Lightning Network is one of the most highly anticipated technological innovations for the Bitcoin network. Once in place, the network will be able to handle millions of transactions simultaneously without overloading the main bitcoin blockchain.
As of this moment, the Lightning Network’s capacity is about 10 bitcoins, and the project keeps growing, as more and more developers are starting keeping track of the Network’s progress. The official version of the product might be expected by the end of the year. Some web services already use ‘Lightning Tips’ widgets.
Lightning Labs is enjoying the support of powerful corporations (like Microsoft) and people (like Jack Dorsey, Twitter CEO, who contributed to the project about $2.5 million). Moreover, LN right now possesses more nodes than its competitor Bitcoin Cash, which offers an on-chain scaling solution.
Another important technological addition to Bitcoin, Segregated Witness, is also used to tackle scalability problem, although it cannot be a permanent solution. The implementation of Segregated Witness led to the successful reduction in bitcoin transaction fees.