Lightning Network is an interesting facet of the cryptocurrency– it is conceived as a separate network, adjoining to the existing Bitcoin network. The Network might allow the user-to-user transaction. The repayments will certainly be done on an individual basis, therefore, lowering the high transaction costs as well as the suffering from extended processing times. In a recent tweet, Litecoin founder Charlie Lee said that his cryptocurrency might aid in promoting the Lightning Network.
To clarify just how that will certainly be feasible he tweeted on July 11 that Litecoin “will also be the easiest onramp onto the Lightning Network. BTC takes as well lengthy as well as fees [too] high? Not a problem. Open an LTC settlement network on chain cheaply and promptly, then atomically swap for BTC if/when you have to. This can be done in one step.”
For now, Litecoin is among the prominent cryptos when it comes to on-chain deals, given that its both rapid as well as affordable. In addition, Litecoin has its very own independent Lightning Network and also has actually examined atomic swap. However, prior to easily including the treatment, some fine-tuning is required. Nonetheless, It is to be kept in mind that Bitcoin network which was as soon as tormented by blockage has actually conquered those concerns. Now, they do not run on such high costs and is chosen as a network for transmission of huge purchases.
The developer behind the Network, Lightning Labs has a beta function in its network where 2 cryptocurrencies can be chosen, although the attributes 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 a few of the individuals also experienced losses. Even months after its launch, the Network did not live up to the expectations that people had.