Lightning’s Bitcoin mainnet: the phenomenal growth - page 5.

longwintershere

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Quote from: loicuagio1979 on April 24, 2018, 12:25:43 AM

As commented by Armin Van Bitcoin on Twitter “ https://twitter.com/LNstats/status/988406112406966273 ”, the mainnet has reached 7.000 active channels. Also, https://lnmainnet.gaben.win/ displaying present activity on lightning’s btc mainnet implementation exposes the network capacity of $156.5 mil which has been approximately 2 times higher in 15 days before. Moreover, there are more than 2.000 operating nodes accessible to operate transactions which cost lower than 1 shatoshi
Therefore, what can be clearly seen in the above statistics is the phenomenal growth of faith in Bitcoin as a payment method rather than financial investment or a store of long-term value. Awesome!

I'm not exactly sure fi these stats really mean that each person runs it separately, but either way we all know there is huge demand for instant low fees transactions..

ebliever

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Quote from: DooMAD on April 30, 2018, 11:15:33 AM

It's tricky to track the progress of growth, as Lightning isn't easily measured in that way. While one source may say ~1500 nodes, others may say ~2000. At the time of posting, for example:

http://shabang.io/ currently lists 1560 nodes and 14260 channels
https://graph.lndexplorer.com/ says 1818 nodes, 5796 channels
and https://rompert.com/recksplorer/ 2133 nodes, 5864 channels

As such, all statistics should be treated strictly as estimates.

Isn't that because no one node is seeing all other nodes, so all these are seeing different subsets (presumably a large subset, but less than 100%)? So it would be safe to conclude that there are a minimum of 2133 nodes, but how many more would be unknown?

Why would the shabang.io site list dramatically more channels than the other two?

loicuagio1979

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Quote

not everything is about fees and how much you pay, it is about security of the network and the coin that you are using too. otherwise there are free coins like NANO (old name RaiBlock) that don't even have a fee.

As you can see, the payment channel is based on the HTLC protocol. For more information, you can track the wiki link: https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts. In short, the acceptor/ receiver has to confirm that he has accepted/ received the payment in a given time and the sender has the sum automatically without having confirmation from receiver. Moreover, L.N has its own code of committed transactions. They are are security despite a sudden conflict or other party turn into unresponsive. To better understand why L.n is safe, you can track this link: https://rusty.ozlabs.org/?p=462

Regards

DooMAD

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It's tricky to track the progress of growth, as Lightning isn't easily measured in that way. While one source may say ~1500 nodes, others may say ~2000. At the time of posting, for example:

http://shabang.io/ currently lists 1560 nodes and 14260 channels
https://graph.lndexplorer.com/ says 1818 nodes, 5796 channels
and https://rompert.com/recksplorer/ 2133 nodes, 5864 channels

As such, all statistics should be treated strictly as estimates.

Quote from: loicuagio1979 on April 30, 2018, 09:12:30 AM

Quote

as for lightning network it is growing fast because there are a lot of people interested in it but it is not yet complete nor safe to use it for serious purposes. that will also take time.

Technically, at the beginning of project’s development, Satoshi Nakamoto, bitcoin’s father, imagined as a future possibility of lightning network to be built on payment channels. His idea is shortly described as the payment channel could be locked by related parties and their latest balances is the most recent transaction which shall be announced and stored in the BTC blockchain. In terms of payment channel, L.N allows its users to carry out their payment directly rather than announcing their transactions worldwide. Moreover, the related parties can effectively avoid expensive and time wasting interactions with btc blockchain by self –tracking their payments. In case of conflict happening which relates to balances on the L.N, the latest valid state recorded by parties to the blockchain could be sent by each party in order to automatically judge the fraud (if any)

Indeed. The current implementations of Lightning do seem similar to ideas Satoshi discussed privately. But, unless I'm failing at using the forum's search function, I can't see that Satoshi ever used the word "channels" here on the forum. Slightly curious, but then it seems Satoshi had a habit of bouncing ideas off a select few people in private before implementing them.

BrewMaster

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Quote from: loicuagio1979 on April 25, 2018, 10:01:53 AM

I would like to point out and update the median transaction fees for 6 major cryptocurrency networks on April 24, 2018 for your reference:
BTC – median transaction fee: $0.653
ETH - median transaction fee: $0.106
EOS - median transaction fee: $0.0136
BCH - median transaction fee: $0.0057
TRON - median transaction fee: $0.0001
LTC - median transaction fee: $0.0561
Although there’re presently cheaper alternatives to BTC in terms of on-chain transaction, the L.N could empower payments much cheaper than what are offered by most of the altcoins. Moreover, as i would like to emphasize here, L.N can help transactions to be accepted as valid immediately without waiting for the verification of a new mined block

not everything is about fees and how much you pay, it is about security of the network and the coin that you are using too. otherwise there are free coins like NANO (old name RaiBlock) that don't even have a fee.

loicuagio1979

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Quote

as for lightning network it is growing fast because there are a lot of people interested in it but it is not yet complete nor safe to use it for serious purposes. that will also take time.

Technically, at the beginning of project’s development, Satoshi Nakamoto, bitcoin’s father, imagined as a future possibility of lightning network to be built on payment channels. His idea is shortly described as the payment channel could be locked by related parties and their latest balances is the most recent transaction which shall be announced and stored in the BTC blockchain. In terms of payment channel, L.N allows its users to carry out their payment directly rather than announcing their transactions worldwide. Moreover, the related parties can effectively avoid expensive and time wasting interactions with btc blockchain by self –tracking their payments. In case of conflict happening which relates to balances on the L.N, the latest valid state recorded by parties to the blockchain could be sent by each party in order to automatically judge the fraud (if any)

loicuagio1979

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I would like to point out and update the median transaction fees for 6 major cryptocurrency networks on April 24, 2018 for your reference:
BTC – median transaction fee: $0.653
ETH - median transaction fee: $0.106
EOS - median transaction fee: $0.0136
BCH - median transaction fee: $0.0057
TRON - median transaction fee: $0.0001
LTC - median transaction fee: $0.0561
Although there’re presently cheaper alternatives to BTC in terms of on-chain transaction, the L.N could empower payments much cheaper than what are offered by most of the altcoins. Moreover, as i would like to emphasize here, L.N can help transactions to be accepted as valid immediately without waiting for the verification of a new mined block

BrewMaster

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Quote from: Xester on April 25, 2018, 07:33:20 AM

Well if the lightning network could possibly make bitcoins transaction faster and with a lower fee then the merchants will come rushing in. I have read many news about many business, establishments, merchants that are advertising that they will accept bitcoin and possibly they are waiting for the lightning network to take effect so that they can finally accept bitcoin as a mode of payment.

unfortunately the adoption, specially by merchants does not work that way. they don't "rush in". it is a slow process of them weighing options and and doing risk assessment and then adding bitcoin payment to their platforms.
as for lightning network it is growing fast because there are a lot of people interested in it but it is not yet complete nor safe to use it for serious purposes. that will also take time.

Xester

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Quote from: loicuagio1979 on April 24, 2018, 12:25:43 AM

As commented by Armin Van Bitcoin on Twitter “ https://twitter.com/LNstats/status/988406112406966273 ”, the mainnet has reached 7.000 active channels. Also, https://lnmainnet.gaben.win/ displaying present activity on lightning’s btc mainnet implementation exposes the network capacity of $156.5 mil which has been approximately 2 times higher in 15 days before. Moreover, there are more than 2.000 operating nodes accessible to operate transactions which cost lower than 1 shatoshi
Therefore, what can be clearly seen in the above statistics is the phenomenal growth of faith in Bitcoin as a payment method rather than financial investment or a store of long-term value. Awesome!

Well if the lightning network could possibly make bitcoins transaction faster and with a lower fee then the merchants will come rushing in. I have read many news about many business, establishments, merchants that are advertising that they will accept bitcoin and possibly they are waiting for the lightning network to take effect so that they can finally accept bitcoin as a mode of payment.

freesia_pnp888

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i know it right, i love it tbh!

loicuagio1979

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According to their Tweet, the latest statistics is:
"Nodes: 1949 (1507 public nodes; 1485 nodes with channels)
Channels: 6784
Btc capacity: 18.378
219 channels opened, 130 closed"

Source: https://twitter.com/LNstats/status/988583328725991425

In comparison with 1 month ago: https://twitter.com/LNstats/status/977892860023500800

Toward that paces, I am quite sure that the mainnet shall easily reached 20.000 active channels in late 2018 Roll Eyes

Kakmakr

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Quote from: loicuagio1979 on April 24, 2018, 12:25:43 AM

As commented by Armin Van Bitcoin on Twitter “ https://twitter.com/LNstats/status/988406112406966273 ”, the mainnet has reached 7.000 active channels. Also, https://lnmainnet.gaben.win/ displaying present activity on lightning’s btc mainnet implementation exposes the network capacity of $156.5 mil which has been approximately 2 times higher in 15 days before. Moreover, there are more than 2.000 operating nodes accessible to operate transactions which cost lower than 1 shatoshi
Therefore, what can be clearly seen in the above statistics is the phenomenal growth of faith in Bitcoin as a payment method rather than financial investment or a store of long-term value. Awesome!

This just shows you how high the demand is for cheap and fast global transactions. It is not unlikely that many of these channels are being run by the same people. The amazing thing for me is that despite the throttle and cap that are placed on amounts that can be used to fund these channels, people still use it for commercial payments. Roll Eyes

I predict that if everything goes well towards the end of this year, that we might see full implementation and unrestricted use in early 2019.

loicuagio1979

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As commented by Armin Van Bitcoin on Twitter “ https://twitter.com/LNstats/status/988406112406966273 ”, the mainnet has reached 7.000 active channels. Also, https://lnmainnet.gaben.win/ displaying present activity on lightning’s btc mainnet implementation exposes the network capacity of $156.5 mil which has been approximately 2 times higher in 15 days before. Moreover, there are more than 2.000 operating nodes accessible to operate transactions which cost lower than 1 shatoshi
Therefore, what can be clearly seen in the above statistics is the phenomenal growth of faith in Bitcoin as a payment method rather than financial investment or a store of long-term value. Awesome!

Edit:
Active channels: 8433
Nodes: 2228
BTC capacity: 20.948

Topic: Lightning’s Bitcoin mainnet: the phenomenal growth - page 5. (Read 1036 times)