Bitcoin's leading scaling solution"lightning network"Significant growth and adoption has been achieved since its beta launch in March 2018. The Lightning Network has grown steadily, especially as it relates to:

• Network Fluidity and Flexibility

• user experience

• user experience

• Startups focused on the Lightning Network

• Adoption by consumers and merchants
  

Relay of the Lightning Torch

An earlier event that received much attention was the"lightning flame"Pass, a Lightning Network payment campaign initiated by Bitcoin users using Twitter in the first quarter of 2019. Initiated by Twitter user Hodlonaut, the Lightning Torch went viral, raising awareness and interest in the protocol. Celebrities and influencers, including Twitter CEO Jack Dorsey, have joined in on the delivery.

The Lightning Flame is a very interesting experiment, trying to prove that the Lightning Network can surpass the most common payment systems today. Unlike Mastercard and Paypal, this system relies on peer-to-peer trust and does not need to rely on third parties.

Lightning Network wallet

Consumer adoption of bitcoin payments depends heavily on a simple, intuitive mobile wallet user experience. 2018 and 2019 were banner years for Lightning Network wallets, including Satoshi Wallet, Breez, Blue Wallet, and Eclair.

In particular, Breez was the first non-custodial wallet to introduce a Neutrino-based client, incorporating a light client to access a scaled-down version of the Bitcoin blockchain while minimizing the amount of time required to send and receive payments via mobile devices. CPU and data volume.

Bitcoin's Gateway to the Lightning Network

Transactions between on-chain Bitcoin addresses and off-chain Lightning addresses are not directly compatible. Launched in late 2018, Submarine Swaps removes the traditionally complex barrier to Bitcoin’s entry into the Lightning Network by using a trustless intermediary to transfer tokens between blockchains. This allows the off-chain Lightning Network channel to directly complete the on-chain transfer of the Bitcoin blockchain.

Entrance from Fiat to Lightning Network

At the end of 2019, developers from Zap, Sparkswap, and Escher who focused on the Lightning Network optimized the design of the entrance from fiat currency to the Lightning Network, making it easier to use. For example, through Zap's Olympus, users can buy bitcoin with fiat currency, sending and receiving payments made with the Lightning Network quickly and easily.

Bitcoin Exchange Using Lightning Network

Bitfinex was the first major bitcoin exchange to add support for the Lightning Network in late 2019. Now, several other Bitcoin exchanges also use the Lightning Network protocol. Hodl Hodl, Buda and River Financial. By adding support for the Lightning Network on its platform, the exchange offers its users the benefit of instant deposits/withdrawals and ultra-low fees.

Growth in the number of public channels

The Lightning Network supports two types of channels: public and private.

The private channel is not broadcast to the Lightning Network, and only the two participating nodes know and use it. The entire node may not be known to the network. In fact, all current mobile wallet channels are private channels. The benefits of private channels are end-user privacy and more efficient transaction routing.

fluidity

fluidity

The two improvements to the Lightning Network complement each other, increasing utility and improving the transaction payment experience.

Multipath Bitcoin Payments

Multi-path payment can decompose a single payment into smaller parts, and can use multiple channels for settlement. The probability of successfully sending larger Bitcoin payments is greatly increased, as the maximum transfer size is no longer limited to the size of a particular channel. Additionally, multi-path payments further decentralize the Lightning Network and make it more censorship resistant.

Use Wumbo for high-volume and large-value payments

Lightning node operators have historically been limited in the amount of bitcoin they can store on a Lightning channel due to channel size limitations. Wumbo allows for exclusion of these channel size constraints.

Next step

Next step

continue to improve

Although the Lightning Network is fully operational today, there are still some limitations and challenges that need to be resolved in order for the Lightning Network to scale across the Bitcoin ecosystem. Teams such as Lightning Labs, ACINQ, and Blockstream are actively building the infrastructure of the Lightning Network and continuing to promote the development of the network, but for payment technology, perfection cannot be rushed.

New Applications and Use Cases

As the Lightning Network continues to grow, expect to see new businesses and applications accept Bitcoin Lightning for payments. The Lightning Network provides the perfect means of payment with instant low-cost transactions, so it’s only a matter of time before more businesses start using it. Bitcoin transactions on the Lightning Network will be the future of microtransactions on the Internet.