SoftNote is the fastest blockchain technology in the market that aims to provide fast and secure transactions, while the Lightning Network is a layer-two solution for Bitcoin.
The world of cryptocurrency is constantly evolving, and with it, payment solutions are available for fast and efficient transactions. One such solution is the Lightning Network (LN), a layer two payment protocol for Bitcoin, but despite its popularity, it has several limitations and drawbacks that make it unsuitable for widespread use. SoftNotes, a product from the Tectum blockchain, offers a more viable alternative with several advantages over the Lightning Network.
Here are some latest Lightning Network stats:
| Statistic | Value |
|---|---|
| Network Capacity | 5.4M BTC |
| Number of Nodes | 17,740 |
| Number of Channels | 76,734 |
| Average Channel Size | 0.0356 BTC |
| Largest Channel Size | 4.54 BTC |
| Average Payment Fee | 0.000026 BTC |
| Fastest Payment Confirmation Time | 1.1 seconds |
| Median Payment Confirmation Time | 25 seconds |
| Lightning Network Size compared to Bitcoin Network | ~0.56% of Bitcoin’s Market Cap |
Advantages of Tectum over Lightning Network
One of the key advantages of SoftNote is the persistence of its ledger. Unlike the Lightning Network, SoftNote has its own ledger built on the Tectum blockchain, providing reliable records for accountability and making it suitable for large businesses and non-casual payments. In comparison, the Lightning Network has no persistent ledger, making it unsuitable for transparency and reliability purposes.
Transparency
Another advantage of SoftNote is the transparency of its off-chain payments. SoftNote payments are executed off-chain, but with full transparency, as they are implemented on the Tectum blockchain. In contrast, Lightning Network transactions are executed off-chain in a trust-based manner, creating an inherent contradiction.
Customizable expiration times
Customizable expiration times are another advantage of SoftNote. The expiration times can be set to any period, allowing users to prioritize speed, functionality, or security. In contrast, Lightning Network payment channels have long expiration times to maintain network capacity, creating large security risks.
Complete record-keeping
The SoftNote system also provides complete record-keeping, recording all senders and recipients, making it suitable for corporate and individual use. In contrast, the Lightning Network is unable to recognize the origin or destination of payments, leading to a disconnection from the underlying blockchain.
Consensus-based
In addition, SoftNote is consensus-based, with a transparent ledger that eliminates the need for spies or watchtower protocols. In contrast, the Lightning Network relies on user-owned channels and watchtower systems, which can lead to scalability, reliability, and security issues.
Easy to track
Finally, SoftNote simplifies transactions by eliminating intermediaries or signatories, making it easy to track responsible nodes. In contrast, Lightning Network transactions involve multi-parties and multi-hops, creating obscurity and complexity.
Conclusion
In conclusion, SoftNote offers several key advantages over the Lightning Network, including a persistent ledger, transparent off-chain payments, customizable expiration times, complete record-keeping, consensus-based operation, and simple transactions. These advantages make SoftNote a more attractive solution for businesses and individuals looking for a fast, reliable, and secure way to make cryptocurrency transactions.
For more lightning network stats, online resources, and information on how cryptocurrency work, especially how the TET token works, Tectum has a number of resources on YouTube. On the Tectum YouTube channel, your questions will be answered, and you will get more information about the efficiencies of the tectum blockchain, and future airdrops coming on the TET tokens.