Bitcoin’s Lightning Network has more Active nodes than Litecoin (LTC), Monero (XMR), XRP and EOS

The lightning network has been gaining significant traction in the past year, even though the technology is still in its beta phase it hasn’t stopped Bitcoin enthusiasts from running nodes and transacting with it.

Even though the Mainnet launched a year ago, the network already has more active nodes than prominent Cryptocurrencies like Litecoin (LTC), Monero (XMR), EOS, XRP, Bitcoin Cash (BCH), Tron (TRX) and many more. According to 1ML.com, Bitcoin’s lightning network currently has 3963 nodes that have active channels and over 1060 BTC (around $4.25 Million) in network capacity.

Crypto research firm Longhash released an article comparing the number of active nodes in the lightning network with other major Cryptocurrencies like Ethereum, Litecoin, Monero, EOS, etc. According to the data, Lightning network has the third highest number of active nodes only after Bitcoin (BTC) and Ethereum (ETH). Litecoin (LTC), Bitcoin Cash (BCH) and Monero (XMR) have 1832, 1535 and 1515 active nodes respectively, which are less than half the number of Lightning nodes.

Even faster Cryptocurrencies like XRP and Stellar have one-third the number of nodes in the Lightning network.

Image Source: Longhash

The lightning network is a layer two solution that will enable lower fees, instant transactions, scalability to millions of transactions per second, etc. It is, however, different from Bitcoin’s layer one as it has points of centralization. It acts as a payment layer on top of Bitcoin’s network which is a settlement layer.

The number of nodes is an important metric in Proof of Work Blockchains like Bitcoin and Litecoin as it signifies the level of decentralization in the network. But this may not necessarily true for Blockchains with other consensus mechanisms like EOS and Tron.

Findings from The Block indicate that a few nodes handle significant amounts of lightning network’s capacity. Even though we are still in the early days of layer two solutions, it is still very exciting as these technologies could shape the future of global value exchange.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

1 month ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago