Bitcoin's inaugural active Lightning node formally inaugurated in Lagos, Nigeria
In a significant development for Bitcoin users in Nigeria, the NigeriaFreeRouting node on the Lightning Network has been launched. This local node aims to facilitate the routing of Bitcoin payments within the Nigerian Bitcoin ecosystem, improving the speed and efficiency of transactions.
The Lightning Network, a layer-2 network, is used to settle transactions outside the main layer-1 blockchain, with Bitcoin being an example of a layer-1. This network allows for faster and more affordable transactions to avoid network congestion on Layer-1s.
The NigeriaFreeRouting node, operated by Megasley, currently has three open channels. Two of these channels are connected to the other Africa Free Routing node, which is located in Oregon, United States, and one is connected to Bitnob's node in Ohio, U.S.
The importance of this node lies in several aspects:
- Cost Savings and Improved Liquidity: By reducing routing fees, the NigeriaFreeRouting node offers Nigerian users a more affordable way to send or receive Bitcoin via the Lightning Network.
- Local Access Point: By providing a local access point on the Lightning Network, the node enhances the user experience in Nigeria, where internet infrastructure and network latency can be challenges.
- Promoting Adoption: The node supports the development and adoption of Lightning Network technology in Nigeria by making it easier for users to open channels and route transactions through the node.
The launch of the NigeriaFreeRouting node comes amidst active Bitcoin and Lightning Network learning and development activities in Nigeria. Workshops on running nodes and opening channels suggest a broader effort to bolster Bitcoin infrastructure locally, supporting Nigerian Bitcoin users by improving connectivity and routing efficiency on the Lightning Network.
In addition, Bitnob, a Nigerian crypto company, has recently partnered with U.S. company Strike and European company CoinCorner for Bitcoin-powered remittances to Africa. This partnership aims to facilitate Bitcoin-powered remittances, further enhancing the use of Bitcoin in Nigeria.
In conclusion, the NigeriaFreeRouting node on the Lightning Network is a significant step towards improving the Bitcoin ecosystem in Nigeria. By offering lower fees, better reliability, and local access, it is expected to encourage more Nigerians to adopt Bitcoin and the Lightning Network for their transaction needs.
- The NigeriaFreeRouting node, operated by Megasley, is connected to the Africa Free Routing node in Oregon, United States, and Bitnob's node in Ohio, U.S., which utilizes the Ethereum-based Strike for Bitcoin-powered remittances to Africa.
- The launch of the NigeriaFreeRouting node and partnerships, such as Bitnob's with Strike and CoinCorner, are part of active Bitcoin and Lightning Network learning and development activities in Nigeria, promoting crypto adoption on the African continent.
- With lower routing fees and a local access point, the NigeriaFreeRouting node enhances the user experience for Bitcoin transactions in Nigeria, where internet infrastructure and network latency can be challenges.
- As more Ninaians adopt Bitcoin and the Lightning Network for their transaction needs, the NigeriaFreeRouting node plays a crucial role in facilitating payments, thereby contributing to the growth of the cryptocurrency market in Africa.
