It’s big news out there for all Bitcoin enthusiasts and the entire Bitcoin community. Bitcoin users can now make purchases at Domino’s Pizza by paying in BTC through the Bitcoin Lightning Network.
The Lightning Network is Bitcoin’s second-layer off-chain scalability solution that aims at enhancing the speed of transactions while taking off the burden from the Bitcoin mainnet. A Tweeter handle with the name Lightning Pizza was the first to tweet about this news on Feb 13. The Lightning Network transaction fees for the Pizza order currently stand at less than $0.01.
Well, there is still no official word from Domino’s Pizza is it is accepting Bitcoin parents at its 13,000 plus stores spread globally. However, this is certainly an interesting development in the Bitcoin space as of now. Also, it highlights the increased usage of Bitcoin’s Lightning Network to process transactions.
More Info on Lightning Network and Recent Developments
Developed by Elizabeth Stark, Lightning Network is making considerable progress over the last year. This off-chain solution promises instant Bitcoin transactions with simultaneous scalability.
The Lightning Network facilitates instant payment facility without worrying much about the block confirmation times because “security is enforced by blockchain smart-contracts without creating an on-blockchain transaction for individual payments”.
Currently, the Lightning Network can process millions of transactions per second “blowing away legacy payment rails by many orders of magnitude”. The development and progress made by Lightning Network has helped to ease up the pressure of processing Bitcoin transactions from its mainnet. Also, it has helped to considerably cut down on the transaction costs.
Although in the beta stage, the stats provided by 1ML.com shows major progress done by the Lightning Network. At the press time, the network nodes are up 15.29% at 6245 while the number of open channels is up 31% at 25,829. Also, the network capacity has surged by 36% at 674 BTC tokens, meaning it can process over $2.4 million worth of transactions.
Jack Dorsey Endorsing Bitcoin and Lightning Network
Some of the big industry giants and popular personalities like Jack Dorsey have extended their support for Bitcoin and Lightning Network, recently. Dorsey expects Bitcoin to become the native currency of the internet.
Dorsey who is also a founder of Square said that he would soon integrate the crypto-friendly Cash App with the Lightning Network. In a recent podcast hosted by Stephan Livera, Dorsey said:
“We would love to make [Bitcoin] as fast and efficient and transactional as possible, and that includes looking at our seller base and register. It’s not an ‘if;’ it’s more of a ‘when’ – how do we make sure that we’re getting the speed that we need and the efficiency?”