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Lightning Network05.10.2018 09:35
Lightning Network is a second-level protocol that operates on top of a Bitcoin blockchain. The developers of the main cryptocurrency payment network offer it to increase the speed of transactions. The relevance of technological solutions caused by the growing interest in digital money. The increase in the total volume of operations has led to the need for system scalability.Lightning Network is one of the solutions proposed by the developers. The essence of innovation in conducting transactions outside the Bitcoin blockchain, which reduces the load on the network. Lightning allows you to create instant two-way channels that link customer accounts. The task of smart contracts is to define the responsibilities of each of the parties. In this case, the blockchain does not record information about the ongoing operation until the moment of the transaction.
Benefits of LightningBitcoin holders receive the following benefits:
• Minimum fee;
• High working speed of transactions;
• Potential for expansion of the payment system;
• Thanks to the implementation of the Lightning Network, operations between blockchains become relevant. Atomic swaps eliminate the need for intermediaries.