Lightning Network is a fascinating facet of the cryptocurrency– it is developed as a separate network, adjacent to the existing Bitcoin network. The Network can permit the user-to-user purchase. The payments will be done on an individual basis, hence, reducing the high transaction costs and the suffering from expanded handling times. In a current tweet, Litecoin creator Charlie Lee stated that his cryptocurrency could aid in promoting the Lightning Network.
To discuss exactly how that will certainly be feasible he tweeted on July 11 that Litecoin “will certainly additionally be the simplest onramp into the Lightning Network. BTC takes too lengthy and also fees [too] high? No problem. Open up an LTC repayment channel on chain inexpensively and quickly, then atomically switch for BTC if/when you need to. This can be done in one action.”
In the meantime, Litecoin is just one of the popular cryptos when it involves on-chain transactions, because its both quick as well as low-cost. Moreover, Litecoin has its very own independent Lightning Network and has actually evaluated atomic swap. However, before readily integrating the treatment, some fine-tuning is required. Nevertheless, It is to be noted that Bitcoin network which was when afflicted by congestion has actually gotten over those issues. Currently, they do not operate on such high charges and also is liked as a network for transmission of big purchases.
The designer behind the Network, Lightning Labs has a beta feature in its network in which 2 cryptocurrencies can be chosen, although the features are not yet on the online mainnet. The Lightning Network is in advancement for several years and also was introduced in March of this year. It was harsh launch as several of the users even experienced losses. Even months after its launch, the Network did not meet the assumptions that people had.