allow Lightning Network “Lightning Network For users to send or receive Bitcoin Quickly and inexpensively, by transferring transactions from the main block chain.
It has been designed to make transactions Bitcoin As fast and cheap as possible, it is part of a newer class of encryption technologies known as “Layer 2” for blockchain.
Read also: How do you store bitcoins?
What are some use cases of the Lightning Network?
Twitter allows users to send and receive tips Bitcoin Via it, and using its compatible payments app called strike “Strike’, and many active Twitter users can 360 1 million users, send payments Bitcoin to other Twitter accounts instantly and for free.
and that Twitter Not actually the first paid social platform to integrate a network Lightning, where you allow sabstack “SubstackAlso with payments Bitcoin Since late August.
El Salvador also became the first country to make Bitcoin legal tender, in part due to the desire to save Salvadorans around 400 Millions of dollars a year in money transfer fees.
The portfolio created by the government, Shifu “Goat“, agree with Lightning Designed to enable seamless cross-border payments, and as of October, it was Shifu One of the most downloaded applications in El Salvador.
In addition to the payments exchange pixel (Paxful) that processes transactions Bitcoin worth millions of dollars in emerging markets and allegedly have 1.5 million users in Africa alone.
Which stated that it will enable payment through the network Lightning, this integration can allow payment Bitcoin Fast and cheap to millions of users.
Read also: What is the secret behind the rise and fall of Bitcoin?
How does the Lightning Network work?
This network uses smart contracts to create payment channels outside of Blockchain Between pairs of users, once these channels are created, funds can be transferred between them almost instantly, but smartly, the network doesn’t need to create pairs between all users.
For example, if the user has a thousand channels with the user “BAnd the user hadJimchannel with the userB“But not with the user.”one thousandFunds can still be transferred freely between all parties connected to the network.
And titles look Lightning like titles Bitcoin The payment process is very similar to users, and at any time users can close their payment channels and settle their final balances on Blockchain the basic.
Because only the opening and closing of payment channels are recorded on Blockchain basic, network Bitcoin Whole can move faster.
In addition, network transactions can be Lightning More private than those made to Blockchain main (because coefficients Layer 1 They all appear on the public and transparent ledger).
Read also: 5 global companies have started accepting Bitcoin as payment
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