When the mysterious Satoshi Nakamoto proposed Bitcoin in 2008, the issue of scalability was one of the first questions posed to the cryptocurrency’s creator. More than 10 years later, it remains an issue that has caused vigorous debates and dozens of proposals that attempt to resolve the scalability problem.
The issue is best illustrated in a comparison of the number of transactions per second that the Bitcoin network can sustain compared to other payment solutions. Bitcoin’s highest all-time transactions per second was just 4.7, while Visa averages about 1,700 transactions per second, and claim to be capable of more than 50,000 transactions per second.
One project offering a potential solution to this problem is the Lightning Network, which enables individuals to instantly conduct multiple transactions before settling all the transactions at the same time on-chain. The Lightning Network, as a “layer” on top of Bitcoin, is billed as one of the most promising ways to improve Bitcoin’s usability as a currency. As of March, the Lightning Network boasts 30,000 channels and more than 7,000 nodes, with more nodes coming online every day.
Cobo Wallet has set up our own Lightning Network node, which means our users can take full advantage of the promised speed and usability improvements. The upgrade was rolled out in our recent update of the Cobo Wallet app and is fully functional.
As with all new features, we did a lot of testing before we launched the Lightning Node. And, in time-honored fashion, we tested our Lightning Node by purchasing pizza using Bitcoin stored on Cobo Wallet. Here is the delicious proof! Don’t wait - upgrade to the newest version of Cobo Wallet and buy something. Also be sure to let us know what you bought by mentioning us on Twitter!