- Recent Lightning Network statistics show over 17,000 active nodes with more than 87,000 payment channels facilitating a capacity of over 4,500 BTC worldwide
- LQwD is currently leveraging the Lightning Network with nodes active in the United States, Ireland, India, Germany, Brazil, Hong Kong, Singapore, Sweden, South Korea, South Africa, Bahrain, Indonesia, Italy, Australia, Japan-Osaka, England, Japan, France, and Canada
- LQwD anticipates increasing node coverage to 24 countries by the end of the current quarter
The Lightning Network is a Layer 2 protocol designed to help scale Bitcoin’s base layer. It comprises nodes consisting of payment channels that help facilitate affordable, fast, and more secure payments. As awareness increases, so does the growth of the Lightning Network, with recent statistics showing over 17,000 nodes that exceed 87,000 channels that support a capacity of over 4,500 BTC worldwide (https://ccw.fm/vMjfY). Nodes in the United States make up more than half of the current capacity with 2,300 BTC currently locked in the Lightning Network, followed by Germany with 355 BTC and Canada with 151 BTC.
LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a financial technology company focused on creating enterprise-grade infrastructure to drive bitcoin adoption, is leveraging the Lightning Network in pursuit of expanding the capabilities of bitcoin, with 19 active worldwide nodes on the Lightning Network. The company released its first node, US-West, in November 2021, and the node has since grown to a capacity of over 6 BTC and more than 100 active channels. Other LQwD nodes on the Lightning Network include Ireland, India, Germany, Brazil, Hong Kong, Singapore, Sweden, South Korea, South Africa, Bahrain, Indonesia, Italy, Australia, Japan-Osaka, England, Japan, France, and Canada. The company anticipates expanding its worldwide coverage to include a total of 24 countries by the end of the current quarter.
Several countries worldwide have used the Lightning Network to their advantage, opening up payment opportunities that would not have existed otherwise. Last year, El Salvador adopted Bitcoin as a legal tender, using the Lightning Network’s capability to process millions of transactions to facilitate the purchase of everyday goods. The June 2022 Federal Reserve Bank of Cleveland’s paper “Lightning Network: Turning Bitcoin Into Money” describes El Salvador’s bitcoin adoption as a cornerstone moment for the technology and network use by top-named companies, including merchant transactions. (https://ccw.fm/faAUH).
Other countries are making Bitcoin payment more accessible, adding payment options in the cryptocurrency to everyday transactions – like getting a cup of coffee – as described by Paco de la India, who committed to traveling 40 countries on a personal bitcoin standard. His travels are documented on YouTube and Twitter, where he talks about his journeys. “Kenya was one place where I bought a book for bitcoin, got a massage for bitcoin, got food with bitcoin, paid for my guide with bitcoin, and found a pool table, a game of pool that you could play with bitcoin,” de la India explains, adding that he was also able to buy a cup of coffee with Bitcoin in Singapore (https://ccw.fm/iAfTs).
Kenya and Singapore are not the only countries openly accepting Bitcoin – Guatemala, Costa Rica, Peru, Brazil, Argentina, and South Africa have all recognized the benefits of accepting Lightning Network payments to better the economic standing of their respective countries. As nodes are formed, and channel numbers grow, more countries worldwide are becoming a part of the payment network.
According to Markets and Markets, the cryptocurrency market size reached US $1.6 billion in 2021 and is expected to grow at a CAGR of 7.1% through 2026, resulting in a value of US $2.2 billion (https://ccw.fm/xvLqO). Transparency, digital ledger technology, and growth opportunities in emerging and developed markets are driving the industry’s growth, bringing new opportunities to the landscape, especially where micropayments are concerned.
As a public company, LQwD aims to leverage its position within the industry to enhance the micropayment experience. The company intends to build a strong brand and capture valuable “land” in the highly sought-after digital payments realm. The current plan of execution includes the acquisition of nodes and channels, leveraging the Lightning Network, increasing transaction volumes, and increasing brand awareness as it continues to expand and utilize its own Bitcoin assets.
For more information, visit the company’s website at www.LQwDFinTech.com.
NOTE TO INVESTORS: The latest news and updates relating to LQWDF are available in the company’s newsroom at https://ccw.fm/LQWDF
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