- The Lightning Network capacity is US $82,800,210
- LQwD’s longest running node is US-West, with a capacity of 5.74404405 BTC/ 574,404,405 sat/ US $117,517.28, a channel count of 107, and a node count of 106
- LQwD has a total of 17 active nodes worldwide on the Lightning Network
- The global cryptocurrency market was valued at US $1.49 billion and is expected to reach US $4.94 billion by 2030
Five years ago, on May 10, 2017, Christian Decker of Blockstream made the first non-test transaction on the Lightning Network. The transaction, conducted in Litecoin, was settled within one second. Today, the Lightning Network has grown on a massive scale, with over 17,000 nodes and almost 85,000 channels. The Network’s capacity, as of June 23, 2022, was US $82,800,210. LQwD FinTech (TSX.V: LQWD) (OTCQB: LQWDF), a financial technology company focused on creating enterprise-grade infrastructure to drive bitcoin adoption, has invested its own reserves in enhancing the experience of the Lightning Network.
In November 2021, LQwD launched its first node and proprietary platform as a service offering (“PaaS”), https://lqwd.tech/, to the public. As LQwD’s longest operational node, US-West has a capacity of 5.74404405 BTC/ 574,404,405 sat/ US $117,517.28, a channel count of 107, and a node count of 106. A satoshi (“sat”) is the smallest measurable unit of BTC, equal to 0.00000001 BTC, and is named after Bitcoin creator Satoshi Nakamoto.
Since the initial launch of the US-West node, the company has released 16 other nodes worldwide. In addition to US-West, LQwD’s presence on the Lightning Network includes Hong Kong, Ireland, India, Germany, Brazil, Singapore, Sweden, South Korea, South Africa, Bahrain, Indonesia, Italy, France, Canada, England, and Japan. Collectively, LQwD’s nodes range in size with channel counts spanning 2 (newer nodes) to 107 (US-West). To learn more about the Lightning Network and LQwD’s node operations, visit www.1ml.com.
The blockchain infrastructure cannot facilitate fast transaction speeds on its own. Currently, the infrastructure can only accommodate seven transactions per second (“TPS”). Other cryptocurrencies offer a TPS ranging from 20 to 4,000, with major network Visa handling up to 24,000 TPS. As a layer 2 protocol, the Lightning Network can speed up transaction times, offering over one million TPS. LQwD is leveraging this technological advantage to drive bitcoin adoption and facilitate transactions worldwide.
In its mission to accelerate bitcoin adoption, LQwD, through subsidiary Coincurve.com, joined Visa’s (NYSE: V) Fintech Fast Track Program. According to Shone Anstey, LQwD CEO, “Our direct relationship with Visa now gives LQwD the advantage of accessing their growing partner network, as well as experts in the payments space. It’s a big benefit” (https://ibn.fm/036g2).
Driving bitcoin adoption is critical on a fast-growing global cryptocurrency market, despite recent volatility in the space. In 2020, the global cryptocurrency market was valued at US $1.49 billion. By 2030, this market is expected to reach US $4.94 billion, growing at a CAGR of 12.8%. Driving factors for growth include the increased need for operational efficiency, transparency in financial payment systems, the demand for remittances in developing countries, increased data security, and improved market cap (https://nnw.fm/d5wBo). (https://ibn.fm/FPE75).
El Salvador was the first country to convert its legal tender to cryptocurrency. Other countries have expressed an interest in doing so, but few have made the official move. Unlike fiat currency, cryptocurrency is not asset-backed (or government-backed), making it more volatile than the standard dollar bill. Fiat currency has its volatility, too. As the government economic factors shifts, so does the value of the dollar. Once worth its weight in gold, the dollar faced devaluation when President Nixon ended the conversion for gold in the 1970s, proving that even the most stable payment systems can sometimes become volatile (https://ibn.fm/F60sB).
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://ibn.fm/LQWDF