The Lightning Network, a “second layer” payment protocol that operates on top of the Bitcoin blockchain, has rapidly gained attention over the last year as many believe it to be a solution to Bitcoin’s ongoing scalability issues.
Currently, the Lightning Network, which leverages bidirectional payment channels without delegating custody of funds, has a capacity of 115.59 BTC with 3,691 nodes and 12,381 channels.
One notable real-world application of the Lightning Network can be found at energyKitchen, a Switzerland-based coffee and sandwich shop, which features a self-serve, Bitcoin-enabled kiosk. In the video below, you can see how the Lightning Network allows for an instant transaction via QR codes located outside the of the shop.
Lightning Network enabled Self Order Point in Bern, Switzerland pic.twitter.com/Hi09R6XAR3
— Dennis Parker⚡️ (@Xentagz) October 5, 2018
The Lightning Network is definitely gaining momentum with Litecoin creator Charlie Lee recently stating, “Bitcoin with Lightning Network more closely fits the Bitcoin whitepaper’s title: ‘A Peer-to-Peer Electronic Cash System.’ This is Satoshi’s Vision.”
More: Dennis Parker’s Tweet
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.