Author: Adam Back 2015-08-10 21:43:22
Published on: 2015-08-10T21:43:22+00:00
Lightning Network is a payment protocol that aims to solve the scalability issue of Bitcoin by allowing for faster and cheaper transactions. It works by creating channels between users, where they can send multiple transactions without actually making them on the blockchain. This allows for almost instant transactions with low fees. Furthermore, there is potential for users to earn fees by participating in channel rebalancing. One key advantage of Lightning Network is its potential for use in exchange deposit, withdrawal, payments and even in-exchange trades. This would allow for faster, cheaper and more scalable transactions within exchanges. Overall, Lightning Network has the potential to greatly improve the usability and practicality of Bitcoin as a payment method.
Updated on: 2023-06-10T19:04:35.347685+00:00