Lightning Labs launched the Lightning Network in 2018 with the goal of reducing the cost and time required for cryptocurrency transaction. Specifically, the bitcoin blockchain can only process around 7 transactions per second (compared to Visa Inc., which can process around 24,000 transactions per second). Despite initial enthusiasm for the Lightning Network, reports on social media of failed transactions, security vulnerabilities, and over-complication lead to a decline in interest.
I’m not really that familiar with LN, to be honest. It looks like there’s almost $500 million in the network available for transactions (source), and according to this report, there were about 6.6 million transactions in August of 2023.
Not MasterCard or Visa levels, for sure, but also not a 10 minute wait for a transaction to complete either.
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Bitcoin has lightning or you could use a chain with faster blocks.
I’m not really that familiar with LN, to be honest. It looks like there’s almost $500 million in the network available for transactions (source), and according to this report, there were about 6.6 million transactions in August of 2023.
Not MasterCard or Visa levels, for sure, but also not a 10 minute wait for a transaction to complete either.