Thursday, December 27, 2018

⚡️ Lighting the way

December 27, 2018

The Lightning Network Passed 500 BTC Capacity

After a significant jump in November, Bitcoin's master scaling solution has now passed over 500 BTC capacity - an estimated $2 million for the young project.

Where's the growth coming from? Well, most of the growth stemmed from large nodes that were expanding already existing channels, however, smaller nodes also almost tripled capacity in the same timeframe.

⚡️What is the lightning network? The lightning network was developed to sit on top of the Bitcoin blockchain as a second layer. Specifically, it was made to help Bitcoin scale by making micropayments possible once again.

Sprouting use cases

But all of this growth doesn't mean anything if there isn't a use case. For now, the lightning network's users are dominated mostly by gamblers, however, there are a few diamonds in the rough.

Sitting next to Lightning Roulette and Lightning Casino on Mainnet Lightning Network Stores is a bike parts shop, a Japanese clothing store, and a vinyl shop - with all of them desiring to help spread adoption of the lightning network.

Most recently, artist @cryptograffiti showcased the lightning network's ability to make micropayments by selling an art piece to the auction's lowest bidder. And it was sold low too. Dubbed Black Swan, the artist's now-famous work netted $0.000000037 or one-thousandth of a Satoshi.

Making it easier

In addition to the new use cases, startups are making it easier to join the project.

For example, Casa, a startup focusing on crypto security, has created a new plug and play device that connects to the lightning network with ease. For non-technical enthusiasts, this is a big step towards adoption.

REGULATION

India May Legalize Crypto, But Regulations Would be Strict

India's odd relationship with crypto

The issue of cryptocurrencies has been a polarizing topic between India's government branches. The Reserve Bank of India has continually shunned the use of cryptocurrencies but has also said that it is not they do not have jurisdiction over crypto. The central bank still refuses to do business with crypto companies.

Because of the Reserve Bank of India's handling of crypto, the Indian Supreme Court has received numerous petitions from exchanges and other industry groups challenging the bank's decision not to support crypto.

Overall, there is great ambiguity about the legality of crypto in India. To create clarity, the Supreme Court is insisting that the central government establish an official stance.

Clarity in sight

An interdisciplinary committee established by the Indian government reportedly is against an outright ban on cryptocurrencies.

Deliberations within the committee seem to be ongoing but sources suggest that cryptocurrencies will be legalized with strong regulations in place.

After many delays to an official ruling, the committee is expected to report to the country's finance ministry sometime in February.

ADOPTION

Litecoin Secures UFC Sponsorship to Boost Awareness

In a new deal inked by the Litecoin Foundation, a group that oversees the cryptocurrency's development and adoption, the mixed martial arts organization UFC is going to promote Litecoin in its upcoming event.

Allegedly, the deal lets Litecoin display its logo in the fighting octagon during the fight between UFC light heavyweight champion Jon Jones and light heavyweight Alexander Gustafsson on December 29th.

Speaking highly of the deal, the Litecoin Foundation told its community that the event will have "millions of viewers" and that the deal "is yet another signal of this technology moving closer towards the mainstream."

BITS

But wait, there's more...

🔌 A man in Taiwan has been arrested for stealing electricity to mine $3.25 million in cryptocurrencies.
🧐 Bithumb has won a lawsuit against a user after the user was hacked for over $350,000.
🇮🇳 U.S. Defense Department says blockchain could help disaster relief efforts.

MEME