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Bitcoin Lightning Network data provider Amboss reveals rapid growth in Bitcoin Lightning Network nodes launched by major cryptocurrency exchange Binance. According to the latest data, Binance’s Bitcoin Lightning Network has increased the number of public channels from 7 to 33.
14th Largest Lightning Network Node in Capacity
Amboss data shows that the world’s largest cryptocurrency exchange, Binance, has experienced significant growth in its Bitcoin Lightning Network nodes since its launch on July 17. The number of public channels has increased from 7 to 33, while the capacity has risen from 36 BTC to 77.73 BTC.
Currently, the total capacity of the Bitcoin Lightning Network stands at 4,859 BTC, with Binance ranking as the 14th largest Lightning Network node.
What is Bitcoin Lightning Network?
Bitcoin Lightning Network is a Layer 2 scaling solution aimed at addressing scalability issues of the Bitcoin network. Instead of conducting transactions directly on the main Bitcoin Blockchain, Lightning Network enables fast and low-cost transactions. This is achieved by opening a payment channel between two parties and conducting transactions on this channel. As a result, only the opening and closing moments of the channel are recorded on the Blockchain.
Lightning Network is particularly suitable for small transactions and micro-payments, as the transaction fees are very low and transactions are almost instant. This means that Bitcoin can be used not only as a “store of value” but also for everyday payments. It is crucial for cryptocurrency exchanges to adopt the Lightning Network solution in order to ensure smooth and seamless deposit and withdrawal transactions. Binance has embraced the Layer 2 scaling solution for this reason.
In summary, Bitcoin Lightning Network aims to solve the speed and scalability issues of the Bitcoin network, making it more useful for daily payments.
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