- The Lightning Network speeds up crypto transactions from around 7 per second (Bitcoin) to 1 million per second (Lightning Network protocol)
- The Lightning Network was in the news due to it being used by Canadian Prime Minister candidate Pierre Poilievre and the possible use for verification of Twitter users
- LQwD leverages the Network and provides a proprietary platform as a service (“PaaS”) offering that speeds up transaction times, is cost-effective and easy to use from anywhere in the world
Despite recent ups and downs, the cryptocurrency market maintains a strong upward trend, being expected to reach U.S. $2.2 billion by 2026. This marks a CAGR of 7.1% from the 2021 reported value of U.S. $1.6 billion, according to a Markets and Markets report (https://ccw.fm/g574x). The growth is primarily driven by the transparency of the distributed ledger technology, which is an obvious detriment in traditional banking systems, as many people do not trust financial institutions, and their lack of transparency leads to dissatisfaction among the public. Cryptocurrency is becoming an increasingly popular option in both emerging and developing countries worldwide – with El Salvador becoming one of the first countries to recognize Bitcoin as legal tender in 2021.
Like any currency, the amount of time it takes to process a transaction is taken for granted. The slower the transaction speed, the less likely consumers will use the method. A major credit card company has a network capacity of 65,000 transactions per…
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