Bitcoin Lightning Network Still Unsuitable for Large Payments, Research Suggests

[felixesteban]

A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments.

According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate.

Diar’s research adds that the number of channels on the network has been steadily growing, but that its efficiency hasn’t. As CCN covered, the Lightning Network crossed 1,000 mainnet payment channels back in February, and now has over 5,050.

According to The Next Web, Diar’s data was sourced from Reddit user YeOldDoc, who used available data from Lnmainnet.gaben.win to get to the results. According to the website’s data, the Lightning Network currently has 2,326 nodes, and a total capacity of $142,000.
Bitcoin’s Lightning Network

The Lightning Network is a second-layer solution that allows bitcoiners to send micropayments to one another nearly instantly, while paying negligible fees. The network works by creating so-called payment channels between nodes.

These channels see two nodes “agree” to hold a specific amount of bitcoin on the channel, which both parties can then use to transact as much as they want to using the funds within it. The transactions registered on the blockchain are the ones that open and close the channel.

Read more:
https://www.ccn.com/bitcoins-lightning-network-still-unsuitable-for-large-payments-research-suggests/

[tyvexsdf]

A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments.

According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate.

Diar’s research adds that the number of channels on the network has been steadily growing, but that its efficiency hasn’t. As CCN covered, the Lightning Network crossed 1,000 mainnet payment channels back in February, and now has over 5,050.

According to The Next Web, Diar’s data was sourced from Reddit user YeOldDoc, who used available data from Lnmainnet.gaben.win to get to the results. According to the website’s data, the Lightning Network currently has 2,326 nodes, and a total capacity of $142,000.
Bitcoin’s Lightning Network

The Lightning Network is a second-layer solution that allows bitcoiners to send micropayments to one another nearly instantly, while paying negligible fees. The network works by creating so-called payment channels between nodes.

These channels see two nodes “agree” to hold a specific amount of bitcoin on the channel, which both parties can then use to transact as much as they want to using the funds within it. The transactions registered on the blockchain are the ones that open and close the channel.

Read more:
https://www.ccn.com/bitcoins-lightning-network-still-unsuitable-for-large-payments-research-suggests/ [nofollow]

I still believe that we are still in the infancy stage of bitcoin or the blockchain technology. It's like the 1995 of the internet era. But as we go along their will be innovations and improvements with the technology

[alltalk]

A recent report published by cryptocurrency research firm Diar suggests that Bitcoin’s Lightning Network, a second-layer solution touted as the answer to the cryptocurrency’s scalability problem, is still unsuitable for large payments.

According to the report, the network only ensures a 100 percent success rate for payments of $0.03 or less. The chance of successfully sending payments drops as the amount increases, to the point there’s only a 51% chance of being able to send $5.52. Payments of $306 or more only have 1% success rate.

Diar’s research adds that the number of channels on the network has been steadily growing, but that its efficiency hasn’t. As CCN covered, the Lightning Network crossed 1,000 mainnet payment channels back in February, and now has over 5,050.

According to The Next Web, Diar’s data was sourced from Reddit user YeOldDoc, who used available data from Lnmainnet.gaben.win to get to the results. According to the website’s data, the Lightning Network currently has 2,326 nodes, and a total capacity of $142,000.
Bitcoin’s Lightning Network

The Lightning Network is a second-layer solution that allows bitcoiners to send micropayments to one another nearly instantly, while paying negligible fees. The network works by creating so-called payment channels between nodes.

These channels see two nodes “agree” to hold a specific amount of bitcoin on the channel, which both parties can then use to transact as much as they want to using the funds within it. The transactions registered on the blockchain are the ones that open and close the channel.

Read more:
https://www.ccn.com/bitcoins-lightning-network-still-unsuitable-for-large-payments-research-suggests/

I still believe that we are still in the infancy stage of bitcoin or the blockchain technology. It's like the 1995 of the internet era. But as we go along their will be innovations and improvements with the technology

Yes. The Lightning Network is developing now. It is very reasonable that still have some weakness so far. But I am sure it will develop as expected at future.