Samson Mow says the Lightning Network will solve the problem of BTC scalability
One of the biggest problems facing the Bitcoin network is transaction processing. Currently the processing system is much lower compared to other systems such as Visa or Alipay, however Samson Mow states that the Lightning Network is a solution to the scalability problem.
The solution to the scalability problem
Samson Mow, the CEO of Blockstream, has posted on his official Twitter a comparison between the number of transactions of Lighning Network, Visa and Alipay, ensuring that the theoretical capacity of Lightning Network greatly exceeds the processing speeds of payments with respect to others .
Lightning Network is still an experimental project, however it is estimated that the processing capacity of the network would reach 18,000,000 transactions per second, which would mean a vast improvement in traditional payment systems such as Visa and Alipay. The problem that tries to solve the Lightning Network is the scalability of Bitcoin (BTC). Bitcoin currently processes its transactions by updating the Blockchain network to confirm transfers and the problem arises when there is a large number of transactions on the network because it will increase the time and rate of each transaction.
The solution used by the Lightning Network is the processing of a second layer of transactions to avoid the problem of Bitcoin scalability. In this way the transfers in BTC would be almost instantaneous and with very low or non-existent commissions.
The well-known technology investor Tim Draper said: "It is thanks to Lightning Network, OpenNode and perhaps others that allow us to spend Bitcoin very freely and quickly, so that it is not only a reserve of value, but can be used for micropayments."