Over 220 000 transactions pile up in mempool after a crazy day of BTC exchange rate growth

Total daily trade volume nears $29 billion, the network is clogged with unconfirmed transactions
08 December 2017   1518

Yesterday Bitcoin once again set the all-time records. And not only the price climb, which was truly astonishing, was a concern for traders and casual buyers. The all-time high daily trade volume of $29 billion also was noted on this day. The mainstream media scampered around, trying to keep up to date with the events. Everybody was elated, Bitcoin to the moon, they were saying. Opportunities of huge arbitrage deals were available. But there is a downside to everything. All this rage in the end led to Bitcoin, while pricey to say the least, becoming practically non-transactable.

The current backlog, as of 9:00 UTC 12-08-2017, in the mempool is more than 220000. This caused many users to complain about their transactions sitting unconfirmed for several hours despite fast fees of $7 and more. Transaction fees as high as $32 were logged, but it didn't help much, because the viral success of the largest cryptocurrency swept up not only private users, be they miners or buyers, but also all of the BTC exchanges. It didn't directly impact the blockchain, as all the trading is done on the outside resources, but the demand for fund transfer in and out of exchange platforms was still high enough to clog up the blockchain.

Casual users beware, right now may not be the best time to pay with Bitcoin, because analytics say that the mempool will clear up to manageable level in several hours, at best. Consider your assets to be a very profitable savings account, because in the nearest future it's practically impossible to cash in BTC in any reasonable amount of time.

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   253

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.