Lightning Network is a fascinating aspect of the cryptocurrency– it is conceived as a separate network, adjoining to the existing Bitcoin network. The Network can allow the user-to-user transaction. The settlements will certainly be done on a specific basis, therefore, reducing the high purchase charges as well as the suffering from prolonged handling times. In a recent tweet, Litecoin owner Charlie Lee stated that his cryptocurrency could aid in helping with the Lightning Network.
To explain how that will be possible he tweeted on July 11 that Litecoin “will additionally be the simplest onramp into the Lightning Network. BTC takes also long as well as charges [also] high? Not a problem. Open up an LTC payment network on chain cheaply and swiftly, then atomically switch for BTC if/when you should. This can be done in one action.”
In the meantime, Litecoin is just one of the popular cryptos when it comes to on-chain purchases, considering that its both quick and also affordable. In addition, Litecoin has its own independent Lightning Network as well as has tested atomic swap. However, before easily including the procedure, some fine-tuning is required. Nonetheless, It is to be noted that Bitcoin network which was as soon as plagued by congestion has overcome those concerns. Now, they don’t work on such high fees and also is favored as a network for transmission of big deals.
The developer behind the Network, Lightning Labs has a beta function in its network where 2 cryptocurrencies can be picked, although the attributes are not yet on the live mainnet. The Lightning Network is in advancement for several years as well as was introduced in March of this year. It was harsh launch as several of the individuals also experienced losses. Even months after its launch, the Network did not meet the expectations that people had.