It is evident more and more institutions see the benefits provided by the Lightning Network. Bitbank, a Japanese virtual currency exchange platform, has set up a LN faucet. Although this project only serves to provide users with LN testnet currency, it goes to show nearly instant transactions are of the utmost importance to bring bitcoin to the mainstream. An interesting development, that much is certain.
A Lightning Network Faucet Can be Valuable
When explaining technical improvements for the bitcoin network to everyday consumers, seeing is believing. Everyone who thinks bitcoin is still a waste of time has probably never seen a transfer of funds take place. Once they do so, things become a lot more clear. Showcasing the benefits of the Lightning Network will have to occur through similar means, as one needs to experience the change before grasping the benefits.
Bitbank, a Japanese bitcoin exchange platform and investment site, recently set up their Lighting Network faucet. Anyone who wants to play around on the testnet to see what this protocol has to offer will need some coins to complete transactions. Faucets are of great help in this regard, as it provides everyone with the funds they need to make their first LN-based transactions. Do keep in mind the Lightning Network is not ready for livenet deployment, though.
According to the faucet statistics, the node has two active channels on the network, with a maximum channel size of 4 million Satoshi. As of right now, over 21 bitcoin can be created through this faucet if needed.That is plenty of money to go around, even though these testnet coins have no real value whatsoever, they can still be sued to complete transactions to fully experience the benefits provided by the Lightning Network.
It is good to see these types of faucets pop up. When bitcoin was first launched, faucets were used to attract new people, as they would dispense free coins to everyone. Testnet faucets are of equal importance when major technical changes are bound to occur on the bitcoin network. Moreover, Room77 in Berlin was the first venue to accept LN transactions as an official payment method not too long ago. Interesting things are afoot in the bitcoin world, that much is certain.
Header image courtesy of Shutterstock
