'Lightning Network Could be a Tool to Overcome Limitations' crypto networking
andin 2015. The main idea of the project is to develop a payment protocol that can be used as a non-chain solution to the scalability problems faced by the Bitcoin blockchain, but the concept can also be applied to other cryptocurrencies.
If Alice has agreed to transfer 0.01 BTC to John, she does not have to notify the whole world about this and wait a while for the transaction to be completed. Alice sent the money instantly, but the processing will take some time. John will receive his 0.01 in a few hours or even days at best. Paying a commission of 0.001 BTC, which is quite expensive, 1/10 of the transfer.
The Bitcoin Lightning network is currently under development. The goal of the project is to speed up transactions between Bitcoin users without compromising security. Also, the organizers focus on even greater decentralization than in the cryptocurrency network itself. This allowed exchanges to increase the trading volume, users make payments quickly and cheaply, and the cryptocurrency rate on different sites and platforms would become approximately the same, corresponding to the average prices.
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