The Lightning Network, the touted scaling solution for the BTC chain, has recently seen its capacity decrease significantly and the beta project is still best suited for a cliche of technically savvy users. Now according to an analysis by Bitmex Research, the Lightning Network’s nodes have taken 2.2 BTC in “justice transactions” even though the connections might not be dishonest.
Also read: Looking Beyond the Lightning Network Hype: Everyday Users Experience Issues
2.2 BTC Taken in Justice Scenarios on the Lightning Network
It’s been well over 18 months and the Lightning Network is still in an experimental form, and one that has strayed away from Nakamoto Consensus. The project is intended to be a second layer solution for BTC payments and microtransactions, but the undertaking has been slow and filled with technical issues. Lightning started on Jan. 18, 2018, with around 60 nodes and it was highlighted to be very “experimental” and “in testing.” At that time, there was around 1.2 BTC held within the network and now there’s more than 940,000 BTC or $9.8 million, on July 15. A great majority of those funds stem from a node called Lnbig.com and some other big channels like Acinq, and Lightningpowerusers.com. On July 15, Bitmex Research examined the Lightning Network and discovered how a mechanism called a “justice transaction” punishes alleged ‘dishonest’ parties. So far, justice transactions stemming from the Lightning Network have confiscated 2.2 BTC or a touch over $20,000.
“We explain how to arbitrarily construct a “justice” scenario and present data on the prevalence of this type of
