CobraBitcoin, a pseudonym for one of the owners of Bitcoin.org, recently gave his thoughts on adopting the Lightning Network (LN), a second-layer solution for scaling Bitcoin that has apparently shown slow growth.
Since the idea was presented, it was considered the "promise of the year" to solve the scalability problems of Bitcoin, since without the need to confirm each transaction on the blockchain, numerous transactions could be carried out in LN without congesting the network.
However, amid controversial discussions about what the future of technology would be, year after year we have not seen Lightning grow as expected.
Key year for Lightning Network
Since the Breaking Bitcoin conference, which took place in September 2017, when a speaker was asked when LN would be “ready”, the answer “18 months” has been marked as a meme and the deadline for the technology to take off. and grow the adoption still seems to be the same.
In that sense, the iconic anonymous figure in the cryptocurrency market CobraBitcoin tweeted that this would be the key year for the growth of Lightning. “It has been 6 years of development now. This has to start to justify the hype or it will start to disappear, ”he said.
2021 will be a key year for Lighting Network. It's been 6 years of development now. It needs to start justifying the hype or it will fade.
– Cøbra (@CobraBitcoin) January 18, 2021
His post comes with a screenshot of Defi Pulse, a website that lists decentralized financial technologies and places the Lightning Network in 28th position, with $ 37 million “locked” on the network.
As previously stated, there is more Bitcoin on Ethereum than on the Lightning Network. However, this does not mean that Wrapped Bitcoin or any other solution of tokenizing Bitcoin to another network will replace what LN set out to do, as Lightning is a more decentralized solution.
But Cobra and other users began to argue if the plan was really on track, after so many years of software updates that remain in beta. “Honestly, I am more concerned about the lack of updates and information about the setbacks than the delay. If I had to guess, they had problems that they don't know how to overcome, unless they hear something different ”, said a user in response to the tweet.
What it charges answered: "I agree. I would say that various security issues in 2020 led them to question the soundness of the design, and they don't want to risk a catastrophic loss of funds, so they deliberately keep the software in beta. "
Though slow, adoption continues to grow
Amid much waiting and various criticisms, the developers continue to work to offer the best solutions for scaling Bitcoin in a decentralized manner. According to Elizabeth Stark, building Lightning looks more like a marathon than a 100-meter race. Developing such nifty software takes time, but it can end up taking Bitcoin to another level.
The Lightning community is about building, not hype.
Lightning is a marathon, not a sprint, and we're bringing #bitcoin to the next billion people. 💪
– elizabeth stark (@starkness) January 16, 2021
Regarding adoption, Kraken, one of the most important exchanges in the United States announced that it is forming a team solely to integrate the Lightning Network securely on its platform. The exchange expects customers to make withdrawals and deposits faster and cheaper later this year.
More than a year ago, the experiment was successfully carried out by Bitfinex and Buda.com. In Brazil, we know that Foxbit and Walltime are also targeting technology.
For the average user, the Electrum, BlueWallet and Phoenix wallets are among the most recommended by the community to start moving satoshis through the second layer.