WHAT IS LIGHTENING NETWORK?
sourceThe Lightning network Firstly, could be seen as a next level technology, that relates to Bitcoin and puts its mini transaction channels to use for the scaling of its blockchain ability to work out transactions better, faster and less resource consuming. This is why, we see that every transaction, performed on a lightning network, are more fast, cheaper, efficient and fast processing than on-chain Bitcoin blockchains (ie the direct blockchain).
One of the major terms that explain the lighting network, is "decongestation" since the Lightning network took transactions away from the main blockchain, bringing it off and minimizing the related fees.
We see its use in the exchange of crypto currencies for another without the need for intermediaries including its help too in storing and approving of transactions making the Bitcoin blockchain, less congested
The lightning nodes could be seen as nodes, working peer to peer, to form the Lightning network before their final rest on the blockchain, and from here, we see that the Lightning channels are entities, connecting two nodes and giving them liberty to pass information.
These channels, are seen to be made with multi signature addresses helping the two parties communicate better (sending and receiving of currencies)
The lightning network achieves instant settlement by creation of a channel between the parties by firstly, creating a multisignature wallet which they can both use at any time and deposit respective amounts into it.
From then, they can perform various transactions with it while we see that they have to access /update their records with their private keys.
The lightning network too achieves near infinite scalability, by its second layer protocol which bring most transactions off chain and reduces the clustering hundreds of thousand of transactions on the network and reducing scalability issues
USES OF LIGHTENING NETWORK
The use of the Lightning network could be seen as it allows for transfer of Bitcoins between one another without use of their wallets by users of it.
It also reduces the workload on chain and reduces scalability issues on the Bitcoin blockchain
Users of this lighting network have utmost control of their assets since they need not refer to their wallet always but have a joint store for it
I will explain more on this topic as it is a very broad and interesting topic
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