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Litecoin is slowly starting on the Lightning network and has recently exceeded 100 active nodes. Second 1ML.com, which measures the growth of the network, now there are 104 nodes on the Lightning network, an increase of six percent compared to last month.
These nodes have a total of 295 active channels, for a total of 26.73 LTC – equal to about $ 1.023.
But Litecoin still has a lot of work to do, because those hundred knots are completely diminished by the larger network. The bitcoin lightning network has 5,183 knots with combined channels worth 558 BTC (~ $ 2.2 million) With the number of lightning-fast BTC nodes growing by 18% in the last month, Litecoin's smaller network will not reach soon.
However, many supporters of Litecoin believe that Bitcoin is a less ideal medium for the network. The founder of Litecoin, Charlie Lee, suggested (and Crypto Briefing reiterated) that the relatively high price of financing Lightning channels with Bitcoin has made Litecoin a competitive alternative.
Can Litecoin come out from the shadow of Bitcoin?
A hundred knots is not nearly a complete payment system, but it is still an important step for the seventh largest cryptocurrency, which is still badly described as "Billion-dollar Testnet". The founder of Litecoin has been the subject of frequent attacks during the 2018 bear season, due to a gloomy prospect in which Lee sold his LTC holdings near the top. A year later, those gloomy predictions turned out to be prescient.
Lee has often responded to his critics, which describes how "Bitcoin Extremists".
Some self-proclaimed maximalists of Bitcoin are actually Bitcoin extremists. They think that all the other coins are scams and will go to zero.
Maximalists think that Bitcoin is and will remain the dominant cryptocurrency, but there is room for the altcoins to exist and even do well.
What are you?
– Charlie Lee [LTC⚡] (@SatoshiLite) 6 January 2019
Testnet or not, Litecoin outperformed the major cryptocurrencies, registering gains of 21% in the last week according to CoinGecko. Bitcoin, in comparison, gained only 5%.
A viable Lightning network could mean a bright future for both cryptocurrencies, which are still limited by the relatively high costs of extracting work trials. Right now, payments are not considered "definitive" until a miner logs them into the blockchain, a process that can take up to an hour for higher BTC payments. The Lightning network records transactions outside the blockchain, allowing almost instantaneous settlements at minute rates.
Second-tier solutions were considered to be Ave Maria for blockchain networks during high-cost bottlenecks at the end of 2017. For the Ethereum, solutions similar to flashes have been proposed, in the form of the Raiden Network. Starlight, an instant settlement layer for Stellar, is currently running on Testnet.
The author possesses the lumens Bitcoin, Ethereum and Stellar, which are mentioned in this article.
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