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Despite serious scalability problems, Bitcoin remains the largest cryptocurrency with the largest market capitalization. Its high value resulted in extremely high fees, and its high adoption level made transactions long to be confirmed, especially in 2017, when the network became clogged and BTC reached ATH.
Lightning Network aims to solve this problem by developing a technology based on the Bitcoin blockchain, which allows almost instant transactions for less than one cent.
Although it is a technology attacked by some members of the community (in particular by the Bitcoin Cash users and its Bitcoin SV fork), the Lightning network has a considerable number of lawyers who are optimistic about the contribution that this development can make to the future of cryptocurrencies. once it's fully functional.
What is the quality of Lightning Network in real life?
Anthony Pompliano, founder and partner of Morgan Creek Digital, is one of those supporters. In one of his tweets, he published an open invitation to prove the effectiveness of LN transactions compared to payments using traditional technologies.
The lightning network is so fast.
I would not be surprised if transactions move from one portfolio to another faster than the time it takes for a credit card machine to process the chip of an inserted card.
Someone should do a test to time and record everything on video.
– Pomp (@APompliano) February 5, 2019
A researcher identified as JP Thor decided to answer the call of Pompliano and to carefully compare the two technologies. The results were quite interesting, mainly because he had studied different areas instead of focusing on a single case.
JP Thor first mentioned that if we took the transaction processing capacity per second, Lightning Network was definitely the winner, but it would not be fair to rely on this aspect.
"Sending a payment through the LN will always be faster than Visa, because a Visa payment involves authorization with a third party. LN payments can be processed as fast as a TCP / IP connection between two peers. It has been shown that a single channel could handle over 250 GST, so that the network can not evolve without a real upper limit. "
The researcher concluded that there was not much difference between payments, transactions and UX. Apple (the fastest payment method) is "a few seconds" faster although it is not really noticeable; However, he specifies that LN has the opportunity to make significant improvements.
With regard to the possibility of starting with the service, the result is "Faster days for Bitcoin. Getting an Eftpos terminal will always be slower. "
Lightning Network is under development; However, the number of payment channels and network processing capacity are increasing dramatically. According to 1ml.com, LN's processing capacity has been improved by 16% in the last 30 days, with 24,479 payment channels and 6048 active nodes.
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