Lightning Network is a fascinating aspect of the cryptocurrency– it is conceived as a separate network, adjacent to the existing Bitcoin network. The Network can allow the user-to-user transaction. The payments will be done on an individual basis, therefore, cutting down the high purchase costs and also the suffering from extended handling times. In a recent tweet, Litecoin founder Charlie Lee stated that his cryptocurrency can help in assisting in the Lightning Network.
To discuss just how that will certainly be possible he tweeted on July 11 that Litecoin “will also be the simplest onramp onto the Lightning Network. BTC takes as well long as well as fees [too] high? Not a problem. Open up an LTC payment network on chain inexpensively and also promptly, after that atomically swap for BTC if/when you have to. This can be done in one step.”
In the meantime, Litecoin is among the prominent cryptos when it pertains to on-chain purchases, given that its both rapid and also affordable. Furthermore, Litecoin has its own independent Lightning Network and also has actually evaluated atomic swap. However, before readily integrating the procedure, some fine-tuning is needed. However, It is to be noted that Bitcoin network which was when plagued by congestion has overcome those problems. Now, they don’t operate on such high costs as well as is favored as a network for transmission of big deals.
The designer behind the Network, Lightning Labs has a beta function in its network in which two cryptocurrencies can be chosen, although the attributes are not yet on the real-time mainnet. The Lightning Network remains in growth for several years and also was introduced in March of this year. It was harsh launch as some of the customers also experienced losses. Even months after its launch, the Network did not measure up to the assumptions that individuals had.