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Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High

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Lightning network passes 4000 nodes, reaches all-time capacity high

Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High
Bitcoin lightning network decentralization

bitcoin’s nascent mainnet implementation of the Lightning Network (LN) has reached a new milestone, passing 4,000 nodes for the first time.

Lightning Handles $750K

Data from monitoring resource 1ML confirms the latest growth of bitcoin’s second layer designed for fast er and cheaper payments, Lightning Network, which at press time November 13 had a total of 4,026 nodes, of which 2,910 were public. (Though many more hidden nodes likely exist.) 

The mainnet network has a capacity of 112.5 BTC ($709,000) with the largest single node, ‘fairly cheap,’ providing just under 16 BTC of that amount.

Earlier Tuesday, the capacity figure had reached 118 BTC ($743,000), a new all-time high for the mainnet.

New off-line wallet can exchange bitcoins using c-lightning

While LN still remains a decidedly experimental concept, with developers still working on basic security and robustness rather than user experience or ease-of-use, technical achievements and consensus continue to progress.

As a result of a summit held in Melbourne, Australia in September, Alex Bosworth, Lightning infrastructure lead at the network’s corresponding developer Lightning and CEO of payment gateway Yalls.org, on Monday revealed which improvements the community has agreed to implement.

In time for the next version of the Lightning Network, a total of thirty changes would go live. These include multi-path payments, dual-funded channels, and hidden destinations, along with more technical features.

Stellar To Add Lightning By 2019

While the technology is also active for Litecoin, Stellar 00 this week meanwhile also pledged to debut LN on its own network before the end of 2018.

In a blog post, officials said they had “noted the market demand for more private channel transactions” and would thus hasten implementation.

“Lightning will have a huge positive effect on Stellar’s long-term scalability and security,” they added.

We’ve been aware of Lightning’s potential for Stellar for a while, and we’ve recently collaborated with Stellar advisor and bitcoin Core developer Jeremy Rubin to optimize our implementation.

The altcoin this week moved into the top five cryptocurrencies by market cap, relegating EOS to sixth place.

The bitcoin Lightning Network today can be visualized as follows:

Lightning network passes 4000 nodes, reaches all-time capacity high

What do you think about the Lightning Network’s growth? Let us know in the comments below!

Images courtesy of Shutterstock, 1ml.com

The post Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High appeared first on Bitcoinist.com.

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Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’

Russia has announced plans to launch a nationalized cryptocurrency called CryptoRuble, citing competitive advantage by being the first of its kind in Europe, and as state-controlled digital money in the light of an increasingly digital economy.

Russia has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. Exact facts are scarce, and most of the information comes directly from quotes from Nikiforov, although it is believed that once the CryptoRuble is introduced, all other cryptocurrency mining for coins such as bitcoin will be banned. That Russia is taking these steps indicate a pressing need for governments to somehow financially oversea and realize returns from the digital economy.

After a recent closed-door meeting, Nikiforov stated:

I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months.

A Taxable Currency

The Russian government has made it clear that if a CryptoRuble owner cannot account for where they got it, they will be subject to a 13% tax. The online economy has made it difficult and a concern for governments to collect taxes on an increasing digital sales industry.

“When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total,” Nikiforov said.

Online Reception

Online reception to the news has been mixed, with some claiming that it is simply “digital fiat” as opposed to a true cryptocurrency. Others see it as a shrewd move, capitalizing on what could become a trend for the rest of Europe.

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Reddit user JeremyBF commented:

Wow, is there a legit source for this? I expect all governments to eventually do this, but this fast, awesome. This is actually great for bitcoin. Let the governments educate the people on the advantages of cryptocurrencies, the learning curve into bitcoin is then nearly complete!

The Russian move seems as much a response to engaging with the digital economy as it does to countering any competitive threat bitcoin might pose.

In the words of Nikiforov:

This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy.

Could a nationalized, centralized, government-controlled cryptocurrency work? Let us know what you think in the comments below.

Images Courtesy of Pexels, Wikimedia Commons

The post Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’ appeared first on Bitcoinist.com.

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