Number of Lightning Network Nodes Overtakes Bitcoin Cash Nodes
Lightning Network, the proposed layer-two scaling solution for Bitcoin, now seemingly has more active nodes than the Bitcoin Cash (BCH) network. According to recent statistics, the active nodes on LN are ~1,347 as compared to ~1,286 active nodes on Bitcoin Cash.
The LN node count has progressed impressively from 29 nodes in January 2018 to over 1,300 active nodes currently.
Now, as infamous crypto Twittersphere pundit WhalePanda has pointed out, it looks like Lightning has overtaken BCH’s node count for the first time.
Lightning Network node count has exceeded Bcash node count. In addition 70%+ of the BCash nodes are hosted on a "Hangzhou Alibaba" servers which you can check here: https://t.co/g8HC8bAkIX https://t.co/iIUyGaftvQ pic.twitter.com/g1tmAMkXPz
— WhalePanda (@WhalePanda) March 27, 2018
Lightning Network was developed as a concept in 2015 and is a proposed second-layer protocol built atop a blockchain, a la Bitcoin. Proponents say LN will make instantaneous micro-transactions possible, which would effectively scale bitcoin if successful. Detractors, however, say off-chain scaling isn’t viable.
LApps, or Lightning Apps, should proliferate if LN does end up succeeding. Developers have been working hard to develop LApps for early dissemination.
Drawbacks of Lightning Network
Experts suggest that for the LN to be accepted and become scalable, Segregated Witness (SegWit) needs to be more widely accepted to improve blockchain capacity.
Denial-of-Service (DoS) attacks have also been a problem as of late.
Peter Todd, a bitcoin developer, has noted that LN is vulnerable against such attacks. Last week, Todd tweeted, “Also tried the latest c-lightning, which didn’t seem to be able to send payments through my LND node, nor could it reliably route payments in both directions. IMO, still, alpha given we’re talking about money.”
Even with its current drawbacks, the developers of Lightning Labs have managed to secure $2.5 million USD of investments from likes of Twitter CEO Jack Dorsey and Litecoin founder Charlie Lee.
Will Lightning Network’s success take out bitcoin competitors like bitcoin cash? Or no chance? Let us know your thoughts in the comments section.
Images via BBC, YouTube