Many critics of Distributed Ledger Technology are quick to point out its scalability issues. Bitcoin’s scalability problem refers to the limits on the number of transactions the bitcoin network can process. The 1MB limit has created a bottleneck in bitcoin, resulting in increased transaction fees and delayed processing times.
Visa processes on average 5,000 transactions per second with the ability to scale upward to reach 65,000 TPS. Bitcoin, on the other hand, can only handle 7 transactions per second with the current block size of 1MB.
Obviously, there is a large discrepancy between Visa and Bitcoin, and the main Bitcoin blockchain does not seem to provide a scalable solution.
The Bitcoin community has come up with a new technique called the Lightning Network to help solve the scalability issues. The idea is that those small and everyday transactions don’t have to be stored on the main blockchain. This new idea allows for more than 7 transactions per second and introduces the concept of Off-Chain transactions.
The lightning network is a protocol or set of rules, that sits on top of the Bitcoin blockchain. The intention of the Lightning Network is to provide a way to facilitate micro-transactions using Bitcoin. The concept was originally introduced in 2015 and has been in development ever since.
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