Excitement for the Lightning Network is not hard to explain, the off chain technology promises fast transaction speeds with significantly reduced fees. Many crypto enthusiasts believe using the lightning network on the bitcoin mainnet, rather than the testnet, will speed up the process for the lightning Network to be up and ready to go for prime time.
Developers have cautioned individuals to not perform any transactions over the network as it is still in the testing phase. But who would listen to those guys? According to developers, more than $33,000 in bitcoin have been transacted over the Lightning Network. Although successful transactions have taken place on the Lightning Network, people have lost money in real bitcoin funds.
According to Lightning Labs, one of the main reasons for the slow development of the network is not only due to the small amount of developers which is currently around 10, but also due to the transactions sent through the Lightning Network, Lightning Labs added: “It has become an unnecessary distraction for our devs.”
In an effort to encourage the implementation of the Lightning Network on the mainnet, CSO of Blockstream Samsom Mow tweeted:
Using Lightning Network on mainnet isn’t just bug fixing, stickers and being #reckless. It’s also learning about usability issues that we may not be considering.
Many enthusiasts are ready for the network to go live and perhaps it will also help the current developers find bugs that they wouldn’t have found via the testing phase. However this thought process might not be correct either. Every bug encountered can potentially cause orders of magnitude to be more costly in terms of development resources. Thus rushing things will in turn not make the development process faster.
The race to make the Lightning Network live is on and in full swing but many disagree as to which way is best to getting the network in prime time shape.