The Lightning Network was proposed by Thaddeus Dryja and Joseph Poon in a 2015 white paper. The idea is based on a network that sits on top of the bitcoin blockchain and is hailed as the most scalable low cost cross blockchain (rapid) insta-payment system with the use of off-chain technology.
It is a decentralized system for instant, high-volume micropayments that removes the risk of delegating custody of funds to trusted third parties. Lightning could mean Bitcoin becomes as scalable in frequency of transactions as “Visa and Mastercard” — seemingly systems Satoshi hope to one day circumvent with Bitcoin.
This has severely curtailed its adoption as a digital asset that can be used as a means of actual payment, the very definition of what a crypto-currency is supposed to be. Although the Lightning Network may be a panacea in mind, there are some people who fear that, as the network channels become more complex, they could develop their own issues of convolution.
Get a better insight into it by visiting this KuCoin blog via this link: https://blog.kucoin.com/lightning-network-off-chain-solution-to-bitcoin-scalability-sk-st
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://medium.com/blockchain-positive/what-is-the-lightning-network-e5ff861a7604