What is a lightning network?

[Crypto123 0]

The Lightning Network (LN) as a concept was created by Joseph Poon and Thaddeus Dryja in 2015. The main idea behind the project is to design a payment protocol that can be used as an off-chain solution for the scalability problem faced by the Bitcoin blockchain, but the concept may be applied to other Cryptocurrencies as well.

The introduction of the Lightning Network was triggered by the limitations that not only Bitcoin but by many other cryptocurrencies are facing. Currently, the Bitcoin blockchain is only able to process from 2 to 7 transactions per second (TPS). As the cryptocurrency ecosystem grows and more people join the network, the number of transactions being broadcasted to the blockchain also increases. As the network gets more and more congested, the overall performance is compromised, which greatly reduces the practical usability of Bitcoin as global digital currency. In such a context, the LN was created as an attempt to alleviate the network congestion of the Bitcoin blockchain.

How does it work?
The Lightning Network consists of an off-chain transfer network that is being built on top of the Bitcoin blockchain. The system works on a peer-to-peer (P2P) level and its usability relies on the creation of the so-called bidirectional payment channels, through which users can make seamless cryptocurrency transactions.

After two parties decide to open a payment channel, they are able to transmit funds back and forth across their wallets. Although the process of setting up a new payment channel involves an on-chain transaction, all transactions that take place within the channel are off-chain and do not require a global consensus. Therefore, these transactions can be quickly executed through a smart contract, incurring in much lower fees and a much higher TPS rate.

In order to open a payment channel, the two parties involved need to set up a multi-signature wallet and add some funds to it. Funds that are stored on multi-sig wallets can only be accessed if the private keys of both parties are provided (two or more, depending on the case). This means that one party cannot open the wallet without the consent of the other.

As an example, let’s imagine that Alice wants to use the Lightning Network to trade Bitcoins with Bob. First, they set up a payment channel, using a multi-signature wallet. While the payment channel acts like a smart contract, the multi-sig wallet acts like a vault, where the funds to be traded are deposited. During the lifetime of the payment channel, Alice and Bob can perform as many off-chain transactions as they want.

Right after each transaction, both Alice and Bob sign and update their own copy of the balance sheet, which records the amount of coins each one has. When they are done with their transactions, they can close the payment channel and broadcast the final balance sheet to the Bitcoin blockchain. The LN smart contract will make sure they receive their Bitcoins, according to the last version of the balance sheet.

Summing up, the parties involved only need to interact twice with the Bitcoin blockchain. One time to open the payment channel and another one to close it, which means that all other transactions that take place within the channel are not directly interacting with the main chain.

Network Routing
Even if two parties do not have a direct payment channel, they are still able to send and receive Bitcoins through interconnected payment channels. That means that Alice is able to send payments to Charlie without having to create a direct channel with him, as long as there is a network route between them that contains enough balance.

So, if Alice has an open payment channel with Bob and Bob has a channel with Charlie, she can send the payment through Bob. The payment routing may involve many Lightning Network nodes, but the smart contract will automatically search for the shortest available path.

Advantages of Lightning Network
The LN project is working towards an off-chain solution for the scalability problem. If successful, it may reduce the traffic on the Bitcoin blockchain.
Through the use of bidirectional payment channels, the Lightning Network allows for nearly instant transactions.
The LN may be suitable for micropayments, as it allows the transfer of small values. Moreover, automatized micropayments may be implemented on the Machine-to-Machine economy, where transactions are made between electronic devices without the need for human interference.
Limitations of Lightning Network
Unlike on-chain transactions, LN payments cannot be made if the receiver is offline.
Participants of the network may need to monitor payment channels regularly in order to keep their funds safe (such risk could be overcomed by outsourced monitoring services).
The LN is not suitable yet for large payments. As the network counts with many multi-signature wallets (which are basically shared wallets) chances are high that these will not have sufficient balance to act as intermediaries of large payments.
Opening and closing a payment channel involves an on-chain transaction, which usually requires manual work and higher transaction fees.
When Is Lightning Network Coming?
On March 15th of 2018, the Lightning Labs announced the 4th major release of the Lightning Network Daemon (lnd), which gave rise to the first Lightning mainnet beta release. The lnd is a complete implementation of a Lightning Network node and is currently being experimented on the Bitcoin Test Network. Along with lnd, there are other implementations being developed, such as c-lightning and eclair. 

Note, however, that there is no official release date for Lightning Network as each protocol implementation has a different approach, which is based on regular updates and continuous development.

Since the lnd beta release, there was a huge increase in the number of LN nodes and payment channels. As of January 2019, Grafana dashboard reports more than 24,300 payment channels.

The collective work of nodes and payment channels is what makes the Lightning Network an interesting solution for the scalability problem. The beta version has been going through a lot of experimentation and its efficiency is yet to be proved. Nevertheless, the Lightning Network does have a huge potential to improve the Bitcoin and the cryptocurrency ecosystem.

 

Source: https://www.binance.vision/blockchain/what-is-lightning-network

[Tarkin4ik 3160]

Wow, I didn’t even think that this all works just like that, I used to have a completely different idea about ligting network.

[Crypto123 0]

On 11/22/2019 at 11:37 AM, Tarkin4ik said:

Wow, I didn’t even think that this all works just like that, I used to have a completely different idea about ligting network.

We always need to learn, and there are a lot of things we don't know and new things in the world of Crypto that is constantly evolving and new things happen daily. So you should follow the news permanently.

[ASDFGHJKL17 267]

On 11/21/2019 at 12:44 PM, Crypto123 said:

The Lightning Network (LN) as a concept was created by Joseph Poon and Thaddeus Dryja in 2015. The main idea behind the project is to design a payment protocol that can be used as an off-chain solution for the scalability problem faced by the Bitcoin blockchain, but the concept may be applied to other Cryptocurrencies as well.

The introduction of the Lightning Network was triggered by the limitations that not only Bitcoin but by many other cryptocurrencies are facing. Currently, the Bitcoin blockchain is only able to process from 2 to 7 transactions per second (TPS). As the cryptocurrency ecosystem grows and more people join the network, the number of transactions being broadcasted to the blockchain also increases. As the network gets more and more congested, the overall performance is compromised, which greatly reduces the practical usability of Bitcoin as global digital currency. In such a context, the LN was created as an attempt to alleviate the network congestion of the Bitcoin blockchain.

How does it work?
The Lightning Network consists of an off-chain transfer network that is being built on top of the Bitcoin blockchain. The system works on a peer-to-peer (P2P) level and its usability relies on the creation of the so-called bidirectional payment channels, through which users can make seamless cryptocurrency transactions.

After two parties decide to open a payment channel, they are able to transmit funds back and forth across their wallets. Although the process of setting up a new payment channel involves an on-chain transaction, all transactions that take place within the channel are off-chain and do not require a global consensus. Therefore, these transactions can be quickly executed through a smart contract, incurring in much lower fees and a much higher TPS rate.

In order to open a payment channel, the two parties involved need to set up a multi-signature wallet and add some funds to it. Funds that are stored on multi-sig wallets can only be accessed if the private keys of both parties are provided (two or more, depending on the case). This means that one party cannot open the wallet without the consent of the other.

As an example, let’s imagine that Alice wants to use the Lightning Network to trade Bitcoins with Bob. First, they set up a payment channel, using a multi-signature wallet. While the payment channel acts like a smart contract, the multi-sig wallet acts like a vault, where the funds to be traded are deposited. During the lifetime of the payment channel, Alice and Bob can perform as many off-chain transactions as they want.

Right after each transaction, both Alice and Bob sign and update their own copy of the balance sheet, which records the amount of coins each one has. When they are done with their transactions, they can close the payment channel and broadcast the final balance sheet to the Bitcoin blockchain. The LN smart contract will make sure they receive their Bitcoins, according to the last version of the balance sheet.

Summing up, the parties involved only need to interact twice with the Bitcoin blockchain. One time to open the payment channel and another one to close it, which means that all other transactions that take place within the channel are not directly interacting with the main chain.

Network Routing
Even if two parties do not have a direct payment channel, they are still able to send and receive Bitcoins through interconnected payment channels. That means that Alice is able to send payments to Charlie without having to create a direct channel with him, as long as there is a network route between them that contains enough balance.

So, if Alice has an open payment channel with Bob and Bob has a channel with Charlie, she can send the payment through Bob. The payment routing may involve many Lightning Network nodes, but the smart contract will automatically search for the shortest available path.

Advantages of Lightning Network
The LN project is working towards an off-chain solution for the scalability problem. If successful, it may reduce the traffic on the Bitcoin blockchain.
Through the use of bidirectional payment channels, the Lightning Network allows for nearly instant transactions.
The LN may be suitable for micropayments, as it allows the transfer of small values. Moreover, automatized micropayments may be implemented on the Machine-to-Machine economy, where transactions are made between electronic devices without the need for human interference.
Limitations of Lightning Network
Unlike on-chain transactions, LN payments cannot be made if the receiver is offline.
Participants of the network may need to monitor payment channels regularly in order to keep their funds safe (such risk could be overcomed by outsourced monitoring services).
The LN is not suitable yet for large payments. As the network counts with many multi-signature wallets (which are basically shared wallets) chances are high that these will not have sufficient balance to act as intermediaries of large payments.
Opening and closing a payment channel involves an on-chain transaction, which usually requires manual work and higher transaction fees.
When Is Lightning Network Coming?
On March 15th of 2018, the Lightning Labs announced the 4th major release of the Lightning Network Daemon (lnd), which gave rise to the first Lightning mainnet beta release. The lnd is a complete implementation of a Lightning Network node and is currently being experimented on the Bitcoin Test Network. Along with lnd, there are other implementations being developed, such as c-lightning and eclair. 

Note, however, that there is no official release date for Lightning Network as each protocol implementation has a different approach, which is based on regular updates and continuous development.

Since the lnd beta release, there was a huge increase in the number of LN nodes and payment channels. As of January 2019, Grafana dashboard reports more than 24,300 payment channels.

The collective work of nodes and payment channels is what makes the Lightning Network an interesting solution for the scalability problem. The beta version has been going through a lot of experimentation and its efficiency is yet to be proved. Nevertheless, the Lightning Network does have a huge potential to improve the Bitcoin and the cryptocurrency ecosystem.

 

Source: https://www.binance.vision/blockchain/what-is-lightning-network

Wow, it's nice to read an answer like this, thanks for sharing some knowledge and valuable information, since this was the first time i heard about lightning network and now i got it and understand what really is. 

[DORANBU0818 56]

On 11/21/2019 at 12:44 PM, Crypto123 said:

The Lightning Network (LN) as a concept was created by Joseph Poon and Thaddeus Dryja in 2015. The main idea behind the project is to design a payment protocol that can be used as an off-chain solution for the scalability problem faced by the Bitcoin blockchain, but the concept may be applied to other Cryptocurrencies as well.

The introduction of the Lightning Network was triggered by the limitations that not only Bitcoin but by many other cryptocurrencies are facing. Currently, the Bitcoin blockchain is only able to process from 2 to 7 transactions per second (TPS). As the cryptocurrency ecosystem grows and more people join the network, the number of transactions being broadcasted to the blockchain also increases. As the network gets more and more congested, the overall performance is compromised, which greatly reduces the practical usability of Bitcoin as global digital currency. In such a context, the LN was created as an attempt to alleviate the network congestion of the Bitcoin blockchain.

How does it work?
The Lightning Network consists of an off-chain transfer network that is being built on top of the Bitcoin blockchain. The system works on a peer-to-peer (P2P) level and its usability relies on the creation of the so-called bidirectional payment channels, through which users can make seamless cryptocurrency transactions.

After two parties decide to open a payment channel, they are able to transmit funds back and forth across their wallets. Although the process of setting up a new payment channel involves an on-chain transaction, all transactions that take place within the channel are off-chain and do not require a global consensus. Therefore, these transactions can be quickly executed through a smart contract, incurring in much lower fees and a much higher TPS rate.

In order to open a payment channel, the two parties involved need to set up a multi-signature wallet and add some funds to it. Funds that are stored on multi-sig wallets can only be accessed if the private keys of both parties are provided (two or more, depending on the case). This means that one party cannot open the wallet without the consent of the other.

As an example, let’s imagine that Alice wants to use the Lightning Network to trade Bitcoins with Bob. First, they set up a payment channel, using a multi-signature wallet. While the payment channel acts like a smart contract, the multi-sig wallet acts like a vault, where the funds to be traded are deposited. During the lifetime of the payment channel, Alice and Bob can perform as many off-chain transactions as they want.

Right after each transaction, both Alice and Bob sign and update their own copy of the balance sheet, which records the amount of coins each one has. When they are done with their transactions, they can close the payment channel and broadcast the final balance sheet to the Bitcoin blockchain. The LN smart contract will make sure they receive their Bitcoins, according to the last version of the balance sheet.

Summing up, the parties involved only need to interact twice with the Bitcoin blockchain. One time to open the payment channel and another one to close it, which means that all other transactions that take place within the channel are not directly interacting with the main chain.

Network Routing
Even if two parties do not have a direct payment channel, they are still able to send and receive Bitcoins through interconnected payment channels. That means that Alice is able to send payments to Charlie without having to create a direct channel with him, as long as there is a network route between them that contains enough balance.

So, if Alice has an open payment channel with Bob and Bob has a channel with Charlie, she can send the payment through Bob. The payment routing may involve many Lightning Network nodes, but the smart contract will automatically search for the shortest available path.

Advantages of Lightning Network
The LN project is working towards an off-chain solution for the scalability problem. If successful, it may reduce the traffic on the Bitcoin blockchain.
Through the use of bidirectional payment channels, the Lightning Network allows for nearly instant transactions.
The LN may be suitable for micropayments, as it allows the transfer of small values. Moreover, automatized micropayments may be implemented on the Machine-to-Machine economy, where transactions are made between electronic devices without the need for human interference.
Limitations of Lightning Network
Unlike on-chain transactions, LN payments cannot be made if the receiver is offline.
Participants of the network may need to monitor payment channels regularly in order to keep their funds safe (such risk could be overcomed by outsourced monitoring services).
The LN is not suitable yet for large payments. As the network counts with many multi-signature wallets (which are basically shared wallets) chances are high that these will not have sufficient balance to act as intermediaries of large payments.
Opening and closing a payment channel involves an on-chain transaction, which usually requires manual work and higher transaction fees.
When Is Lightning Network Coming?
On March 15th of 2018, the Lightning Labs announced the 4th major release of the Lightning Network Daemon (lnd), which gave rise to the first Lightning mainnet beta release. The lnd is a complete implementation of a Lightning Network node and is currently being experimented on the Bitcoin Test Network. Along with lnd, there are other implementations being developed, such as c-lightning and eclair. 

Note, however, that there is no official release date for Lightning Network as each protocol implementation has a different approach, which is based on regular updates and continuous development.

Since the lnd beta release, there was a huge increase in the number of LN nodes and payment channels. As of January 2019, Grafana dashboard reports more than 24,300 payment channels.

The collective work of nodes and payment channels is what makes the Lightning Network an interesting solution for the scalability problem. The beta version has been going through a lot of experimentation and its efficiency is yet to be proved. Nevertheless, the Lightning Network does have a huge potential to improve the Bitcoin and the cryptocurrency ecosystem.

 

Source: https://www.binance.vision/blockchain/what-is-lightning-network

Thank you for sharing this information to us. Now i know what lightning network is. Thanks to you. I learned another lesson here. 

[nicolas1234789 2566]

This is what we're looking for, another knowledge that maybe can replacement today's technology. Even I still try to understand but I really I'm happy about this, so far we all right, bitcoin maybe will replacement but the technology will grow up without barrier.

[Akbor 1042]

Mainly as a crypto trader I knew about lightning network but it was not clear to me. now it is very clear and this is excellent to me. thank you for your information.

[Sohel Rana 406]

On 11/21/2019 at 10:44 AM, Crypto123 said:

The Lightning Network (LN) as a concept was created by Joseph Poon and Thaddeus Dryja in 2015. The main idea behind the project is to design a payment protocol that can be used as an off-chain solution for the scalability problem faced by the Bitcoin blockchain, but the concept may be applied to other Cryptocurrencies as well.

The introduction of the Lightning Network was triggered by the limitations that not only Bitcoin but by many other cryptocurrencies are facing. Currently, the Bitcoin blockchain is only able to process from 2 to 7 transactions per second (TPS). As the cryptocurrency ecosystem grows and more people join the network, the number of transactions being broadcasted to the blockchain also increases. As the network gets more and more congested, the overall performance is compromised, which greatly reduces the practical usability of Bitcoin as global digital currency. In such a context, the LN was created as an attempt to alleviate the network congestion of the Bitcoin blockchain.

How does it work?
The Lightning Network consists of an off-chain transfer network that is being built on top of the Bitcoin blockchain. The system works on a peer-to-peer (P2P) level and its usability relies on the creation of the so-called bidirectional payment channels, through which users can make seamless cryptocurrency transactions.

After two parties decide to open a payment channel, they are able to transmit funds back and forth across their wallets. Although the process of setting up a new payment channel involves an on-chain transaction, all transactions that take place within the channel are off-chain and do not require a global consensus. Therefore, these transactions can be quickly executed through a smart contract, incurring in much lower fees and a much higher TPS rate.

In order to open a payment channel, the two parties involved need to set up a multi-signature wallet and add some funds to it. Funds that are stored on multi-sig wallets can only be accessed if the private keys of both parties are provided (two or more, depending on the case). This means that one party cannot open the wallet without the consent of the other.

As an example, let’s imagine that Alice wants to use the Lightning Network to trade Bitcoins with Bob. First, they set up a payment channel, using a multi-signature wallet. While the payment channel acts like a smart contract, the multi-sig wallet acts like a vault, where the funds to be traded are deposited. During the lifetime of the payment channel, Alice and Bob can perform as many off-chain transactions as they want.

Right after each transaction, both Alice and Bob sign and update their own copy of the balance sheet, which records the amount of coins each one has. When they are done with their transactions, they can close the payment channel and broadcast the final balance sheet to the Bitcoin blockchain. The LN smart contract will make sure they receive their Bitcoins, according to the last version of the balance sheet.

Summing up, the parties involved only need to interact twice with the Bitcoin blockchain. One time to open the payment channel and another one to close it, which means that all other transactions that take place within the channel are not directly interacting with the main chain.

Network Routing
Even if two parties do not have a direct payment channel, they are still able to send and receive Bitcoins through interconnected payment channels. That means that Alice is able to send payments to Charlie without having to create a direct channel with him, as long as there is a network route between them that contains enough balance.

So, if Alice has an open payment channel with Bob and Bob has a channel with Charlie, she can send the payment through Bob. The payment routing may involve many Lightning Network nodes, but the smart contract will automatically search for the shortest available path.

Advantages of Lightning Network
The LN project is working towards an off-chain solution for the scalability problem. If successful, it may reduce the traffic on the Bitcoin blockchain.
Through the use of bidirectional payment channels, the Lightning Network allows for nearly instant transactions.
The LN may be suitable for micropayments, as it allows the transfer of small values. Moreover, automatized micropayments may be implemented on the Machine-to-Machine economy, where transactions are made between electronic devices without the need for human interference.
Limitations of Lightning Network
Unlike on-chain transactions, LN payments cannot be made if the receiver is offline.
Participants of the network may need to monitor payment channels regularly in order to keep their funds safe (such risk could be overcomed by outsourced monitoring services).
The LN is not suitable yet for large payments. As the network counts with many multi-signature wallets (which are basically shared wallets) chances are high that these will not have sufficient balance to act as intermediaries of large payments.
Opening and closing a payment channel involves an on-chain transaction, which usually requires manual work and higher transaction fees.
When Is Lightning Network Coming?
On March 15th of 2018, the Lightning Labs announced the 4th major release of the Lightning Network Daemon (lnd), which gave rise to the first Lightning mainnet beta release. The lnd is a complete implementation of a Lightning Network node and is currently being experimented on the Bitcoin Test Network. Along with lnd, there are other implementations being developed, such as c-lightning and eclair. 

Note, however, that there is no official release date for Lightning Network as each protocol implementation has a different approach, which is based on regular updates and continuous development.

Since the lnd beta release, there was a huge increase in the number of LN nodes and payment channels. As of January 2019, Grafana dashboard reports more than 24,300 payment channels.

The collective work of nodes and payment channels is what makes the Lightning Network an interesting solution for the scalability problem. The beta version has been going through a lot of experimentation and its efficiency is yet to be proved. Nevertheless, the Lightning Network does have a huge potential to improve the Bitcoin and the cryptocurrency ecosystem.

 

Source: https://www.binance.vision/blockchain/what-is-lightning-network

Thanks for sharing this. 

I Don't know about it ,Now I understand about this lightning network. 

Everyone should learn many things in your airticals.    

[iloveyobit 6599]

I used to think that lightning-network helps to speed up the transformations for the bitcoin only, but you have detailed it a lot on this topic. Thanks for this information.

[Crypto123 0]

On 12/14/2019 at 3:43 PM, Sharifur26 said:

Lightning Network is a second layer technology for bitcoin that uses micropayment channels to scale its blockchain’s capability to conduct transactions.

 

By taking transactions away from the main blockchain, lightning network is expected to decongest bitcoin and reduce associated transaction fees. Transactions conducted on lightning network are instant and will significantly enhance bitcoin’s utility as a medium for daily use. 

Exactly yes, the lightning fast network will help solve two major problems in the current bitcoin network, namely the length of the conversion period and the high fees.

[Crypto123 0]

Just now, Abir said:

hi i am abir.

one can imagine understanding the lightning network is even more complex.

Lightning, for a simple explanation, is a second-level of processing to simplify and improve congestion on the main blockchain, allowing payments to pass through and later be resolved. 

thanks all.

hi abir.
Thank you for this very simple explanation of the topic. Yes, the Bitcoin Lightning Network is a second layer above the regular Bitcoin layer to facilitate and speed up payments and reduce fees.

[Crypto123 0]

16 hours ago, NusratJahan said:

Lightening system is really a bitcoin's component. It is an update associated with the bitcoin deal. It'll help to make a quick deal compared to the present pace. We are able to additionally move bitcoin actually we're within traditional. It'll help to make the actual trend associated with cryptocurrency.

The Bitcoin telegraph network is sure to help improve the Bitcoin network and people's acceptance of bitcoin due to transaction speed and low fees. the main problem is that it needs a private wallet and not an ordinary Bitcoin wallet or exchange. But this is not a big deal and will be resolved automatically as the lightning network spreads.

[Crypto123 0]

2 hours ago, Saibaba said:

that is what we're seeking out, some other understanding that maybe can alternative brand new generation. Even I nonetheless try to recognize but I virtually i am glad about this, to this point all of us right, bitcoin perhaps will substitute however the technology will grow up with out barrier.

I think Bitcoin's lightning network will be the new generation of bitcoin at the present time, it is a wonderful development that will help in the ease and speed of completing transactions in a big way and could have a positive role in spreading bitcoin around the world because it covered the defects of the current bitcoin network.

[Crypto123 0]

6 hours ago, Digicoin said:

Lighting network is used by bitcoin and it makes transaction fast but not user friendly for now. Some wallets are using it now such as dropbit mobile wallet.

Yes, not all wallets support the Bitcoin Lighting network, but there are wallets that support it such as Electrum and Bluewallet (mobile application) and recently Bitfinex Exchange has added support for Bitcoin Lighting network and this is the first exchange that supports this network. I think this network will spread quickly.

[scorpiali 5626]

The most important thing to know and make a Idea about lightning network is as you said in two words off chain that mean a lot of this network of transaction about any Crypto currency not only bitcoin

[Crypto123 0]

On 1/11/2020 at 8:43 AM, Loly said:

This technique is excellent. Basically, the Lightning Network allows users to enter multiple transactions outside the main blockchain, during which the initial and final wallet balances are written only in the Bitcoin blockchain, which greatly increases the network throughput and reduces transaction fees.

Yes, this is completely true, I have summarized the topic very well, yes the lightning network operates outside the Bitcoin blockchain and the information is entered later and this leads to speeding up the transaction and reducing fees.

[Amir Vao 341]

Lightining network is a part of bitcoin. It's a upgradable version of bitcoin network. It has a great feature. In 2019  some satelite send to space to launch this project. After bitcoin transaction will be more faster and we can also use it in offline. we can make transaction even we are in offline.

[Ayush Singh 1175]

Woow i was not knowing about it till now but after reading it i came to know various features of it and its look like very good networking sites,  thank you for sharing such a great information about this lightning network.

[Crypto123 0]

11 hours ago, Loly said:

Despite its good features, however, Lightning is not a panacea, and its critics point to its flaws as well, including its potential centralization and low security. Do you see that ?

I can understand your saying about the centralization of the lightning network but I do not understand why it is low security, I see that it is completely safe and there are no problems currently. Of course, safety is generally relative, in other words, nothing is completely safe. And security depends primarily on the user and not on the network.

[scorpiali 5626]

On 1/11/2020 at 6:43 AM, Loly said:

This technique is excellent. Basically, the Lightning Network allows users to enter multiple transactions outside the main blockchain, during which the initial and final wallet balances are written only in the Bitcoin blockchain, which greatly increases the network throughput and reduces transaction fees.

Yes it's outside of bitcoin blockchain that can make more and fast transaction in a second, but the question is this new network safe and without any inconveniences for the traditional blockchain?

[Crypto123 0]

17 minutes ago, r123 said:

Lighting network is a second layer technology for bitcoin that uses micropayment channels to to scale its blockchains capability to conduct transcations,...transaction conducated on lightning network.

Yes, technically speaking, in simple words, it is a network created to overcome Bitcoin network problems through the ease and speed of transactions and low fees.

[teminalibug 309]

17 hours ago, Mr.crypto said:

I see from my perspective and my experience as a crypto trader I knew about the lightning network but it was not clear to me, but you are clear about everything Thank you.

The tech is not even a success on my point of view, many have claimed t have lost their money in the lightning network. so do not bother with it.

[Crypto123 0]

47 minutes ago, Khan King said:

But there are wallets that support it such as Electrum and Bluewallet (mobile application) and recently Bitfinex Exchange has added support for Bitcoin Lighting network

Yes, frankly, there are not yet many wallets that support the Bitcoin telegraph network because it has not yet been deployed as required and I believe it is still in development. So I expect we will have to wait a while for it to fully spread.

[palalu 512]

I think if the lighting network has been implemented there might be a lot of sectors that will use bitcoin as a payment and might also increase the popularity of bitcoin

[Crypto123 0]

4 hours ago, palalu said:

I think if the lighting network has been implemented there might be a lot of sectors that will use bitcoin as a payment and might also increase the popularity of bitcoin

Yes, this is really what will happen, with the spread of the Bitcoin lighting network, the two biggest problems in the Bitcoin network will be solved, which are slow execution of transactions and large fee. Bitcoin Lightning Network is based on solving these problems and thus this will help spread Bitcoin much more than before.