Lightning Network is a fascinating aspect of the cryptocurrency– it is developed as a separate network, adjacent to the existing Bitcoin network. The Network might allow the user-to-user purchase. The repayments will certainly be done on an individual basis, therefore, reducing the high transaction costs as well as the suffering from prolonged processing times. In a recent tweet, Litecoin founder Charlie Lee said that his cryptocurrency can aid in facilitating the Lightning Network.
To explain how that will certainly be possible he tweeted on July 11 that Litecoin “will also be the most convenient onramp into the Lightning Network. BTC takes also long and fees [also] high? No problem. Open up an LTC payment network on chain inexpensively as well as promptly, after that atomically switch for BTC if/when you have to. This can be performed in one action.”
For now, Litecoin is just one of the popular cryptos when it comes to on-chain purchases, given that its both fast and low-cost. Additionally, Litecoin has its own independent Lightning Network as well as has evaluated atomic swap. But, prior to readily incorporating the treatment, some fine-tuning is needed. However, It is to be kept in mind that Bitcoin network which was once tormented by congestion has actually gotten rid of those concerns. Now, they don’t operate on such high costs and is liked as a network for transmission of huge purchases.
The programmer behind the Network, Lightning Labs has a beta function in its network in which two cryptocurrencies can be picked, although the attributes are not yet on the online mainnet. The Lightning Network remains in development for numerous years and was introduced in March of this year. It was rough launch as several of the customers also experienced losses. Even months after its launch, the Network did not measure up to the assumptions that people had.