try to find new trending topics of financial use-cases to pretend LN can handle. when you know and now admit its a small niche silly network with flaws and bugs. that doesnt meet its promises promoted by you lot years ago

LN failed that test when it tried with el salvador