The Bitcoin lightning network is the focal topic to talk on. Recently, it was reported that the Lightning Network isn’t providing what the Bitcoin company had initially bid their assets on. Speed hasn’t been a strong point with the main chain making seven (7) transactions per second while the sub-layer, the lightning chain boost this number up to ten thousand (10,000) transactions per second.
Upgrade #lightning nodes please! c-lightning < 0.7.1, lnd < 0.7, eclair <= 0.3 vulnerable:https://t.co/4E2hHUy386
— TheRustyTwit (@rusty_twit) August 30, 2019
We have software updates rolling out from Bitcoin for the Lightening network flaw that would eventually make its users lose their assets if the backdoor is exploited. The Lightning side chain’s bug was discovered by an Australian coder.
What’s all the commotion about?
To keep shady groups away from the matter. The actual nature of the threat has not been clarified.
The total capacity of the network hasn’t kept up with time either, but that can be regarded as a side effect of using the side chain for more transactions instead of the main chain. When the coins get unloaded on the sidechain, the total volume is bound to decrease. Nevertheless, the numbers have declined from one thousand (1,098) BTC, on May 10, to eight hundred and thirty-six (836) BTC at the time of writing.
Chart by Bitcoin Visuals
The Bitcoin Lightning network doesn’t pay well.
Miners question the incentives received on the Lightning network amounting to such small numbers that they do not mean much. A Redditor expressed his concerns stating that the commission per day is around five thousand (5000) to ten thousand (10,000) Satoshis per day-equivalent to four (4) to eight (8) cents.
The total sums up to be twenty ($20) dollars per month while the cost for powering the system makes on shell out thousands. That is no way near good.
In Lightning Network’s defense, its advocates argue that the sub-P2P layer is still growing. Samson Mow, the chief strategy officer at Blockstream has high hopes for Bitcoin, citing that the crypto-gold will move into the future on Lightning network roller skates.
