Lightning Network is an interesting facet of the cryptocurrency– it is developed as a separate network, adjoining to the existing Bitcoin network. The Network might permit the user-to-user purchase. The settlements will be done on a specific basis, thus, reducing the high deal charges and also the struggling with extended processing times. In a current tweet, Litecoin owner Charlie Lee said that his cryptocurrency might help in helping with the Lightning Network.
To explain exactly how that will certainly be possible he tweeted on July 11 that Litecoin “will certainly likewise be the easiest onramp into the Lightning Network. BTC takes as well long as well as charges [also] high? No worry. Open an LTC settlement network on chain cheaply and also rapidly, then atomically exchange for BTC if/when you should. This can be done in one step.”
For now, Litecoin is one of the popular cryptos when it concerns on-chain transactions, since its both quick as well as economical. Additionally, Litecoin has its own independent Lightning Network as well as has actually examined atomic swap. Yet, before readily incorporating the procedure, some fine-tuning is required. However, It is to be kept in mind that Bitcoin network which was once pestered by blockage has gotten rid of those concerns. Now, they do not run on such high costs and is preferred as a network for transmission of large transactions.
The developer behind the Network, Lightning Labs has a beta feature in its network in which two cryptocurrencies can be picked, although the attributes are not yet on the live mainnet. The Lightning Network remains in development for several years and also was launched in March of this year. It was harsh launch as several of the users even experienced losses. Even months after its launch, the Network did not meet the assumptions that people had.