Rapid Growth of Lightning Network Payment Channels Paints a Bright Future for Bitcoin

The Bitcoin ecosystem is set to undergo some major changes. One of the bigger upcoming developments is the Lightning Network. Over the past few months, thousands of new payment channels have been established, signalling a major step in the right direction toward mass adoption of this new technology.

The Lightning Network Payment Channels

Scaling Bitcoin to offer instant and cheap transactions requires major developments. This code upgrade is known as the Lightning Network. It allows users to open direct payment channels between one another on a global scale. Doing so requires the necessary network participation. Without sufficient support, the Lightning Network will not make any meaningful impact.

Earlier this year, things did not look all that promising. Just 89 channels existed on January 19th. To some people, it showed how this scaling solution is unfeasible. Others considered it to be a lack of adoption because the technology is still not finished. Instead, it is being tested…