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Lightning Network Massive Adoption!

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Bitcoin; Bitcoin plus lightning
Hello Cryptogang welcome to another LamboLife video. Just gonna be real with you guys. I’m not here to play games. This video is not to hype things up. I care mostly about facts. And the fact is, Lightning is blowing up! The Lightning network is gathering a lot of
steam lately and today we are going to discuss the forces that are driving its mass adoption. Everyone is excited about this, not just me. There’s been a lot of videos on lightning
network but I want to dig even deeper than the rest. Once and for all. Is this real? Can we really achieve this level of adoption? At this rate it seems the flipside is near. First things first let’s take a look at
how the network has grown. As you can see right there the number of nodes
is approaching 7 thousand. No doubt some of them might be inactive by
but it’s interesting to see how fast it is growing. Also, the number of channels created is over
30 thousand now and its going up fast. For those who don’t know, these channels
are payment channels. They allow Bitcoin users to transact back
and forth between each other much faster and more fluidly than the base layer. Because Bitcoin’s blocktime takes 10 minutes,
that’s not something we want to do when we’re just out to buy coffee and so the
more channels there are the more we could do near instant micropayments. Look at this graph. The dots are the nodes, and obviously, the
lines are the channels. Beautiful isn’t it? One day you won’t even see the map. It’s just gonna be the lightning network
all over the place. Network capacity is now nearing 3 million
dollars worth of Bitcoin or730 BTC by the time of this recording. You can check the realtime statistics at 1ml.com
and I’ll leave a link in the description as well. Check this out; it paints a bigger picture
of the network capacity. The growth isn’t linear. You could see a huge spike from June to July;
then another one from October to November. And it’s all a series of Big Bangs from
there, to today. It’s growing fast guys. That’s a staggering 830% increase, over
the past six months, with the weight of the bear market at its back. I don’t know about you, but I’d say we’re
killing it! Now right now I can read your mind. You are thinking, so what? They’re just nodes. That shouldn’t be the only benchmark for
adoption. Gimme something else. Well, let’s check out some stores then. There’s Bitcart. There’s lightining casino, lightning pizza,
lightning spin. There’s a lot actually. The rate this is going, I’m thinking Roger
Ver is gonna lose to that bet with Charlie Lee. Because merchant adoption is through the roof! We now have 220 stores that accept lightning. But this is not even the real number, this
is the minimum number of merchants. Not all stores that accept lightning are listed
here so we don’t know for sure but it’s atleast 220. If this doesn’t open your eyes to the power
of lightning network, well, all I can say to you is just wait. Wait 3-5 years, you have no idea of what is
to come, foh real. The Lightning Network white paper was released
on January 2016. The development is open source and, I wouldn’t
say it is being led, but I would say that it is being most heavily developed by 3 separate
development teams and companies. Blockstream, Lightning Labs, and ACINQ
Blockstream is a big contributor. They are currently developing one of the Lightning
Network implementation, c-lightning. They are also responsible for Bitcoin’s
worldwide satellite broadcast. Furthermore, blockstream is building other
Bitcoin sidechains like the liquid network, among other things. Lightning Labs built lnd; or lightning network
daemon, which is a complete implementation of a Lightning node, just like c-lightning
They are also building Neutrino, an open and privacy-preserving platform, which enables
users with mobile devices, to conduct blockchain and Lightning Network transactions quickly
and easily. And lastly there’s ACINQ. They have 2 products under their belt. One is Strike, which is similar to Stripe,
the internet payments company, except it’s an API powered by the lightning network. They also created Éclair, a well-known lightning-ready
bitcoin wallet; and have their own full node. It needs to be noted that there are more companies
and groups, actively developing and experimenting on the Lightning Network. Their products are likely proprietary, but
the lightning protocol itself is open source, and has a standard called BOLT. By having this standard, different companies
can work on lightning and ensure that they are more or less compatible with each other. Now lemme tell you, I have mixed feelings
about hype. Somethings I like it. Sometimes I don’t. This time I do. So much of lightning network hype actually
has substance, biggest of them all I think is the Lightning Trustchain. I’m sure you’ve heard of this by now,
but this global movement was spearheaded by Bitcoin enthusiast, holdnaut. Also known as the Torch, similar to the Olympic
Flame, the Lightning Trustchain started with 100 thousand satoshis from hodlnaut. It gets pass around to the first person you
trust that accepts it. They then add 10 thousand sats each time until
it breaks. This started out small until major players
and influential entities started joining in. Andreas Antonopoulos, Twitter CEO Jack Dorsey,
Lightning Labs Elizabeth Stark, Blockstream’s Samson Mow and Adam Back; even Justin Sun. Now, in my opinion, what really hyped this
up the most was when Fidelity, a multi-trillion asset management company, took up the torch. What’s interesting to note is that Fidelity
is also about to launch their cryptocurrency trading and custody platform. While I’m not sure if this is exactly what
we want, considering that this is probably not gonna be available for everyone, but this
would certainly pump the price if institutional investors take the bait. As of today, the torch continues to be passed
around successfully. Who knows where this could lead? So far it only broke once and not because
of systemic error, but theft; but its all good now coz someone replaced the stolen funds. Now before we move on, I just want to remind
you guys that besides the hype, the lightning torch exemplifies the speed and convenience
the lightning network brings over other mediums of exchange. It is a message to the world that says bow
down and kneel to greatness. Just kidding. But you get the point. Why use any other currency if Lightning can
do this right? One of the hindrance to lightning’s adoption
is UI and UX. The first few end-user lightning softwares
deployed, were terribly designed; not beginner friendly. But now it’s different. A good example is bluewallet because it’s
the easiest way to setup a lightning wallet. Just download it from the playstore if you’re
using android and appstore if you’re using iOS. Really easy to use. Very convenient. Less than 4 taps to send and receive payments;
near instant confirmation. We also have tippin.me which is integrated
with Twitter. Now you can tip your favourite personalities
on twitter if you like their posts. By the way, follow me on twitter too. My face is there
You can tip even like a few cents or less because transaction fees seem non-existent. And this is the power of the lightning network
here. Easy, cheap, and instant payments. But now I know you’re thinking, yes it’s
fast easy cheap but it is a custodial structure, that is to say, someone else is holding the
keys to my Bitcoin. Isn’t that right? Well in that case, if you want to run your
own full node, but don’t want the hassle that comes with setting it up, there is another
option called plug and play nodes. As the name implies, plug and play nodes are
nodes that you simply plug, follow the basic instructions and voila! I’m not really used to saying that word. Vweela Voila
Anyway, a sample product for this is the CASA HODL. Casa is a pre-synchronized node with easy
configuration, which means it can be activated quickly unlike running a full node from scratch. It runs on raspberry pi, and with this you
can send and receive payments just as easily as bluewallet, at the same time allow you
to easily open and close payment channels, and collect fees from any payments routed
to you. There’s also other similar products like
the NODL and Raspiblitz. By the way, if you’re planning to set up
a lightning node just to profit from channel fees, you shouldn’t do it. Running a lightning node today is somewhat
of an experiment or for fun from people who want to support the network. The economic incentives haven’t really reached
equilibrium, that is to say, transactions are too cheap, like 1 Satoshi or something
like that it’s crazy. In the future, that’s all gonna change obviously,
but for now, the only benefit of running a full node is that you can save on fees, if
you use lightning regularly; besides the fact you are helping the future global currency
grow, hypothetically. Oh you knew this was coming! Admit it. Besides, how can I be a good crypto youtuber
if I don’t show the drawbacks, right? First things first, the lightning network,
despite its near-monumental achievement, is still in beta phase. It has a lot of bugs and holding large amounts
of Bitcoins on it risky. There’s a chance you could even lose them
due to network error or something. Most of the lightning network setups we just
discussed were very convenient, but they are also centralized. Not your keys, not your bitcoin, isn’t that
right? Hopefully it’s not gonna stay this way for
long, soon we will certainly have decentralized easy setup wallets for lightning network. Casa is great but not everyone can afford
plug and play nodes. It also needs to be noted that lightning network
is a second layer solution, and it may never be as secure as the Bitcoin base layer. It’s meant for micropayments, like paying
for coffee. Not store of value, like where you store your
college savings. But who knows what the future brings? By the way guys if enjoyed this video give
it a like. If you have anything to say be sure to leave
a comment. I usually reply to all. And also, if you’re into crypto, I’m one
of the new bloods. So subscribe? Maybe? Coz damn it feels good to be in crypto! Another day another battle. See you on the flipside!

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10 thoughts on “Lightning Network Massive Adoption!”

  1. K.O. Edit says:

    Very cool, unique video. I like the music.

  2. ParmuTownley ; says:

    good video! I hope you'd talk about "intermediate difficulty" wallets like eclair where you do own your keys and channel backups but you just have to make your own channels, which, imo, is piss easy.

  3. Karl Netzler says:

    Great video.

  4. mungojelly says:

    Lightning Network is a trick. They intentionally rate-limited Bitcoin to try to create false demand for this Rube Goldberg. If you'd like to try real Bitcoin get an app called Handcash, handcash.io, respond with your handle and I'll send you a cent so you can try it out. A cent is more than enough to give it a try, since transactions cost far less than a cent. Real Bitcoin has no trouble sending microtransactions on the chain. You don't need a special Raspberry Pi, just a normal phone, and it always works.

  5. KellyO Neill says:

    Professional social engineering video. LN is for businesses, especially large ones. BTC cant scale, so, this is their "solution". Very limited use cases, but, it will work for that. Coin value can't go up much since blocks are already getting full. May be able to hit 20K again, but, not the $50K I previously predicted for the upcoming pump. BTC is still a good investment until the blocks are full. Then, maybe Blockstream would be a better one? They and the private LN will pretty much own BTC at that point.

  6. KellyO Neill says:

    Adoption skyrocketing to under 300 businesses = "Massive Adoption!", LOL

  7. nathaniel Short says:

    BTC-LTC POWER!

  8. Unmake Your Mind says:

    LN is garbage. Poor attempt like putting a band-aid on an sliced artery.

  9. n1hu says:

    ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡ ₿⚡

  10. Zen Crypto says:

    Network capacity now past $3m or 768 BTC check it at https://1ml.com/statistics

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