Lightning Network (LN) is proving that its vaunted enhancement of the Bitcoin blockchain is no fluke. More transactions terminating on Bitrefill are traceable to the LN processing of bitcoin than all altcoins.
Bitrefill’s John Carvalho has provided more insights to show that the Lightning Network is making a difference.
The weight of the criticisms against the Bitcoin blockchain reached deafening proportions last year when its transactions-per-seconds rate (tps) was a meager 7-10. When the beta version of the Lightning Network was launched, it received immense optimism. Since then, it has provided a platform for bitcoin transactions to be almost instantaneously processed.
Just before the end of 2018, the Lightning Network already had more than 5,215 nodes — which is almost double the number of existing unique Ethereum (ETH) nodes. The strides by LN on this score are no fluke, and its investment towards innovation is proving to be a wise decision.
The Bitrefill Connection
Like many startups in 2018, Bitrefill explored how to maximize the Bitcoin blockchain for the greater good. Its platform makes use of channels on the Lightning Network in such a way that off-chain bitcoin transactions can scale faster and cheaper.
With its native Thor app, Bitrefill makes it possible for users to bypass setting up a channel on the Lightning Network for bitcoin transactions. It does this by becoming the defacto channel that the app user can leverage in order-processing payments. The app access is paid for with Bitcoin, Ethereum, Dash or Litecoin. This reportedly allows you to effectively run a hot wallet on the LN — so that bitcoin processing is expedited.
Bitrefill hopes to make a difference with its app, which allows people to settle cable bills and other financial commitments using BTC.
Lightning Network’s global capacity is also getting a boost from Bitrefill. The global capacity is growing by the day.
Making use of Thor is reportedly easy and integration to other free wallet apps is supported. QR scanning is also provided on the app website.
Major Lightning Network Milestones
Up to 3,204 users have installed the Lightning Network app on their mobile devices to take advantage of the advances made so far. Reports attributed to leading developers of Bitcoin LN wallet have lent credibility to this milestone.
The Lightning Network’s ease of use is reflected in the number of mobile users who are now able to open a payment channel on their devices for incoming payments. This also boosts the adoption rate of bitcoin around the globe — as payments and receipts on the network get easier.
The number of apps sprouting up around the globe to ease bitcoin usage is impressive. There remains ample room to believe that Lightning Network skeptics will be put to shame as Bitcoin acceptance by merchants receives the needed boost.
While many people might still be less informed about what the Lightning Network can do, the future looks bright.
Professional traders may be the next group to embrace this innovation. This class of people will be able to use LN-supported apps to make Bitcoin payments and process withdrawals with greater ease.
At present, many Bitcoin recipients must bear with the non-instant processing speed of the Bitcoin blockchain. As pace-expediting apps like Thor and others garner acclaim and trust, concerns over bitcoin scalability may become a thing of the past.
Do you have information on other apps making a difference on bitcoin scalability? Share your insights below!
[Editor’s Note: The views expressed here do not amount to a recommendation of the apps mentioned. You have a duty of diligence in reviewing any app before you download or use them.]