Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes

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July 17, 2018 by
Litecoin can be helpful in facilitating the Bitcoin Lightning Network, Charlie Lee believes

Lightning Network is a fascinating facet of the cryptocurrency– it is conceived as a different network, adjoining to the existing Bitcoin network. The Network could enable the user-to-user deal. The payments will certainly be done on an individual basis, hence, lowering the high purchase costs and the struggling with prolonged processing times. In a recent tweet, Litecoin founder Charlie Lee said that his cryptocurrency can aid in promoting the Lightning Network.

See also: Twitter debate between Litecoin, TokenPay CEOs paves way for tie-up

To describe just how that will certainly be possible he tweeted on July 11 that Litecoin “will additionally be the most convenient onramp into the Lightning Network. BTC takes too lengthy and also costs [as well] high? Not a problem. Open up an LTC repayment channel on chain cheaply and also rapidly, then atomically swap for BTC if/when you have to. This can be done in one action.”

In the meantime, Litecoin is among the prominent cryptos when it pertains to on-chain deals, given that its both fast and low-cost. Additionally, Litecoin has its own independent Lightning Network as well as has actually tested atomic swap. Yet, before conveniently including the procedure, some fine-tuning is needed. Nevertheless, It is to be kept in mind that Bitcoin network which was when tormented by blockage has conquered those problems. Now, they do not operate on such high fees and is favored as a network for transmission of huge deals.

See also: Bitcoin Cash [BCH], Litecoin [LTC] debut on Robinhood

The designer behind the Network, Lightning Labs has a beta function in its network in which two cryptocurrencies can be selected, although the features are not yet on the real-time mainnet. The Lightning Network remains in development for numerous years and also was introduced in March of this year. It was rough launch as a few of the users even experienced losses. Also months after its launch, the Network did not measure up to the assumptions that people had.

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