- LQwD is leveraging the Lightning Network for BTC scalability with 19 nodes active and the goal of creating Lightning Network node access in 24 countries by the end of this financial quarter
- LQwD nodes include US-West, Ireland, India, Germany, Brazil, Hong Kong, Singapore, Sweden, South Korea, South Africa, Bahrain, Indonesia, Italy, Australia, Japan-Osaka, France, Canada, England, and Japan
- The cryptocurrency market was valued at US $1.6 billion in 2021 and is expected to reach $2.2 billion by 2026, growing at a CAGR of 7.1%
The Federal Reserve Bank of Cleveland Working Paper Series released Working Paper 22-19 in June 2022 entitled “The Lightning Network: Turning Bitcoin into Money.” The FED conjectures early on that the Lightning Network (“LN”) has reduced Bitcoin blockchain congestion and resulted in lower mining fees. Since its introduction in 2009, Bitcoin has grown in value but still has capacity constraints regarding payment processing capability. The average blockchain transaction only allows seven transactions per second, which pales in comparison with centralized payment infrastructures like Visa or Mastercard (https://ccw.fm/g5sdt).
The introduction of the Lightning Network has reduced the amount of time it takes for payment processing to provide almost instant results. The overall consensus is that the Network can help Bitcoin achieve greater scalability as a payments system and states, “According to our results, if the LN had…
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