Cointime

Download App
iOS & Android

Nigerian Innovator Launches First Active Bitcoin Lightning Node in the Country

A Bitcoin Lightning Network node (BTC) has struck the earth in one of the most challenging operating environments. Lagos, the capital of Africa’s most populous country, Nigeria, welcomed a new Bitcoin Lightning node this week, a vital step to better connect the continent to the layer-2 payments network atop Bitcoin, the Lightning Network (LN). 

The node runs on an old laptop powered by a diesel generator as Lagos regularly experiences energy and electricity blackouts.

Megasley's diesel generator and laptop running the node. Source: Megasley 

In a discussion with Cointelegraph, Megasley, who is the first Nigerian Lightning node of 2023 and the first active Lightning node in the country (as other nodes are dormant), Megasley shared his vision for bringing instant and low-cost payments to Africa thanks to the LN.

"Light takes 50ms to cross the earth. This is quick, but with many hops this milliseconds can add up and when you're standing at a point of sale waiting for your payment to clear it can be frustrating.”

Megasley explained his wish for Africans to have instant and as close to free as possible payments. “If a Nigerian Bitcoiner and a Nigerian retailer are both connected to a node in Nigeria, it will give them the best lightning experience," Megasley added.

Nigeria Free Routing is live!The lightning network is now alive and routing on the ground in Lagos .Please share and support us by opening a channel to us: https://t.co/nClBZbW4zA pic.twitter.com/hGsKobyjzY

— Africa Free Routing ⚡ (@FreeRoutingAf) January 10, 2023

According to the explorer services Mempool and Amboss, the operator is currently the only active node on the map in Nigeria. By spinning up an active node in Nigeria, the operator aims to make lightning payments as accessible as possible to Africans.

When asked about the importance of building out an extensive network of nodes across the globe to facilitate Bitcoin payments, the node runner explained, "If Bitcoin is to succeed it must become a better, easier, faster medium of exchange than the incumbents. To get there we need to build out an extensive network of nodes across the globe to facilitate these payments."

Megasley also touched on Bitcoin price volatility and its perception in Africa: "People talk about the problem of volatility but this is nothing when you live in a place where your money could easily lose half its value in a year.”

“Africa has rotten money controlled by rotten people and this is why we need Bitcoin. We will take the power of money away from them so that the enormous potential of the African people can thrive."

Indeed, there has been a surge in Bitcoin adoption among the countries that use the Central African Franc, bolstered by Bitcoin conferences and forums in Senegal and Ghana. Although Nigeria has shown promising signs of Bitcoin adoption, such as legal tender discussion, the legacy financial system has imposed further restrictions in 2023.

For example, Nigerians will only be allowed to withdraw $44 dollars per week per individual and a maximum of $11,000 for businesses in 2023, as per the government’s efforts to phase out cash. As a reminder, Bitcoin has no limits or restrictions for its use. To transact freely on the Bitcoin network, users require a phone and an internet connection; there are no limits.

The establishment of a Bitcoin lightning node in Nigeria is a significant step towards increasing accessibility and adoption of the cryptocurrency in the country and the continent as a whole. Ultimately, Megasley hopes to empower individuals and businesses in Africa to take control of their financial future.

Comments

All Comments

Recommended for you

  • Strive Launches $450 Million Public Offering to Further Increase Bitcoin Holdings

     Bitcoin treasury company Strive (Nasdaq code ASST) announced the launch of a $450 million public offering plan to increase its Bitcoin holdings and raise the proportion of Bitcoin per share. This issuance is part of the company's total $950 million capital initiative, which also includes a $500 million stock buyback plan to enhance balance sheet flexibility. Strive currently holds 69 Bitcoins, worth approximately $7.9 million, and can raise an additional $750 million in the next 12 months through warrants. The company stated that it will issue preferred shares through a registration structure to purchase additional Bitcoins, increasing shareholder exposure to Bitcoin and enhancing shareholder value.

  • Coinbase CEO clarifies: No clear plans for Base network tokens at this time

    in response to Base's announcement of exploring the launch of a network token, Coinbase CEO Brian Armstrong clarified on X platform that they are indeed exploring the Base network token. They hope that this token can become an excellent tool to accelerate the growth of creators and developers in decentralization and ecosystem expansion. However, it should be pointed out that at this stage, there is no specific plan for the related token, and disclosing the information is just for public update of the concept.

  • Base Network Considers Issuing Tokens

    jesse Pollak, the head of the Base protocol, stated on BaseCamp that Base is exploring the possibility of issuing network tokens.

  • Ripple announces $25 million donation in RLUSD to two US nonprofits

    Ripple announced a donation of $25 million to two non-profit organizations in the United States, Accion Opportunity Fund and Hire Heroes USA. This funding will be provided in the form of Ripple's dollar stablecoin Ripple USD (RLUSD), aimed at expanding financing channels for underserved small business owners.

  • Google's stock price rose by more than 3%, setting a new record high, and its total market value exceeded US$3 trillion for the first time.

     Google rose more than 3%, hitting a record high, with a total market value exceeding $3 trillion for the first time. As of now, there are 4 listed companies in the U.S. with a total market value exceeding $3 trillion, including Nvidia ($4.26 trillion), Microsoft ($3.79 trillion), Apple ($3.53 trillion), and Google.

  • The three major U.S. stock indexes opened higher, with Tesla rising 6.74%.

    U.S. stock market opened, with the Dow rising 0.03%, the S&P 500 rising 0.34%, and the Nasdaq rising 0.45%. Tesla (TSLA.O) rose 6.74%, with Musk investing about $1 billion to buy over 2.5 million shares of the company's stock last Friday. Nvidia (NVDA.O) fell 1.32%, while Oracle (ORCL.N) rose 4.12%.

  • Reliance Global establishes digital asset treasury strategy, with initial investment of $60 million to purchase BTC, ETH, etc.

    Nasdaq-listed company Reliance Global Group announced that its board of directors has approved a strategic expansion into the digital asset and blockchain fields, and is establishing a digital asset treasury that includes portfolios of BTC, ETH, and SOL. The company plans to purchase up to $60 million worth of digital assets in the first phase, followed by another $60 million, totaling up to $120 million. These assets will be managed by its newly formed cryptocurrency advisory committee.

  • Ethereum Foundation establishes artificial intelligence team "dAI" and starts recruiting

    Ethereum Foundation has established an artificial intelligence team "dAI", led by Davide Crapis, aiming to collaborate with Silicon Valley giants and cryptocurrency developers to build Ethereum as the foundational layer of the artificial intelligence ecosystem. The team will initially have two additional full-time positions, and the Ethereum Foundation is currently recruiting. It is reported that in the short term, the team will focus on implementing proposals such as ERC-8004, which will create a standard for AI agents to seamlessly discover, verify, and transact throughout the Ethereum ecosystem.

  • Financial Times: Trump says Washington and Beijing have reached an agreement on the future of TikTok

    according to the Financial Times, US President Donald Trump stated that Washington and Beijing have reached an agreement on the future of TikTok.

  • Trump: Powell must cut rates more than he expects

    Trump: Powell's interest rate cut must exceed his expectations.