Bitcoin’s [BTC] Lightning Network is ready for ‘widespread adoption’, claims developer

  15 Apr 2019

Bitcoin’s second layer off-chain solution for payment channels managed to take significant leaps this year, owing to the massive support from many luminaries in the cryptocurrency space, participating in the LN Torch experiment. Even as the technology continues to be in its formative stages, one of its developers is fairly confident that the channel is ready for “widespread adoption”.

Bitcoin Lightning Wallet Developer, Anton Kumaigorodskiy, in a recent interview with ChangeNOW!, stated that the Lightning network’s plus points, as well as its drawbacks, have been “fairly understood”. He revealed that important updates were underway, which would make the running of the Lightning Network node less perilous and increase efficiency.

According to the developer, systems like the Lightning Network are complex, have a huge scope for improvement, and are “never ready”. However, he opined that it is “almost ready” for extensive adoption as it has been successfully operated on the mainnet for more than a year.

While talking about the market ecosystem, Kumaigorodskiy said,

“Lightning economy is still nascent but we can already see a number of businesses and individuals becoming noticeable.”

His vision for the P2P mesh network is essentially a “network of hundreds to thousands of large payment hubs”. He cited that the technology is trustless, but at the same time, could be distinguished and was reliable in the cryptospace. He is of the opinion that LN will definitely play a vital role in Bitcoin transactions in the years to come. Kumaigorodskiy also advised that if anyone wanted to be part of this new and developing technology, they should “act now”.

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