- The FED and ECB have taken different sides on the scalability of the Lightning Network as a viable solution to solving the world’s payment problems
- LQwD currently has 19 active nodes on the Lightning Network – each with a capacity that continues to grow, with the goal of creating access to 24 countries worldwide by the end of the current quarter
- LQwD’s active nodes include US-West, Ireland, India, Germany, Brazil, Hong Kong, Singapore, Sweden, South Korea, South Africa, Bahrain, Indonesia, Italy, Australia, Japan-Osaka, France, Canada, England, and Japan
- The cryptocurrency market is expected to reach US $2.2 billion by 2026, growing at a CAGR of 7.1%
On the heels of the Federal Reserve Bank of Cleveland’s Working Paper Series release of “The Lightning Network: Turning Bitcoin into Money,” the European Central Bank (“ECB”) has published its own, “Towards the Holy Grail of Cross-Border Payments,” exploring six potential avenues for addressing the inefficiencies in cross-border payments to address the need for immediate, cheap, universal reach, and secure settlement in the industry (https://ccw.fm/foWmw).
Much like the FED paper, ECB lays out the framework for using blockchain and Bitcoin payment structures to facilitate payments but also incorporates the drawbacks associated with the ever-changing technology. The ECB paper hypothesizes that even with the use of the Lightning Network, a layer 2 payment…
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