Latest reports claim that Andreas Brekken the CEO of Shitcoin.com occupies 49% of the Bitcoin (BTC) Lightning Network.
Shitcoin seems to own more than 35BTC on the Lightning Network, and the portal has announced that this will be used for a future review on the Lightning Network.
Brekken was the former Advisor at Kraken and Bitcoin.com, and he’s been involved in the Bitcoin community since back in 2011.
His website that we mentioned above is just for criticizing crypto related projects. It also includes reviews of token such as Treon (TRX), IOTA (MIOTA), EOS (EOS).
The Bitcoin Lightning Network
The Bitcoin Lightning Network is a second layer payment protocol that’s on top of the Bitcoin blockchain.
This is a solution for the Bitcoin scalability issues. It allows two nodes to perform an unlimited number of transactions off the Bitcoin blockchain.
These are recorded on the blockchain only when the node channel is closed. The key features of the Lightning Network include instant payments, scalability, low-cost and cross-chain atomic swaps.
An increase in the number of nodes on the Lightning Network also triggers an expansion of the network’s capacity, and this capacity has doubled since July 1, 2018.
Current statistics on the Lightning Node
Number of Nodes: 2755
Number of Channels: 9159
Network Capacity: 72.29 BTC
Nodes with active channels: 2024
Shitcoin’s node holds 35 BTC which means that it occupies over 48% of the total capacity of Lightning Network.
The other node holds about 1% of the total capacity. The nodes that are occupying 49% of the full capacity are occupying basically the largest amount of Bitcoin on the Lightning Network.
Since Brekken occupies 49% of the Lightning Network, only 51% of the Lightning Network is left for the other users. Unless more nodes are added to the network, it might hamper its overall usability. We’ll have to wait and see if this happens.