BTC’s Lightning Network Sees Activity Rise After Twitter Announcement

BTC’s lightning network sees activity increase after the latest Twitter announcement on LN payments support so let’s read more in our latest Bitcoin news.

The new nodes and channels on BTC’s Lightning Network sees increase in activity by 23.68% and 22.24% over the past day and the rise in activity came after Twitter’s announcement on Thursday that it added support for BTC-based payment features like Lightning wallets. Lightning Network is the second layer scaling solution that is aimed at speeding up BTC transactions and reducing fees while enhancing user privacy and the Procol only focuses on micropayments opening up the variety of novel use cases like new revenue models for content creators or tipping in social media.

I just published Announcing the Strike API

Today, @Twitter enables free, instant, global payments for their users with their integration of the Strike API.

What the internet did for communication, #Bitcoin + the Lightning Network is doing for money.https://t.co/jHkY6knXkP pic.twitter.com/FXujknG7sM

— Jack Mallers (@jackmallers) September 23, 2021

Twitter’s Bitcoin tipping is going to see the integration of Strike which is a Bitcoin payment app that is built atop the layer-2 network. As per the data from 1ML, there are about 27,037 nodes that run on the Lugnting out of which 15,887 contain active payment channels. The number of channels increased as well and surpassed a total of 73,000 or marked an 8.4% increase. The network’s capacity increased by another 19% and it is now touching away from the new milestone of 3000 BTC Locked in the payment channels. The CEO and founder of Fulmo Jeff Gallas which is a Berlin-based Lightning NEtwork startup said:

“It’s very exciting to witness the latest adoption of the Lightning Network in the real world. More and more pieces of the puzzle are coming together.”

He then went on to say that the Lightning network support on Twitter enables people to send payments across the world and Galls continued:

“Instantly, at very low cost, worldwide. The power of open-source monetary innovation.”

The Lightning Network is still seen as a young network and experimental technology but it did saw some major developments in the past weeks and months. One example is the global peer-to-peer exchange Paxful which integrated the technology earlier this month. Another project that added Lightning Network support is Substack which is a popular online platform that allows writers to set up their newsletter. A month ago, Substack announced it will use the protocol to accept BTC for payments for all crypto-related publications.

Source: https://www.dcforecasts.com/bitcoin-news/btcs-lightning-network-sees-activity-rise-after-twitter-announcement/